<SEC-DOCUMENT>0001292814-13-000989.txt : 20130430
<SEC-HEADER>0001292814-13-000989.hdr.sgml : 20130430
<ACCEPTANCE-DATETIME>20130430170711
ACCESSION NUMBER:		0001292814-13-000989
CONFORMED SUBMISSION TYPE:	20-F
PUBLIC DOCUMENT COUNT:		15
CONFORMED PERIOD OF REPORT:	20121231
FILED AS OF DATE:		20130430
DATE AS OF CHANGE:		20130430

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:		20-F
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		13798748

	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>20-F
<SEQUENCE>1
<FILENAME>sidform20f_2012.htm
<DESCRIPTION>FORM 20-F 2012
<TEXT>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As filed with the Securities and Exchange Commission on April&nbsp;30,</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> 2013</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face='Times New Roman'>UNITED STATES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face='Times New Roman'>SECURITIES AND EXCHANGE COMMISSION</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face='Times New Roman'>Washington, D.C. 20549</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 16pt" lang=EN-US face='Times New Roman'>FORM&nbsp;20-F</FONT></B></P>

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   <P style="MARGIN: 0in 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=webdings>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>REGISTRATION STATEMENT&nbsp;PURSUANT TO SECTION&nbsp;12(b) OR (g) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>OR</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>ANNUAL REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>For the fiscal year ended December&nbsp;31, 2012</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>OR</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 3pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=webdings>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>TRANSITION REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF<BR>THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>OR</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=webdings>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>SHELL COMPANY REPORT PURSUANT TO SECTION&nbsp;13 OR&nbsp;15(d) OF THE SECURITIES EXCHANGE ACT OF&nbsp;1934</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Commission File Number&nbsp;1-14732</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 8pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face='Times New Roman'>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'><BR></FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(Exact Name of Registrant as Specified in its Charter)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face='Times New Roman'>NATIONAL STEEL COMPANY</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'><BR></FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(Translation of Registrant&#8217;s name into English)</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face='Times New Roman'>THE FEDERATIVE REPUBLIC OF BRAZIL</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'><BR></FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(Jurisdiction of incorporation or organization)</FONT></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>David Moise Salama, Investor Relations Executive Officer<BR>Phone:&nbsp; +55 11 3049-7100&nbsp;&nbsp; Fax:&nbsp; +55 11 3049-7212</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>invrel@csn.com.br<BR></FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Av.&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>Brigadeiro Faria Lima, 3,400 &#8211; 20<SUP>th</SUP> floor<BR>04538-132, S&#227;o Paulo-SP, Brazil</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(Address of principal executive offices)</FONT></P>

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<P style="MARGIN: 0in 0in 8pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Securities registered or to be registered pursuant to Section&nbsp;12(b) of the Act.</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>Title of each class</FONT></U></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 3pt" align=center><B><U><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Name of each exchange on which registered</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 45pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Common Shares without par value</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 48.6pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>New York Stock Exchange*</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt 45pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>American Depositary Shares, (as evidenced by American Depositary Receipts), each representing one share of Common Stock</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt 48.6pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>New York Stock Exchange</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>____________________</FONT></P>

<P style="TEXT-INDENT: -9.35pt; MARGIN: 0in 0in 4pt 0.25in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>*&nbsp; Not for trading purposes, but only in connection with the registration of American Depositary Shares pursuant to the requirements of the Securities and Exchange Commission.</FONT></P></DIV>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 4pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Securities registered or to be registered pursuant to Section&nbsp;12(g) of the Act:</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 4pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>None</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 4pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Securities for which there is a reporting obligation pursuant to Section&nbsp;15(d) of the Act:</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 4pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>None</FONT></P>

<P style="MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Indicate the number of outstanding shares of each of the issuer&#8217;s classes of capital or common stock as of the period covered by the annual report:</FONT></B></P>

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   <P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Common Shares, without par value.</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>1,457,970,108. For further information, see &#8220;Item&nbsp;7A.&nbsp; Major Shareholders,&#8221;&nbsp; &#8220;Item&nbsp;9A. Offer and Listing Details&#8221; and &#8220;Item&nbsp;10B. Memorandum and Articles of Association.&#8221;</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule&nbsp;405 of the Securities Act.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; Yes&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; No</FONT></B></P>

<P style="MARGIN-TOP: 0in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; Yes&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; No</FONT></B></P>

<P style="MARGIN-TOP: 0in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section&nbsp;13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90&nbsp;days.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; Yes&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; No</FONT></B></P>

<P style="TEXT-INDENT: 0.9pt; MARGIN: 0in 9pt 5pt 0in"><B><FONT style="LINE-HEIGHT: 12pt; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (&#167;232.405 of this chapter) during the preceding 12&nbsp;months (or for such shorter period that the registrant was required to submit and post such files).</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1 </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Yes&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1 </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>No</FONT></B></P>

<P style="MARGIN-TOP: 0in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non-accelerated filer.&nbsp; See definition of &#8220;accelerated filer and large accelerated filer&#8221; in Rule 12b-2 of the Exchange Act.&nbsp; (Check one):</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Large Accelerated Filer&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Accelerated Filer&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Non-accelerated Filer&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B></P>

<P style="MARGIN: 0in 0in 6pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing:</FONT></B></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>U.S. GAAP </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=webdings>1</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top width="35%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>International Financial Reporting Standards as issued by the International Accounting Standards Board </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face="wingdings 2">R</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>Other </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=webdings>1</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN-TOP: 0in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If &#8220;Other&#8221; has been checked in response to the previous question, indicate by check mark which financial statement item the registrant has elected to follow:</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN-TOP: 0in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 17&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp; Item 18&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;</FONT></B></P>

<P style="MARGIN-TOP: 0in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=webdings>1</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; Yes&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="wingdings 2">R</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; No</FONT></B></P></DIV></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>TABLE OF CONTENTS</FONT></B></P>

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



<TR>

   <TD width="78%"></TD>

   <TD width="21%"></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD>

   <TD align=right><B><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPS-BoldMT,Times New Roman,Times,serif">Page</FONT></B><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR>

   <TD colSpan=2><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></TD></TR>

<TR vAlign=bottom>

   <TD align=left>
   <A href="#page_5"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Introduction</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_5"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">1</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD align=left>
   <A href="#page_6"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Forward-Looking Statements</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_6"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">2</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD align=left>
   <A href="#page_7"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Presentation of Financial and Other Information</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_7"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD align=left>
   <A href="#page_7"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 1. Identity of Directors, Senior Management and Advisors</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_7"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD align=left>
   <A href="#page_7"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 2. Offer Statistics and Expected Timetable</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_7"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD align=left>
   <A href="#page_7"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 3. Key Information</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_7"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_7"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3A. Selected Financial Data</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_7"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_9"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3B. Capitalization and Indebtedness</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_9"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_9"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3C. Reasons for the Offer and Use of Proceeds</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_9"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_10"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">3D. Risk Factors</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_10"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">6</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD align=left>
   <A href="#page_19"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4. Information on the Company</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_19"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">15</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_19"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">4A. History and Development of the Company</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_19"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">15</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_21"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">4B. Business Overview</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_21"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">17</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_61"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">4C. Organizational Structure</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_61"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">57</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_61"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">4D. Property, Plant and Equipment</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_61"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">57</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD align=left>
   <A href="#page_67"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 4A. Unresolved Staff Comments</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_67"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">63</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD align=left>
   <A href="#page_67"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 5. Operating and Financial Review and Prospects</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_67"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">63</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_67"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5A. Operating Results</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_67"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">63</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_91"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5B. Liquidity and Capital Resources</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_91"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">87</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_95"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5C. Research &amp; Development and Innovation</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_95"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">91</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_95"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5D. Trend Information</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_95"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">91</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_96"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5E. Off-Balance Sheet Arrangements</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_96"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">92</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_100"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5F. Tabular Disclosure of Contractual Obligations</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_100"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">96</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_101"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">5G. Safe Harbor</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_101"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">97</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD align=left>
   <A href="#page_101"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 6. Directors, Senior Management and Employees</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_101"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">97</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_101"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">6A. Directors and Senior Management</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_101"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">97</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_104"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">6B. Compensation</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_104"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">100</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_105"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">6C. Board Practices</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_105"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">101</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_105"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">6D. Employees</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_105"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">101</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_105"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">6E. Share Ownership</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_105"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">101</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD align=left>
   <A href="#page_106"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 7. Major Shareholders and Related Party Transactions</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_106"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">102</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_106"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">7A. Major Shareholders</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_106"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">102</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_106"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">7B. Related Party Transactions</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_106"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">102</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD align=left>
   <A href="#page_106"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 8. Financial Information</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_106"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">102</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_106"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">8A. Consolidated Statements and Other Financial Information</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_106"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">102</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_111"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">8B. Significant Changes</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_111"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">107</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD align=left>
   <A href="#page_111"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 9. The Offer and Listing</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_111"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">107</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_111"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">9A. Offer and Listing Details</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_111"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">107</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_112"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">9B. Plan of Distribution</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_112"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">108</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_112"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">9C. Markets</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_112"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">108</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">9D. Selling Shareholders</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">111</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">9E. Dilution</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">111</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">9F. Expenses of the Issue</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">111</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 10. Additional Information</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">111</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">10A. Share Capital</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">111</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">10B. Memorandum and Articles of Association</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">111</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">10C. Material Contracts</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_115"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">111</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_118"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">10D. Exchange Controls</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_118"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">114</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_118"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">10E. Taxation</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_118"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">114</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_127"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">10F. Dividends and Paying Agents</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_127"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">123</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_127"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">10G. Statement by Experts</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_127"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">123</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <TD style="TEXT-INDENT: 33.24pt" align=left>
   <A href="#page_127"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">10H. Documents on Display</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_127"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">123</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR></TABLE></DIV>

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   <A href="#page_127"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">10I. Subsidiary Information</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

   <TD align=right>
   <A href="#page_127"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">123</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_127"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 11. Quantitative and Qualitative Disclosures About Market Risk</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_127"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">123</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_135"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 12. Description of Securities Other Than Equity Securities</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_135"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">131</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_135"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 13. Defaults, Dividend Arrearages and Delinquencies</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_135"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">131</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_135"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 14. Material Modification to the Rights of Security Holders and Use of Proceeds</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_135"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">131</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_135"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 15. Controls and Procedures</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_135"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">131</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_136"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 16. [Reserved]</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_136"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">132</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_136"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">16A. Audit Committee Financial Expert</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_136"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">132</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_136"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">16B. Code of Ethics</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_136"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">132</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_137"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">16C. Principal Accountant Fees and Services</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_137"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">133</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_137"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">16D. Exemptions from the Listing Standards for Audit Committees</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_137"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">133</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_138"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_138"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">134</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_138"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">16F. Change in Registrant&#8217;s Certifying Accountant</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_138"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">134</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_138"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">16G. Corporate Governance</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_138"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">134</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_140"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">16H. Mine Safety Disclosure</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_140"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">13<FONT style="FONT-SIZE: 9pt" face='Times New Roman'>6</FONT></FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_140"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 17. Financial Statements</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_140"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">136</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_140"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 18. Financial Statements</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_140"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">136</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR>

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   <A href="#page_141"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">Item 19. Exhibits</FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD>

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   <A href="#page_141"><FONT style="FONT-SIZE: 9pt" face="TimesNewRomanPSMT,Times New Roman,Times,serif">13<FONT style="FONT-SIZE: 9pt" face='Times New Roman'>7</FONT></FONT><FONT style="FONT-SIZE: 9pt">&nbsp;</FONT></A></TD></TR></TABLE><BR clear=all></FONT>

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<P style="TEXT-ALIGN: center; PAGE-BREAK-BEFORE: always; MARGIN: 0in 0in 10pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Introduction</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Unless otherwise specified, all references in this annual report to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;we,&#8221; &#8220;us,&#8221; &#8220;our&#8221; or &#8220;CSN&#8221; are to Companhia Sider&#250;rgica Nacional and its consolidated subsidiaries;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;Brazilian government&#8221; are to the federal government of the Federative Republic of Brazil;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>,&#8221; &#8220;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8221; or &#8220;R$&#8221; are to Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, the official currency of Brazil;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;U.S. dollars,&#8221; &#8220;$,&#8221; &#8220;US$&#8221; or &#8220;USD&#8221; are to United States dollars; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;billions&#8221; are to thousands of millions, &#8220;km&#8221; are to kilometers, &#8220;m&#8221; are to meters, &#8220;mt&#8221; or &#8220;tons&#8221; are to metric tons, &#8220;mtpy&#8221; are to metric tons per year and &#8220;MW&#8221; are to megawatts;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;TEUs&#8221; are to twenty-foot equivalent units;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;consolidated financial statements&#8221; are to the consolidated financial statements of Companhia Sider&#250;rgica Nacional and its consolidated subsidiaries reported in International Financial Reporting Standards as issued by the IASB &#8211; IFRS as of December&nbsp;31, 2011 and 2012 and for the years ended December&nbsp;31, 2010,&nbsp; 2011 and 2012, together with the corresponding Reports of Independent Registered Public Accounting Firm;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&#8220;ADSs&#8221; are to CSN&#8217;s American Depositary Shares and &#8220;ADRs&#8221; are to CSN&#8217;s American Depositary Receipts; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;Brazil&#8221; is to the Federative Republic of Brazil.</FONT></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-BEFORE: always; MARGIN: 0in 0in 10pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Forward-Looking Statements</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>This annual report includes forward-looking statements, within the meaning of Section&nbsp;27A of the U.S. Securities Act of 1933, as amended, or the Securities Act, and Section&nbsp;21E of the U.S. Securities Exchange Act of 1934, as amended, or the Exchange Act, principally under the captions &#8220;Item 3. Key Information,&#8221; &#8220;Item 4. Information on the Company,&#8221; &#8220;Item 5. Operating and Financial Review and Prospects&#8221; and &#8220;Item 11.&nbsp; Quantitative and Qualitative Disclosures About Market Risk.&#8221;&nbsp; We have based these forward-looking statements largely on our current expectations and projections about future events, industry and financial trends affecting our business.&nbsp; Many important factors, in addition to those discussed elsewhere in this annual report, could cause our actual results to differ substantially from those anticipated in our forward-looking statements, including, among other things:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>general economic, political and business conditions in Brazil and abroad, especially in China, which is the largest world steel producer;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the ongoing effects of the global financial markets and economic slowdown; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>changes in competitive conditions and in the general level of demand and supply for our products;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>management&#8217;s expectations and estimates concerning our future financial performance and financing plans;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>our level of debt;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>availability and price of raw materials;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>changes in international trade or international trade regulations;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>protectionist measures imposed by Brazil and other countries;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>our capital expenditure plans;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>inflation, interest rate levels and fluctuations in foreign exchange rates;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>our ability to develop and deliver our products on a timely basis;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>lack of infrastructure in Brazil;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>electricity and natural gas shortages and government responses to them;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>existing and future governmental regulation; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0in 0in 10pt 42.55pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>other risk factors as set forth under &#8220;Item 3D.&nbsp; Risk Factors.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The words &#8220;believe,&#8221; &#8220;may,&#8221; &#8220;will,&#8221; &#8220;aim,&#8221; &#8220;estimate,&#8221; &#8220;forecast,&#8221; &#8220;plan,&#8221; &#8220;continue,&#8221; &#8220;anticipate,&#8221; &#8220;intend,&#8221; &#8220;expect&#8221; and similar words are intended to identify forward-looking statements.&nbsp; Forward-looking statements speak only as of the date they were made, and we undertake no obligation to publicly update or to revise any forward-looking statements after we distribute this annual report because of new information, future events or other factors.&nbsp; In light of the risks and uncertainties described above, the forward-looking events and circumstances discussed in this annual report might not occur and are not an indication of future performance.&nbsp; As a result of various factors, such as those risks described in &#8220;Item 3D.&nbsp; Risk Factors,&#8221; undue reliance should not be placed on these forward-looking statements.</FONT></P>
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<P style="TEXT-ALIGN: center">2</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-BEFORE: always; MARGIN: 0in 0in 10pt"><B><FONT style="TEXT-TRANSFORM: uppercase; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>Presentation of Financial and Other Information</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our consolidated financial statements as of December&nbsp;31, 2012 and 2011 and for the years ended December&nbsp;31, 2012, 2011 and 2010 contained in &#8220;Item 18.&nbsp; Financial Statements&#8221; have been presented in thousands of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> (R$)&nbsp;and prepared in accordance with International Financial Reporting Standards (IFRS) as&nbsp;issued by the International Accounting Standards Board (IASB).&nbsp; See Note 2(a) to our consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Certain figures included in this annual report have been subject to rounding adjustments.&nbsp; Accordingly, figures shown as totals in certain tables may not be an arithmetic aggregation of the figures which precede them.</FONT></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>PART I</FONT></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 1. Identity of Directors, Senior Management and Advisors</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 2. Offer Statistics and Expected Timetable</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 3. Key Information</FONT></B></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>3A. Selected Financial Data</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We present in this section the summary financial and operating data derived from our audited consolidated financial statements as of and for the year ended December&nbsp;31, 2012, 2011, 2010 and 2009.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The consolidated financial statements included in this annual report have been prepared in accordance with IFRS, as issued by the IASB, in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>. However, we have translated some of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> amounts contained in this annual report into U.S. dollars.&nbsp; The rate used to translate such amounts in respect of the year ended December&nbsp;31, 2012 was R$2.0435 to US$1.00, which was the commercial rate for the purchase of U.S. dollars in effect as of December&nbsp;31, 2012, as reported by the Central Bank of Brazil, or the Central Bank. The U.S. dollar equivalent information presented in this annual report is provided solely for the convenience of investors and should not be construed as implying that the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> amounts represent, or could have been or could be converted into, U.S. dollars at such rates or at any other rate. See &#8220;Exchange Rates&#8221; for more detailed information regarding the translation of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> into U.S. dollars.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>IFRS Summary and Financial Data</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following tables present summary historical consolidated financial and operating data for us for each of the periods indicated.&nbsp; Solely for the convenience of the reader, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> amounts as of and for the year ended December&nbsp;31, 2012 have been translated into U.S. dollars at the commercial market rate in effect as of December&nbsp;31, 2012 as reported by the Central Bank of R$2.0435 to US$1.00. The selected financial data below should be read in conjunction with &#8220;Item 5. Operating and Financial Review and Prospects.&#8221;&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Year Ended December 31,</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Income Statement Data:</FONT></B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2011</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2010</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2009</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(in million of US$,<BR>
except per share data)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></I>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(in million of R$, except per share data)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Net operating revenues</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>8,268</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>16,896</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>16,520 </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>14,451 </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>10,978 </FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Cost of products sold</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(5,908)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(12,072)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(9,801)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(7,883)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(7,211)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Gross Profit</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,361</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,824</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6,719 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6,568 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,768 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Operating expenses</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=red face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Selling&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(456)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(932)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(604)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(482)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(447)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;General and Administrative&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(282)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(577)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(576)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(537)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(480)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Share of profit (losses) of investees</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Other Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1,331)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(2,719)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(501)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(599)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(648)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Other Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>23</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>47</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>719 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>49 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,369 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(2,047)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(4,182)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(962)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1,569)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(206)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Operating income</FONT></B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>314</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>642</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>5,757 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,998 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,561 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Financial Income (expenses), net</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(975)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1,992)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(2,006)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1,911)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(246)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Income (loss) Before Taxes </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(661)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1,351)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,751</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,087</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,315</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Income Tax </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.8pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Current&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(100)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(205)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(136)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(363)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(577)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Deferred&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>526</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,075</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>52 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(207)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(123)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(235)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(481)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,667 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,516 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,615 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Net income</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(loss)&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(235)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(481)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,667 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,516 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,615 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Loss&nbsp;attributable to noncontrolling interest</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(29)</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(60)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(39)</FONT></B></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>- </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(4)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Net income&nbsp;(loss) attributable to Companhia Sider&#250;rgica Nacional</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(206)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(420)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,706 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,516 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,619 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Basic earnings per common share</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(0.14101)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(0.28815)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.54191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.72594</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.75478</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Diluted earnings per common share </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(0.14101)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(0.28815)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2.54191 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1.72594 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1.75478 </FONT></P>
</TD></TR>
<TR>
     <TD width="41%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="11%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="11%">&nbsp;</TD>
     <TD width="11%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="11%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="11%">&nbsp;</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV></DIV></DIV>
<P style="TEXT-ALIGN: center">3</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_8></A>
<P></P>
<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="58%" colSpan=8>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>As of December 31,&nbsp;</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Balance Sheet Data:</FONT></B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=top width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2010</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(in million of US$)</FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></I>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0in" vAlign=top width="46%" colSpan=6>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(in million of R$)</FONT></I></P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Current assets&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>10,336</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>21,122</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>21,945</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>15,794</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>12,835</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,151</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,352</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,088</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,104</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>322</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Property, plant and equipment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>9,987</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>20,409</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>17,377</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>13,777</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>11,133</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Other assets&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,648</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>5,412</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>5,460</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6,380</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6,436</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total assets</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>24,123</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>49,295</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>46,870</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>38,055</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>30,726</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Current liabilities&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,136</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6,408</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6,497</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,456</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,998</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Non-current liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>16,579</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>33,880</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>31,956</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>25,776</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>20,139</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Shareholders&#8217; equity&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,408</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>9,007</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>8,417</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>7,823</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6,589</FONT></P>
</TD></TR>
<TR style="HEIGHT: 20.25pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 20.25pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Total liabilities and shareholders&#8217; equity</FONT></B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>24,123</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>49,295</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>46,870</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>38,055</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>30,726</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 9.35pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 9.35pt; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Paid-in capital (in millions of </FONT><I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>)&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,222</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,540</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,681</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,681</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,681</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Common shares (in million)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,457</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,457</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,457</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,457</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,457</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Dividends declared and interest on shareholders&#8217;&nbsp;equity&#185;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>147</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ffffff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>300</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,200</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,856</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,819</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Dividends declared and interest on shareholders&#8217;&nbsp;equity per common share (in </FONT><I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>)&#185;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>0.10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>0.21</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>0.82</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1.27</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1.25</FONT></P>
</TD></TR>
<TR>
     <TD width="41%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="11%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="11%">&nbsp;</TD>
     <TD width="11%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="11%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="11%">&nbsp;</TD></TR></TABLE></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="4%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(1)&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Amounts consist of dividends declared and accrued interest on shareholders&#8217; equity during the year. For a discussion of our dividend policy and dividend and interest payments made in 2012, see &#8220;Item 8A. Consolidated Statements and Other Financial Information-Dividend Policy.&#8221; </FONT></P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV></DIV></DIV>
<P style="TEXT-ALIGN: center">4</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>

<A name="page_9"></A>

<P></P>

<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>

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

<DIV>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Exchange Rates</FONT></B></P>

<P style="MARGIN: 0in 0in 0pt"><STRONG><FONT size=2></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Brazilian foreign exchange system allows the purchase and sale of foreign currency and the international transfer of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> by any person or legal entity, regardless of the amount, subject to certain regulatory procedures.&nbsp; The Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> has experienced frequent and substantial variations in relation to the U.S. dollar and other foreign currencies during the recent decades.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Between 2000 and 2008, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> fluctuated significantly against the U.S. dollar, reaching a peak of R$3.53 per US$1.00 at the end of 2002 and a low of R$1.56 per US$1.00 in August 2008. In the context of the crisis in the global financial markets after mid-2008, the real depreciated 31.9% against the U.S. dollar throughout 2008, reaching R$2.34 per US$1.00 on December 31, 2008.&nbsp; From 2009 to 2011, the real appreciated 19.7% against the U.S. dollar and reached R$1.88 per US$1.00 at year end 2011. In 2012, the real depreciated 17.6% and on December 31, 2012 the exchange rate was R$2.04 per US$1.00. On April 29</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, 2013 the exchange rate was R$2.00 </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>per US$1.00. The Central Bank has intervened occasionally to mitigate volatility in foreign exchange rates.&nbsp; We cannot predict whether the Central Bank or the Brazilian government will continue to allow the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> to float freely or will intervene in the exchange rate market through a currency band system or otherwise.&nbsp; The </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> may depreciate or appreciate against the U.S. dollar substantially.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following tables present the selling rate, expressed in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> per U.S. dollar (R$/US$), for the periods indicated.</FONT></P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Year ended</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Low</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>High</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average <SUP>(1)</SUP></FONT></B></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Period-end</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2008&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.559&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.500&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.837&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.337&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2009</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.702&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.422&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.994&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.741&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2010</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.655&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.881&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.759&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.666&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2011</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.535&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.902&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.675&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.876&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.702&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.112&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.955&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.044&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>

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

<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>

<DIV align=left>

<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Month ended</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Low</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>High</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></DIV></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">

   <P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Period-end</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></DIV></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>October&nbsp;2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.022</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.038</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.030</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.031</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>November&nbsp;2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.031</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.107</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.068</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.107</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;2012</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.044</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.112</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.078</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.044</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>January&nbsp;2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.988</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.047</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.031</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.988</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>February&nbsp;2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.957</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.989</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.973</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.975</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>March&nbsp;2013</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.953</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.019</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.983</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.014</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 8pt">April&nbsp;2013 (through April 29, 2013)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 8pt">1.974</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 8pt">2.024</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 8pt">2.002</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

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

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-FAMILY: times new roman; FONT-SIZE: 8pt">2.000</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="100%" colSpan=9>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Source: Central Bank.</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 4pt; PADDING-TOP: 0in" width="100%" colSpan=9>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'><SUP>(1)</SUP>Represents the daily average of the close exchange rates during the period.&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD width="40%">&nbsp;</TD>

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

   <TD width="14%">&nbsp;</TD>

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

   <TD width="14%">&nbsp;</TD>

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

   <TD width="14%">&nbsp;</TD>

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

   <TD width="14%">&nbsp;</TD></TR></TABLE></DIV>

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

<DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We will pay any cash dividends and make any other cash distributions with respect to our common shares in Brazilian currency.&nbsp; Accordingly, exchange rate fluctuations may affect the U.S. dollar amounts received by ADS holders on conversion into U.S. dollars of such distributions for payment by the depositary.&nbsp; Fluctuations in the exchange rate between the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> and the U.S. dollar may also affect the U.S. dollar equivalent of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> price of our common shares on BM&amp;FBOVESPA.</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>3B. Capitalization and Indebtedness</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>3C. Reasons for the Offer and Use of Proceeds</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P></DIV></DIV>

<P style="TEXT-ALIGN: center">5</P>

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



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

<A name="page_10"></A>

<P></P>

<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>

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

<DIV>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>3D. Risk Factors</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>An investment in our ADSs or common shares involves a high degree of risk.&nbsp; You should carefully consider the risks described below before making an investment decision.&nbsp; Our business, financial condition and results of operations could be materially and adversely affected by any of these risks.&nbsp; The trading price of our ADSs could decline due to any of these risks or other factors, and you may lose all or part of your investment.&nbsp; The risks described below are those that we currently believe may materially affect us.</FONT></I></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Risks Relating to Brazil</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Brazilian government exercises significant influence over the Brazilian economy.&nbsp; This influence, as well as Brazilian political and economic conditions, could materially and adversely affect us.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Brazilian government frequently intervenes in the Brazilian economy and occasionally makes significant changes in policy and regulation. See &#8220;&#8212;Government efforts to combat inflation may hinder the growth of the Brazilian economy and could harm our business&#8221; and &#8220;Item 5A. Operating Results&#8212;Brazilian Macro-Economic Scenario, Effects of Exchange Rate Fluctuations.&#8221; The Brazilian government&#8217;s actions, policies and regulations have involved, among other measures, increases in interest rates, changes in tax policies, price controls, currency devaluations, capital controls and limits on imports.&nbsp; Our business, financial condition and results of operations may be adversely affected by political, social, and economic developments in or affecting Brazil, and by changes in policy or regulations at the federal, state or municipal levels involving or affecting factors such as:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>interest rates;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>exchange controls;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>currency fluctuations;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>inflation;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>price volatility of raw materials and our final products;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>lack of infrastructure in Brazil;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>energy shortages and rationing programs;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>liquidity of the domestic capital and lending markets;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>regulatory policy for the mining and steel industries;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>environmental policies and regulations;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>tax policies and regulations; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>other political, social and economic developments in or affecting Brazil.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Uncertainty over whether the Brazilian government will make changes affecting these and other factors may create instability. This may also adversely affect our business, financial condition and results of operations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Exchange rate instability may adversely affect us and the market price of our common shares and ADSs.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Brazilian currency has long experienced frequent and substantial variations in relation to the U.S. dollar and other foreign currencies.&nbsp; For example, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> was R$1.56 per US$1.00 in August 2008.&nbsp; In the context of the crisis in the global financial markets after mid-2008, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> depreciated 31.9% against the U.S. dollar and reached R$2.34 per US$1.00 at December 31, 2008. Since then, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> appreciated against the U.S. dollar and reached R$1.88 per US$1.00 at year end 2011. In 2012, the real depreciated 17.6% and on December 31, 2012, the exchange rate was R$2.04 per US$1.00. On April 29</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, 2013 the exchange rate was R$2.00</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> per US$1.00.&nbsp; </FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Depreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> against major foreign currencies could create inflationary pressures in Brazil and contribute to Central Bank increases in interest rates, which could negatively affect us and the growth of the Brazilian economy, may curtail access to foreign financial markets and may prompt government intervention, which could include recessionary measures.&nbsp; Depreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> can also, as in the context of an economic slowdown, lead to decreased consumer spending, deflationary pressures and reduced growth of the economy as a whole. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On the other hand, appreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> relative to major foreign currencies could lead to a deterioration of Brazilian foreign exchange current accounts, as well as affect export-driven growth. Depending on the circumstances, either depreciation or appreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> could materially and adversely affect the growth of the Brazilian economy and us as well as impact the U.S. dollar value of distributions and dividends on, and the U.S. dollar equivalent of the market price of, our common shares and our ADSs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In the event the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> depreciates in relation to the U.S. dollar, the cost in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> of our foreign currency-denominated borrowings and imports of raw materials, particularly coal and coke, will increase.&nbsp; On the other hand, if the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>appreciates in relation to the U.S. dollar, it will cause </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>-denominated production costs to increase as a percentage of total production costs and cause our exports to be less competitive.&nbsp; We had total U.S. dollar-denominated or -linked indebtedness of R$10,829 million, or 35.76% of our total indebtedness, as of December&nbsp;31, 2012.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Government efforts to combat inflation may hinder the growth of the Brazilian economy and could harm us.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Brazil has in the past experienced extremely high rates of inflation, which has led the government to pursue monetary policies that have contributed to one of the highest real interest rates in the world. Since the implementation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> Plan in 1994, the annual rate of inflation in Brazil has decreased significantly, as measured by the National Broad Consumer Price Index (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#205;ndice Nacional de Pre&#231;os ao Consumidor Amplo</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, or IPCA).&nbsp; Inflation measured by the IPCA index was 5.9%, 6.5% and 5.8% in 2010, 2011 and 2012, respectively.&nbsp; Inflation and the Brazilian government&#8217;s inflation containment measures, mainly through monetary policies, have had and may have significant effects on the Brazilian economy and our business. Tight monetary policies with high interest rates may restrict Brazil&#8217;s growth and the availability of credit. Conversely, more lenient policies and interest rate decreases may trigger increases in inflation, with the consequent reaction of sudden and significant interest rate increases, which could negatively affect Brazilian economic growth and us. In addition, we may not be able to adjust the price of our products in the foreign markets to offset the effects of inflation in Brazil on our cost structure, given that most of our costs are incurred in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Developments and perception of risk in other countries, especially in the United States, China and other emerging market countries, may adversely affect the trading price of Brazilian securities, including our common shares and ADSs.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.3in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The market value of securities of Brazilian companies is affected to varying degrees by economic and market conditions in other countries, including the United States, China, Latin American and other emerging market countries. Although economic conditions in these countries may differ significantly from economic conditions in Brazil, investors&#8217; reactions to developments in these other countries may have an adverse effect on the market value of securities of Brazilian issuers. Crisis in, or economic policies of, other countries may diminish investor interest in securities of Brazilian issuers, including ours. This could adversely affect the trading price of our common shares and/or ADSs, and could also make it more difficult or impossible for us to access the capital markets and finance our operations on acceptable terms.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Risks Relating to Us and the Industries in Which We Operate</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are exposed to substantial changes in the demand for steel and iron ore, which has a substantial impact in the prices of our products and may adversely affect our results of operations.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>The steel and mining industries are highly cyclical, both in Brazil and abroad.&nbsp; The demand for steel and mining products and, thus, the financial condition and results of operations of companies in the steel and mining industries, including us, are generally affected by macroeconomic fluctuations in the world economy and the economies of steel-producing countries, including trends in the automotive, construction, home appliances and packaging industries, as well as other industries which rely on steel distributors. A worldwide recession, an extended <FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>period of below-trend growth in developed countries or a slowdown in the emerging markets that are large consumers of our products (such as the domestic Brazilian market for our steel products and the Chinese market for iron ore) could sharply reduce demand for our products. Reduced demand can lead to overcapacity and excessive downtime, lower utilization of our significant fixed assets and therefore reduced operating profitability. In addition, steel competes with other materials that may be used as substitutes, such as aluminum (particularly in the automobile industry), cement, composites, glass, plastic and wood. Government regulatory initiatives mandating the use of such materials in lieu of steel, whether for environmental or other reasons, as well as the development of other new substitutes for steel products, could also significantly reduce market prices and demand for steel products and thereby reduce our cash flow and profitability. Any material decrease in demand for steel and iron ore in the domestic or export markets served by us could have a material adverse effect on us. </FONT></FONT>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The availability and the price of raw materials that we need to produce steel, particularly coal and coke, may adversely affect our results of operations.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012 and 2011, raw material costs accounted for 51.2% and 53.9%, respectively, of our total production costs. Our main raw materials include iron ore, coal, coke, limestone, dolomite, manganese, zinc, tin and aluminum. We depend on third parties for some of our raw material requirements, including importing all of the coal required to produce coke and approximately 33% of our coke requirements. In addition, we require significant amounts of energy, in the form of natural gas and electricity, to power our plants and equipment.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Any prolonged interruption in the supply of raw materials, natural gas or electricity, or substantial increases in their prices, could materially and adversely affect us.&nbsp; These interruptions and price increases may be a result of changes in laws or trade regulations, the availability and cost of transportation, suppliers&#8217; allocations to other purchasers, interruptions in production by suppliers or accidents or similar events on suppliers&#8217; premises or along the supply chain. Our inability to pass those cost increases on to our customers or to meet our customers&#8217; demands because of non-availability of key raw materials could also have a material and adverse effect on us.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our steel products face significant competition, including price competition, from other domestic or foreign producers, which may adversely affect our profitability and market share.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The global steel industry is highly competitive with respect to price, product quality and customer service, as well as technological advances that enable steel companies to reduce their production costs. Brazil&#8217;s export of steel products is influenced by several factors, including the protectionist policies of other countries, disputes regarding these policies before the WTO (World Trade Organization), the Brazilian government&#8217;s exchange rate policy and the growth rate of the world economy. Further, continuous advances in materials sciences and resulting technologies have given rise to improvements in products such as plastics, aluminum, ceramics and glass that permit them to substitute steel. Due to high start-up costs, the economics of operating a steelworks facility on a continuous basis may encourage mill operators to maintain high levels of output, even in times of low demand, which increases the pressure on industry profit margins.&nbsp; In addition, downward pressure on steel prices by our competitors may affect our profitability.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The steel industry has historically suffered from structural over-capacity which has recently worsened due to a substantial increase in production capacity in the developing world and particularly in China and India as well as other emerging markets. China is now the largest global steel producer by a large margin and Chinese and other countries&#8217; steel exports, or conditions favorable to them (excess steel capacity, undervalued currency or higher market prices for steel in markets outside of such countries) can have a significant impact on steel prices in other markets.&nbsp; If we are not able to remain competitive in relation to China or other steel-producing countries, our results may be adversely affected in the future.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2010, steel companies in Brazil faced strong competition from imported products, mainly as a result of the reduction in demand for steel products in mature markets, the exchange rate appreciation and tax incentives.&nbsp; The Brazilian government adopted measures to contain imported products and, as a result, prices of imported products stabilized as compared to local products. These measures had a positive effect in 2011, when imports were consistently reduced. In 2012, imports remained in line with the number recorded in 2011. Apart from direct steel imports, the Brazilian industry has also been facing competition from imported finished goods, which affects the whole steel chain. If the Brazilian Government were to remove the current protective measures or fail to act against cheap subsidized steel imports, our results of operation may also be materially and adversely affected.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The shift in iron ore pricing and increase in price volatility could adversely affect our iron ore business. </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The previous annual benchmark price system for iron ore adopted by the main iron ore producers, including us, was replaced in the last couple of years by different pricing systems, and is now more sensitive to spot price volatility. Fluctuations in supply and demand could increase price volatility, mainly in spot prices, which could adversely affect our mining business and, consequently, our cash flow. See &#8220;Item 5A&#8212;Operating Results&#8212;Overview&#8212;Macro-Economic Scenario&#8212;Mining.&#8221; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Protectionist and other measures adopted by foreign governments could adversely affect our export sales.</FONT></I></B><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'> &nbsp;</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In response to the increased production and export of steel by many countries, anti-dumping and countervailing duties and safeguard measures were imposed in the late 1990s and early 2000s by foreign governments representing the main markets for our exports. In 2011, both the anti-dumping duties imposed by Argentina and the anti-dumping and countervailing duties imposed by the United States were terminated, although such decision in the United States remains suspended due to appeals filed on behalf of the U.S. steel industry. We have also adapted to the restrictions imposed by the European Union on imports of certain chemical substances contained either in products used to protect the steel products or in products used to pack them. Restrictions imposed by Canada on imports of hot-rolled products from Brazil remain in effect. The imposition of these and other protectionist measures by foreign countries may materially and adversely affect our export sales. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our activities depend on authorizations, concessions, permits and licenses. Changes of laws and regulations and government measures could adversely affect us.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our activities depend on authorizations, permits and licenses from, and concessions by, governmental regulatory agencies of the countries in which we operate. If laws and regulations applicable to these authorizations, concessions, permits or licenses change, modifications to our technologies and operations could be required, and we may need to make unexpected capital expenditures.&nbsp; These changes and additional costs may have a negative impact on the profitability of our projects or even make certain projects economically or otherwise unfeasible.&nbsp; Also, we cannot guarantee that we will be able to maintain, renew or obtain any required authorization, concession, permit or license. Our authorizations, concessions, permits and licenses may require that we meet certain performance thresholds or completion milestones. In case we are unable to meet these thresholds or milestones we may lose our authorizations, concessions, permits and licenses. The loss or inability to obtain any authorization, concession, permit or license, or changes in the regulatory framework we operate in, may materially and adversely affect us.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition, our activities are subject to government regulation in the form of taxes and royalties, which can have an important financial impact on our operations.&nbsp; In the countries where we operate, governments may impose new taxes or royalties, raise existing taxes and royalties, or change the basis on which they are calculated in a manner unfavorable to us. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Malfunctioning equipment or accidents on our premises, railways or ports may decrease or interrupt production, internal logistics or distribution of our products.&nbsp; </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>The steel and iron ore production processes depend on certain critical equipment, such as blast furnaces, steel converters, continuous casting machines, drillers, crushing and screening equipment and shiploaders, as well as on internal logistics and distribution channels, such as railways and seaports.&nbsp; This equipment and infrastructure may be affected in the case of malfunction or damage.&nbsp; In 2006, there was an accident involving the gas cleaning system adjacent to Blast Furnace No. 3 at the Presidente Vargas Steelworks, which prevented us from operating this blast furnace for approximately six months. Similar or any other significant interruptions in our production process, internal logistics or distribution channels (including our ports and railways) could materially and adversely affect us.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our insurance policies may not be sufficient to cover all our losses </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>We maintain several types of insurance policies, in line with the risk management of our businesses, which attempt to follow industry market practices for similar activities. Coverage in such policies encompasses domestic and international (import and export) cargo transportation (road, rail, sea or air), carrier liability, life insurance, personal accidents, health, auto insurance, D&amp;O, general liability, erection risks, boiler and machinery coverage, export credit insurance, guarantee</FONT><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>,&nbsp;</FONT></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'> ports and terminal liabilities.&nbsp; We also have an operational risks policy for the </FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Presidente Vargas Steelworks and some of our branches and subsidiaries for a total insured value of US$ 500 million out of a total risk amount of US$ 17.7 billion. Under the terms of this policy we remain responsible for the first US$ 300 million in losses (material damages and loss of profits). The coverage obtained in these insurance policies may not be sufficient to cover all risks we are exposed to. Additionally, we may not be able to successfully contract or renew our insurance policies in terms satisfactory to us, which may adversely affect our financial position. </FONT></P>
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<B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our projects are subject to risks that may result in increased costs or delay or prevent their successful implementation.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are investing to further increase our steel, mining and cement production capacity, as well as our logistics capabilities. See &#8220;Item 4D. Property, Plant and Equipment&#8212;Capital Expenditures&#8212;Planned Investments.&#8221; These projects are subject to a number of risks that may adversely affect our growth prospects and profitability, including the following:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>we may encounter delays, availability problems or higher than expected costs in obtaining the necessary equipment, services and materials to build and operate a project;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>our efforts to develop projects according to schedule may be hampered by a lack of infrastructure, including availability of overburden and waste disposal areas as well as reliable power and water supplies;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>we may fail to obtain, lose, or experience delays or higher than expected costs in obtaining or renewing the required permits, authorizations, licenses, concessions and/or regulatory approvals to build or continue a project; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>changes in market conditions, laws or regulations may make a project less profitable than expected or economically or otherwise unfeasible.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Any one or a combination of the factors described above may materially and adversely affect us. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Current, new or more stringent environmental, safety and health regulations imposed on us may result in increased liabilities and increased capital expenditures. </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our steel making, mining, cement and logistics facilities are subject to a broad range of laws, regulations and permit requirements in Brazil relating mainly to the protection of health, safety and the environment.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Brazilian pollution standards are expected to continue to change, including the introduction of new effluent and air emission standards, solid waste-handling regulations, and native forest preservation requirements in rural land.&nbsp; The Brazilian government has adopted a decree under the national policy for climate change (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pol&#237;tica Nacional de Mudan&#231;as Clim&#225;ticas</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>) that contemplates a 5% reduction in carbon emissions projected for 2020 for the industrial sector (including steel making and cement sectors) and an action plan for the sector is being developed by a technical committee composed of representatives from the government, industry associations and academia. The target reduction for the mining sector is yet to be established. In addition, the state of Rio de Janeiro, through its State Environmental Agency (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Instituto Estadual do Ambiente</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), or INEA, issued a law in effect from 2013 onwards that requires steel making and cement facilities to present action plans to reduce greenhouse gas emissions when renewing or applying for operational licenses. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>New or more stringent environmental, safety and health standards imposed on us could require us to make increased capital expenditures, create additional legal preservation areas in our properties, or make modifications in operating practices or projects. As a result, the amount and timing of future environmental and related expenditures may vary substantially from those currently anticipated.&nbsp; These additional costs may also have a negative impact on the profitability of the projects we intend to implement or may make such projects economically unfeasible.&nbsp; We could also be exposed to civil penalties, criminal sanctions and closure orders for non-compliance with these regulations.&nbsp; Waste disposal and emission practices may result in the need for us to clean up or retrofit our facilities at substantial costs and/or could result in substantial liabilities.&nbsp; Environmental legislation restrictions imposed by foreign markets to which we export our products may also materially and adversely affect our export sales and us.&nbsp; &nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition, we may be requested to enter into Terms of Undertaking, or TACs, with Brazilian regulators and agencies that require us to minimize or eliminate the risk of environmental damages in the areas where we operate.&nbsp; If we are unable to comply with a Term of Undertaking in a timely manner, we may be exposed to penalties, such as fines, revocation of permits, or closure of facilities.&nbsp; See &#8220;Item 4B. Government Regulation and Other Legal Matters &#8211; Environmental Expenditures and Claims.&#8221;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our governance and compliance processes may fail to prevent regulatory penalties and reputational harm.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We operate in a global environment, and our activities straddle multiple jurisdictions and complex regulatory frameworks with increased enforcement activities worldwide.&nbsp; Our governance and compliance processes may not prevent future breaches of law, accounting and/or governance standards.&nbsp; We may be subject to breaches of our Code of Ethics, business conduct protocols and instances of fraudulent behavior and dishonesty by our employees, contractors or other agents.&nbsp; Our failure to comply with applicable laws and other standards could subject us to fines, loss of operating licenses and reputational harm, which may materially and adversely affect us. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Some of our operations depend on joint ventures, consortia and other forms of cooperation, and our business could be adversely affected if our partners fail to observe their commitments.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We currently operate parts of our business through joint-ventures and consortia with other companies.&nbsp; We have, among others, established a joint-venture with an Asian consortium at our 60% consolidated investee Nacional Min&#233;rios S.A., or Namisa, to mine iron ore; a joint-venture with other Brazilian steel and mining companies at MRS Log&#237;stica S.A., or MRS, to explore railway transportation in the Southeastern region of Brazil, a joint-venture with Tractebel Energia S.A. and Cia. de Cimento Itamb&#233; at It&#225; Energ&#233;tica S.A., or ITASA, to produce electricity, and a consortium with Vale S.A., Votorantim Metais Zinco S.A., CEMIG Gera&#231;&#227;o e Transmiss&#227;o S.A. and Anglo Gold Ashant C&#243;rrego do S&#237;tio Minera&#231;&#227;o S.A. at Igarapava Hydroelectric Power Plant to produce electricity.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our forecasts and plans for these joint-ventures and consortia assume that our partners will observe their obligations to make capital contributions, purchase products and, in some cases, provide managerial personnel or financing.&nbsp; In addition, many of the projects contemplated by our joint-ventures or consortia rely on financing commitments, which contain certain preconditions for each disbursement.&nbsp; If any of our partners fails to observe their commitments or we fail to comply with all preconditions required under our financing commitments or other partnership arrangements, the affected joint-venture, consortium or other project may not be able to operate in accordance with its business plans, or we may have to increase the level of our investment to implement these plans.&nbsp; Any of these events may have a material adverse effect on us. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our mineral reserve estimates may materially differ from the mineral quantities that we may be able to actually recover; our estimates of mine life may prove inaccurate; and market price fluctuations and changes in operating and capital costs may render certain ore reserves uneconomical to mine.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our reported ore reserves are estimated quantities of ore and minerals that we have determined can be economically mined and processed under present and anticipated conditions to extract their mineral content.&nbsp; There are numerous uncertainties inherent in estimating quantities of reserves and in projecting potential future rates of mineral production, including many factors beyond our control.&nbsp; Reserve engineering involves estimating deposits of minerals that cannot be measured in an exact manner, and the accuracy of any reserve estimate is a function of the quality of available data and engineering and geological interpretation and judgment. As a result, no assurance can be given that the indicated amount of ore will be recovered or that it will be recovered at the rates we anticipate.&nbsp; Estimates of different engineers may vary, and results of our mining and production subsequent to the date of an estimate may lead to revision of estimates.&nbsp; Reserve estimates and estimates of mine life may require revision based on actual production experience and other factors.&nbsp; For example, fluctuations in the market prices of minerals and metals, reduced recovery rates or increased operating and capital costs due to inflation, exchange rates or other factors may render proven and probable reserves uneconomic to exploit and may ultimately result in a restatement of reserves. See &#8220;Item 4B&#8212;Business Overview&#8212;Our Mining Segment&#8212;Mineral Reserves.&#8221;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We may not be able to adjust our mining production volume in a timely or cost-efficient manner in response to changes in demand.</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Revenues from our mining business represented in 2010, 2011 and 2012, respectively, 24%, 35% and 26% of our total net revenues.&nbsp; Our ability to rapidly increase production capacity is limited, which could render us unable to fully satisfy demand for our products.&nbsp; When demand exceeds our production capacity, we may meet excess customer demand by purchasing iron ore from unrelated parties and reselling it, which would increase our costs and narrow our operating margins.&nbsp; If we are unable to satisfy excess customer demand in this way, we may lose customers.&nbsp; In addition, operating close to full capacity may expose us to higher costs, including demurrage fees due to capacity restraints in our logistics systems.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Conversely, operating at significant idle capacity during periods of weak demand may expose us to higher unit production costs since a significant portion of our cost structure is fixed in the short-term due to the high capital intensity of mining operations.&nbsp; In addition, efforts to reduce costs during periods of weak demand could be limited by labor regulations or existing labor or government agreements.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Adverse economic developments in China could have a negative impact on our revenues, cash flow and profitability.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>China has been the main driver of global demand for minerals and metals over the last few years.&nbsp; In 2012, China accounted for 66% of the global seaborne iron ore trade.&nbsp; The percentage of our iron ore sales volume to consumers in China was 22% in 2012. A contraction of China&#8217;s economic growth could result in lower demand for our products, leading to lower revenues, cash flow and profitability. Poor performance in the Chinese real estate sector, one of the largest consumers of carbon steel in China, could also negatively impact our results.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Drilling and production risks could adversely affect the mining process.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Once mineral deposits are discovered, it can take a number of years from the initial phases of drilling until production is possible, during which time the economic feasibility of production may change.&nbsp; Substantial time and expenditures are required to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>establish mineral reserves through drilling;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>determine appropriate mining and metallurgical processes for optimizing the recovery of metal contained in ore;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>obtain environmental and other licenses;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>construct mining, processing facilities and infrastructure required for greenfield properties; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>obtain the ore or extract the minerals from the ore.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If a mining project proves not to be economically feasible by the time we are able to profit from it, we may incur substantial losses and be obliged to take write-offs.&nbsp; In addition, potential changes or complications involving metallurgical and other technological processes arising during the life of a project may result in delays and cost overruns that may render the project not economically feasible.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Natural and other disasters could disrupt our operations</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our business and operating results could be negatively impacted by social, technical and/or physical risks such as flooding, fire, power loss, loss of water supply, leakages, telecommunications and information technology system failures, and political instability, including a global economic slowdown. For example, flooding in Australia at the end of 2010 affected global coal supply and consequently increased our raw material costs.&nbsp; In addition, heavy rainfall in the Southeast Region of Brazil could affect our iron ore and logistics operations and consequently our revenues. Such events could affect our ability to conduct our business operations and, as a result, reduce our operating results and materially and adversely affect us.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
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<P style="TEXT-INDENT: 0.25in"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We may not be able to consummate proposed acquisitions successfully or integrate acquired businesses successfully.</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>From time to time, we may evaluate acquisition opportunities that would strategically fit our business objectives.&nbsp; If we are unable to complete acquisitions, or integrate successfully and develop these businesses to realize revenue growth and cost savings, our financial results could be adversely affected.&nbsp; Acquisitions also pose the risk that we may be exposed to successor liability involving an acquired company.&nbsp; Due diligence conducted in connection with an acquisition, and any contractual guarantees or indemnities that we receive, may not be sufficient to protect us from, or compensate us for, actual liabilities.&nbsp; A material liability associated with an acquisition, such as labor- or environmental-related, could adversely affect our reputation and financial performance and reduce the benefits of the acquisition.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face='Times New Roman'>&nbsp; &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition, we may incur asset impairment charges related to acquisitions, which may reduce our profitability.&nbsp; Finally, our acquisition activities may present financial, managerial and operational risks, including diversion of management attention from existing core businesses, difficulties integrating or separating personnel and financial and other systems, adverse effects on existing business relationships with suppliers and customers, inaccurate estimates of fair value made in the accounting for acquisitions and amortization of acquired intangible assets which would reduce future reported earnings, potential loss of customers or key employees of acquired businesses, and indemnities and potential disputes with the buyers or sellers.&nbsp; Any of these activities could affect our product sales, financial condition and results of operations. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We have a substantial amount of indebtedness, which could make it more difficult or expensive to refinance our maturing debt and /or incur new debt.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of December 31, 2012, our total debt outstanding amounted to R$30,284 million, consisting of R$2,326 million of short-term debt and R$27,958 million of long-term debt. See &#8220;Item 5B. Liquidity and Capital Resources&#8221; and &#8220;Item 18. Financial Statements.&#8221; Although we had R$14,445 million of cash and cash equivalents as of December 31, 2012, our planned investments in all of our business segments will require a significant amount of cash over the course of 2013 and following years. See &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The level of our indebtedness could affect our credit rating and ability to obtain any necessary financing in the future and increase our cost of borrowing. In these and other circumstances, servicing our indebtedness may use a substantial portion of our cash flow from operations, which could make it more difficult for us</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>to make payments of dividends and other distributions to our shareholders, including the holders of our ADSs, and adversely affect our financial condition and results of operations.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We have experienced labor disputes in the past that have disrupted our operations, and such disputes may recur.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A substantial number of our employees and some of the employees of our subcontractors are represented by labor unions and are covered by collective bargaining or other labor agreements, which are subject to periodic renegotiation.&nbsp; Strikes and other labor disruptions at any of our facilities or labor disruptions involving third parties who may provide us with goods or services, have in the past and may in the future materially and adversely affect the operation of our facilities, or the timing of completion and the cost of our projects.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are exposed to the risk of litigation</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are currently and may in the future be party to legal proceedings and claims. For some of these legal proceedings and claims, we have not established any provision on our balance sheet or have only established provisions for part of the amounts in question, based on our and our external counsel&#8217;s judgment as to the likelihood of an outcome favorable to us.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Although we are contesting such proceedings and claims, the outcome of each specific proceeding and claim is uncertain and may result in obligations that could materially and adversely affect our business and the value of our shares and ADSs. &nbsp;See &#8220;Item 8A. Consolidated Statements and Other Financial Information&#8212;Legal Proceedings&#8221; for additional information.</FONT></P>
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<P><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Risks Relating to our Common Shares and ADSs</FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our controlling shareholder has the ability to direct our business and affairs and its interests could conflict with yours.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our controlling shareholder has the power to, among other things, elect a majority of our directors and determine the outcome of any action requiring shareholder approval, including transactions with related parties, corporate reorganizations, acquisitions, dispositions, and the timing and payment of any future dividends, subject to minimum dividend payment requirements imposed under Brazilian Corporate Law.&nbsp; Our controlling shareholder may have an interest in pursuing acquisitions, dispositions, financings or similar transactions that could conflict with your interests as a holder of our common shares and ADSs.&nbsp; For a description of our ownership structure, see &#8220;Item 7A.&nbsp; Major Shareholders.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If you surrender your ADSs and withdraw common shares, you risk losing the ability to remit foreign currency abroad and certain Brazilian tax advantages.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As an ADS holder, you benefit from the electronic certificate of foreign capital registration obtained by the custodian for our common shares underlying the ADSs in Brazil, which permits the custodian to convert dividends and other distributions with respect to the common shares into non-Brazilian currency and remit the proceeds abroad.&nbsp; If you surrender your ADSs and withdraw common shares, you will be entitled to continue to rely on the custodian&#8217;s electronic certificate of foreign capital registration for only five business days from the date of withdrawal.&nbsp; Thereafter, upon the disposition of, or distributions relating to, the common shares, you will not be able to remit abroad non-Brazilian currency unless you obtain your own electronic certificate of foreign capital registration or you qualify under Brazilian foreign investment regulations that entitle some foreign investors to buy and sell shares on Brazilian stock exchanges without obtaining separate electronic certificates of foreign capital registration.&nbsp; If you do not qualify under the foreign investment regulations you will generally be subject to less favorable tax treatment of dividends and distributions on, and the proceeds from any sale of, our common shares.&nbsp; For more information regarding exchange controls, see &#8220;Item 10.D. Exchange Controls.&#8221; If you seek to obtain your own electronic certificate of foreign capital registration, you may incur expenses or suffer delays in the application process, which could delay your ability to receive dividends or distributions relating to our common shares or the return of your capital in a timely manner.&nbsp; The depositary&#8217;s electronic certificate of foreign capital registration may also be adversely affected by future legislative changes.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Holders of ADSs may not be able to exercise their voting rights.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Holders of ADSs may only exercise their voting rights with respect to the underlying common shares in accordance with the provisions of the deposit agreement.&nbsp; Under the deposit agreement, ADS holders must vote by giving voting instructions to the depositary.&nbsp; Upon receipt of the voting instructions of the ADS holder, the depositary will vote the underlying common shares in accordance with these instructions.&nbsp; If we ask for voting instructions, the depositary will notify ADS holders of the upcoming vote and will arrange to deliver the proxy card. We cannot assure that ADS holders will receive the proxy card in time to ensure that they can instruct the depositary to vote.&nbsp; In addition, the depositary and its agents are not liable for failing to carry out voting instructions or for the manner of carrying out voting instructions.&nbsp; Alternatively, ADS holders can exercise their right to vote by surrendering their ADSs for cancellation in exchange for our common shares.&nbsp; Pursuant to our bylaws, the first call for a shareholders&#8217; meeting must be published at least 15&nbsp;days in advance of the meeting, and the second call must be published at least eight days in advance of the meeting.&nbsp; When a shareholders&#8217; meeting is convened, holders of ADSs may not receive sufficient advance notice to surrender their ADSs in exchange for the underlying common shares to allow them to vote with respect to any specific matter.&nbsp; As a result, holders of ADSs may not be able to exercise their voting rights.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The relative volatility and illiquidity of the Brazilian securities markets may substantially limit your ability to sell the common shares underlying the ADSs at the price and time you desire.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Investing in securities that trade in emerging markets, such as Brazil, often involves greater risk than investing in securities of issuers in the United States, and such investments are generally considered to be more speculative in nature.&nbsp; The Brazilian securities market is substantially smaller, less liquid, more concentrated and can be more volatile than major securities markets in the United States. The ten largest companies in terms of market capitalization represented 51.8% of the total market capitalization of the BM&amp;FBOVESPA as of December&nbsp;31, 2012. The top ten stocks in terms of trading volume accounted for 43.0%, 47.2% and 48.8% of all shares traded on </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the BM&amp;FBOVESPA in 2012, 2011 and 2010, respectively. Accordingly, although you are entitled to withdraw the common shares underlying the ADSs from the depositary at any time, your ability to sell the common shares underlying the ADSs at a price and time at which you wish to do so may be substantially limited.&nbsp; </FONT></P>
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<B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Holders of ADSs may be unable to exercise preemptive rights with respect to our common shares.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We may not be able to offer our common shares to U.S. holders of ADSs pursuant to preemptive rights granted to holders of our common shares in connection with any future issuance of our common shares unless a registration statement under the Securities Act is effective with respect to such common shares and preemptive rights, or an exemption from the registration requirements of the Securities Act is available.&nbsp; We are not obligated to file a registration statement relating to preemptive rights with respect to our common shares or to undertake steps that may be needed to find exemptions from registration available, and we cannot assure you that we will file any such registration statement or take any such steps.&nbsp; If such a registration statement is not filed and an exemption from registration does not exist, The JP Morgan Chase Bank, N.A., as depositary, may attempt to sell the preemptive rights, and you will be entitled to receive the proceeds of such sale.&nbsp; However, these preemptive rights will expire if the depositary does not sell them, and U.S. holders of ADSs will not realize any value from the granting of such preemptive rights.&nbsp; For </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>a more complete description of preemptive rights with respect to the underlying shares, see &#8220;Item 10B. Memorandum and Articles of Association&#8212;Preemptive Rights.&#8221;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 4. Information on the Company</FONT></B></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>4A. History and Development of the Company</FONT></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>History </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Companhia Sider&#250;rgica Nacional is a Brazilian corporation (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>sociedade por a&#231;&#245;es</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>) incorporated in 1941 pursuant to a decree of the Brazilian President at the time, Get&#250;lio Vargas. The Presidente Vargas Steelworks, located in the city of Volta Redonda, in the State of Rio de Janeiro, started the production of coke, pig iron and steel products in 1946. Also in 1946, we incorporated both the Casa de Pedra Mine, located in Congonhas, Minas Gerais, and the Arcos Mine, located in Arcos, Minas Gerais. The Casa de Pedra Mine assures us self-sufficiency in iron ore, whereas the Arcos Mine meets all our needs for flux, limestone and dolomite.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Company was privatized through a series of auctions held in 1993 and early 1994, through which the Brazilian government sold its 91% ownership interest. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Between 1993 and 2002, we implemented a capital improvement program aimed at increasing our annual production of crude steel, improving the quality of our products and enhancing our environmental protection and cleanup programs. As part of the investments, since February 1996, all our production has been based on the continuous casting process, rather than ingot casting, which involved an alternative method that resulted in higher energy use and metal loss. From 1996 until 2002, we spent the equivalent of US$2.4 billion on the capital improvement program and on maintaining our operational capacity, culminating with the renovation of Blast Furnace No. 3 and Hot Strip Mill No. 2 in 2001. These measures resulted in the increase of our annual production capacity to 5.6 million tons of crude steel and 5.1 million tons of rolled products.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2007, CSN started to sell iron ore in the seaborne market. We are now Brazil&#8217;s second largest exporter of iron ore, drawing from our high quality iron ore reserves in the Casa de Pedra and Namisa mines, located in the state of Minas Gerais. We also own the concession to operate TECAR, a solid bulks terminal from which we export this iron ore.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2009, we entered the cement market with our first grinding mill, next to the Presidente Vargas Steel Mill in Volta Redonda, Rio de Janeiro, taking advantage of the synergies with our steel business. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In order to diversify our product portfolio, we entered in the long steel market in 2012, with the acquisition of Stahlwerk Th&#252;ringen Gmbh, or</FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>SWT, a long steel manufacturer located in Unterwellenborn, Germany. </FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>General</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are one of the largest fully integrated steel producers in Brazil and Latin America in terms of crude steel production. Our current annual crude steel capacity and rolled product capacity at the Presidente Vargas Steelworks is 5.6 million and 5.1 million tons, respectively. At the Presidente Vargas Steelworks, production of crude steel increased by 2% as compared to 2011, while the production of rolled steel products remained stable when compared to 2011. We also operate in the mining, cement, logistics and energy businesses, which have become increasingly important to our operations and growth. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our fully integrated manufacturing facilities at the Presidente Vargas Steelworks produce a broad line of steel products, including slabs, hot- and cold-rolled, galvanized and tin mill products for the distribution, packaging, automotive, home appliance and construction industries. In 2011, we accounted for approximately 55% of the coated steel products market in Brazil. We are one of the world&#8217;s leading producers of tin mill products for packaging containers, and were responsible for approximately 98% of the market share in Brazil in 2011, according to IABr data and our sales information. Market share information for 2012 was not yet available as of the date of this annual report.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN-TOP: 0in; TEXT-INDENT: 0.25in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our production process is based on the integrated steelworks concept. Below is a brief summary of the steel making process at our Presidente Vargas Steelworks: </FONT></P>
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<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Iron ore produced from our own mines is processed in continuous sintering machines to produce sinter; </FONT>
<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sinter and lump ore direct charges are smelted with lump coke and injected powdered coal in blast furnaces to produce pig iron; </FONT>
<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pig iron is then refined into steel via basic oxygen converters; </FONT>
<LI style="TEXT-ALIGN: justify; MARGIN: 0in 0in 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel is continuously cast in slabs; and</FONT>
<LI style="TEXT-ALIGN: justify; MARGIN: 5pt 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Slabs are then hot rolled, producing hot bands that are coiled and sent to finishing facilities. </FONT></LI></UL>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We currently obtain all of our iron ore, limestone and dolomite requirements, and a portion of our tin requirements from our own mines. Using imported coal, we produce approximately 67% of our coke requirements at current production levels in our own coke batteries at Volta Redonda. Imported coal is also pulverized and used directly in the pig iron production process. Zinc, manganese ore, aluminum and a portion of our tin requirements are purchased in local markets. Our steel production and distribution processes also require water, industrial gases, electricity, rail and road transportation, and port facilities.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition to the production of flat steel, we are investing in our long steel production capacity. We are currently building a long steel plant in Volta Redonda with a planned capacity of 500 Kt per year.&nbsp; This plant will also use our existing infrastructure in the Presidente Vargas Steelworks. On January 31, 2012, in an effort to strengthen our position in the long steel segment, we acquired SWT</FONT><FONT style="LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> for &#8364;483.4 million. SWT is</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> a long steel producer in Germany with annual production capacity of approximately 1.1 million tons of steel profiles.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We own a number of high quality iron ore mines, all located within Brazil&#8217;s Iron Ore Quadrangle (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Quadril&#225;tero Ferr&#237;fero</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), in the state of Minas Gerais, including the Casa de Pedra mine, located in Congonhas, and Namisa &#8211; Nacional Min&#233;rios S.A. mines (Fernandinho, located in Itabirito and Engenho, also located in Congonhas). Our mining assets also include TECAR, a solid bulks seaport terminal, located in Itagua&#237; Port in the state of Rio de Janeiro, Minera&#231;&#227;o Bocaina, located in Arcos, in the state of Minas Gerais, which produces dolomite and limestone, and Estanho de Rond&#244;nia S.A.&nbsp; (ERSA), which mines and casts tin, located in Ariquemes, in the state of Rond&#244;nia. </FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our verticalization strategy and intense synergies among the Company's business units are strongly dependent on the logistics created to guarantee the transportation of the inputs at a low operating cost. A number of railroads and port terminals make up the logistics system integrating CSN's mining, steelmaking and cement units. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN manages two port terminals at Itagua&#237;, in Rio de Janeiro, one for bulk solids (TECAR) and one for containers (Sepetiba Tecon).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN-BOTTOM: 10pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN also has interests in two railways: MRS Log&#237;stica, in which we share control and that operates the former Southeast Network of the Federal Railroad Network, along the Rio de Janeiro-S&#227;o Paulo-Belo Horizonte axis, and our controlled subsidiary Transnordestina Log&#237;stica S.A., whose Nova Transnordestina project will connect the interior of Northeast Brazil to Pec&#233;m and Suape Ports, with an extension of 1,728 km of track.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN entered the cement market in May 2009, driven by the high synergy with its current business. This segment takes advantage of the slag generated by our blast furnaces and of our limestone reserves, located in the city of Arcos, in the state of Minas Gerais. Limestone, used to produce clinker, and slag account for approximately 95% of the cost of inputs in cement production. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN plans to increase its market share in the cement segment in Brazil in order to diversify its product mix and markets, reducing risks and adding value for its shareholders.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN is one of Brazil&#8217;s largest industrial electric power consumers. Since 1999, we have invested in power generation projects in order to ensure self-sufficiency. Our electrical assets include: (i) CSN&#8217;s 29.5% stake in the It&#225; Hydroelectric Power Plant, in Santa Catarina, corresponding to 167 MW, through a 48.75% equity interest in It&#225; Energ&#233;tica S.A.; (ii) CSN&#8217;s 17.9% interest in the 210-MW Igarapava Hydroelectric Power Plant in Minas Gerais, corresponding to 23 MW; and (iii) a 238 MW cogeneration thermoelectric power plant in Presidente Vargas Steelworks, which is fueled by the waste gases from the steel production process. These three plants give CSN an average generation capacity of 428 MW, supplying the group&#8217;s total need for power</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face='Times New Roman'>. &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Other Information</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN&#8217;s legal and commercial name is Companhia Sider&#250;rgica Nacional.&nbsp; CSN is organized for an unlimited period of time under the laws of the Federative Republic of Brazil.&nbsp; Our head offices are located at Av. Brigadeiro Faria Lima, 3400, 19th and 20th floors and 15th floor - part, Itaim Bibi, S&#227;o Paulo, Brazil</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, CEP 04538-132, and our telephone number is +55-11-3049-7100.&nbsp; CSN&#8217;s agent for service of process in the United States is CT Corporation, with offices at 111 Eighth Avenue, New York, New York 10011. </FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>4B. Business Overview</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Competitive Strengths</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We believe that we have the following competitive strengths:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Fully integrated business model. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We believe we are one of the most fully integrated steelmakers in the world. This is due to our captive sources of raw materials, especially iron ore, and access to owned infrastructure, such as railroads and deep-sea water port facilities. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We own a number of high quality iron ore mines, all located within Brazil&#8217;s Iron Ore Quadrangle (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Quadril&#225;tero Ferr&#237;fero</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), in the State of Minas Gerais</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>, which differentiates us from our main competitors in Brazil that purchase their iron ore from mining companies such as Vale S.A., or Vale. In addition to our iron ore reserves, we have captive dolomite and limestone mines that supply our Presidente Vargas Steelworks. Our steelworks are close to the main steel consumer centers in Brazil, with easy access to port facilities and railroads. See &#8220;Item 4B. Business Overview&#8212;Our&nbsp; mining segment&#8221; and &#8220;Item 4D&#8212;Property&nbsp; Plant and Equipment.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt; BACKGROUND: white"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Profitable mining business. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>Our mining business has received investments in recent years, placing CSN in a prominent position </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>among the country&#8217;s leading mining firms. Additional investments will increase capacity to approximately 89 mtpy, including third party purchases, thereby strengthening CSN&#8217;s position as an important player in the global iron ore market. The Company has high-quality iron ore reserves through Casa de Pedra mine and Namisa mines (Engenho and Fernandinho), both located in Minas Gerais. Our mining activities provide strong </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>revenue generation. We sold 10.5&nbsp;million tons in 2007, 18.5&nbsp;million tons in 2008, 17.5&nbsp;million tons in 2009</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>, 18.6 million tons in 2010, 23.8 million tons in 2011 and 20.2 million tons in 2012 (considering our proportional interest in Namisa throughout this period). The company&#8217;s mining assets also include TECAR, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a solid bulks seaport terminal, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>with a capacity for 30 mtpy, located in Itagua&#237; Port (RJ), Minera&#231;&#227;o Bocaina, located in Arcos (MG), which produces dolomite and limestone, and Estanho de Rond&#244;nia SA (ERSA), which mines and casts tin.&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt; BACKGROUND: white"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Thoroughly developed transport infrastructure. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We have a thoroughly developed transport infrastructure, from our iron ore mine to our steel mill and to our ports. The Presidente Vargas Steelworks facility is located next to railroad systems and port facilities, facilitating the supply of raw materials, the shipment of our production and easy access to our principal clients. The concession for the main railroad used and operated by us is owned by MRS, a company in which we hold a 33.27% ownership interest. The railway connects our Casa de Pedra mine to the Presidente Vargas Steelworks and to our terminals at Itagua&#237; Port, which handles our iron exports and most of our steel exports. Since we obtained the concession to operate MRS railway in 1996, we have significantly improved its tracks and developed its business, with strong cash generation. We also own concessions to operate two deep-sea water terminals from which we export our products and import coal and small amounts of coke, which are the only important raw materials that we need to purchase from third parties.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Self-sufficiency in energy generation. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We are self-sufficient in energy, through our interests in the hydroelectric plants of It&#225; and Igarapava, and our own thermoelectric plant inside the Presidente Vargas Steelworks. We also sell the excess energy we generate in the energy market. Our 238 MW thermoelectric cogeneration plant provides the Presidente Vargas Steelworks with approximately 60% of its energy needs in its steel mills, using as its primary fuel the waste gases generated by our coke ovens, blast furnaces and steel processing facilities. We hold </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a 29.5% stake in the It&#225; Hydroelectric Power Plant, in Santa Catarina, through a 48.75% equity interest in It&#225; En&#233;rgetica S.A.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>, or ITASA. This ownership grants us </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>an assured energy of 167 MW</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>, proportional to our interests in the project, pursuant to 30-year power purchase agreements at a fixed price per megawatt hour, adjusted annually for inflation. In addition, we own 17.9% of the Igarapava hydroelectric plant, with 210 MW fully installed capacity. We have been using part of our 23 MW </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>of assured energy</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman> from Igarapava to supply energy to the Casa de Pedra and Arcos mines. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Low cost structure. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>As a result of our fully integrated business model, our thoroughly developed transportation infrastructure and our self-sufficiency in energy generation, we have been consistently generating high margins. Other factors that lead to these margins are the strategic location of our steelworks facility, the use of state of the art technology and our well qualified work force.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Diverse product portfolio and product mix. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We have a diversified flat steel product mix that includes hot-rolled, cold-rolled, galvanized and steel tin mill products, in order to meet a wide range of customer needs across all steel consuming industries. We focus on selling high margin products, such as tin plate, pre-painted, galvalume and galvanized products in our product mix. Our galvanized product provides material for exposed auto parts, using hot-dip galvanized steel and laser-welded blanks. Our CSN Paran&#225; branch provides us with additional capacity to produce high-quality galvanized, galvalume and pre-painted steel products for the construction and home appliance industries. In addition, our subsidiary Prada, one of the largest flat steel distributors in Brazil, offers a strong sales channel in the domestic market, enabling us to meet demand from smaller customers, thus creating a strong presence in this market.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 12pt; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman,bolditalic>Strong presence in domestic market and strategic international exposure for steel products. </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>We have a strong presence in the domestic market for steel products, with 77% of our steel sales in the domestic market. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011, we accounted for approximately 55% of the market in Brazil for coated steel products, of which we had 98% of the market share in Brazil for tin mill products. Market share information for 2012 was not yet available as of the date of this annual report. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>In addition, we use our subsidiaries CSN LLC and Lusosider also as sales channels for our flat steel products in the United States and in Europe, with 8% of our total sales in 2012.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> Direct e</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=timesnewroman>xports accounted for 3% of our total sales in 2012. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012 we acquired SWT, a long steel producer in Germany with annual production capacity of approximately 1.1 million tons of steel profiles, strengthening our steel products mix and geographical diversification. In 2012, SWT accounted for 12% of our total sales.</FONT></P>
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<P><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Strategies&nbsp; </FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our goal is to increase value for our shareholders by further benefiting from our competitive cost advantages, maintaining our position as one of the world&#8217;s lowest-cost steel producers, becoming an important iron ore global player, developing our cement business and optimizing our infrastructure assets (including ports, railways and power generating plants). To achieve this goal we developed specific strategies for each of our business segments, as described below.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The strategy for our steel business involves:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A focus on the domestic market, in which we have historically recorded higher profit margins and increased competitiveness, by expanding our market share in flat steels and entering in the Brazilian long steel market;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Constant pursuit of operational excellence, by implementing cost reduction projects (e.g. pellet plant and energy efficiency) and programs (e.g. internal logistic optimization, inventory reduction, project development and implementation disciplines);</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Emphasis on high value-added steel products, such as galvanized, pre-painted and tin-coated steel;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Exploring synergies by using our flat steel distribution network and product portfolio to accelerate entrance into the domestic long steel market; and </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Increase market share by expanding our services and distribution network.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For information on planned investments relating to our steel activities, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In order to strengthen our position in the iron ore market, we plan to expand our mining assets, Casa de Pedra and Namisa, and search for investment opportunities, primarily in mines in operation or in an advanced stage of development.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In the coming years, we expect to reach an annual sales level of approximately 89 mtpy of iron ore products, including third party purchases, by increasing capacity in Casa de Pedra and Namisa mines, thereby strengthening our position as an important player in the iron ore worldwide market.</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif> &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>To sustain this growth, we will increase capacity in TECAR, our solid bulks terminal in Itaguai Port to 84 mtpy. We are also studying seaborne shipping opportunities, focused on increasing our competitiveness in the Asian market.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In order to maximize the profitability of our product portfolio, we will also focus on pellet and pellet-feed, by using Itabirito&#8217;s deposits and investing with strategic partners and clients in pellet capacity. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For information on planned investments relating to our mining activities, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;.&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics&nbsp;</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We expect to take advantage of and expand our current logistics capabilities, including our integrated infrastructure operations of railways and ports.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition to investments in TECAR, we will strengthen Sepetiba TECON, our container terminal, in order to accommodate larger ships, increasing its capacity and competitiveness by adding services to develop client loyalty.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In terms of railways, we plan to continue the implementation of our Nova Transnordestina project and explore its logistic potential through terminals and regional cargo, focusing on iron ore, agricultural, gypsum and fuel. We also plan to invest in increasing our efficiency and capacity in the south of Brazil through our interest in MRS.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We intend to continue to improve the delivery of our products in the domestic market (mainly steel and cement), with low cost and efficiency by integrating and increasing the use of rail transportation, and by providing more distribution centers.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our cement business strategy involves the utilization of the limestone reserves in our Arcos mine and the slag generated by CSN&#8217;s blast furnaces in our cement plant in Volta Redonda, inaugurated in 2009, with capacity to produce 2.4 million tons per year. In 2011, CSN began producing clinker in the Arcos plant with the aim of reducing its production costs. We are evaluating other organic growth initiatives to expand our annual capacity to 5.4&nbsp;million tons in order to capture the strong growth expected in construction of new housing units and infrastructure projects. For information on planned investments relating to our cement activities, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Additional Investments</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition to the currently planned investments and capital expenditures, we continue to consider possible acquisitions, joint ventures and brownfield or greenfield projects to increase or complement our steel, cement and mining production and logistics capabilities, logistics infrastructure and energy generation.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Steel Segment</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We produce carbon steel, which is the world&#8217;s most widely produced type of steel, representing the vast bulk of global consumption. From carbon steel, we sell a variety of products, both domestically and abroad, to manufacturers in several industries.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Flat Steel</FONT></B></P>
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<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.3in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following chart reflects our flat steel production cycle in general terms.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Presidente Vargas Steelworks produces flat steel products &#8212; slabs, hot-rolled, cold-rolled, galvanized and tin mill products.&nbsp; For further information on our production process, see &#8220;&#8212;Product Process.&#8221; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Slabs</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Slabs are semi-finished products used for processing hot-rolled, cold-rolled or coated coils and sheet products.&nbsp; We are able to produce continuously cast slabs with a standard thickness of 250 millimeters, widths ranging from 830 to 1,600 millimeters and lengths ranging from 5,250 to 10,500 millimeters.&nbsp; We produce high, medium and low carbon slabs, as well as micro-alloyed, ultra-low-carbon and interstitial free slabs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Hot-Rolled Products</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Hot-rolled products include heavy and light-gauge hot-rolled coils and sheets. A heavy gauge hot-rolled product, as defined by Brazilian standards, is a flat-rolled steel coil or sheet with a minimum thickness of 5.01 millimeters.&nbsp; We are able to provide coils of heavy gauge hot-rolled sheet having a maximum thickness of 12.70 millimeters used to manufacture automobile parts, pipes, mechanical construction and other products.&nbsp; We produce light gauge hot-rolled coils and sheets with a minimum thickness of 1.20 millimeters which are used for welded pipe and tubing, automobile parts, gas containers, compressor bodies and light cold-formed shapes, channels and profiles for the construction industry.</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cold-Rolled Products</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cold-rolled products include cold-rolled coils and sheets.&nbsp; A cold-rolled product, as defined by Brazilian standards, is a flat cold-rolled steel coil or sheet with thickness ranging from 0.30 millimeters to 3.00 millimeters.&nbsp; Compared to hot-rolled products, cold-rolled products have more uniform thickness and better surface quality and are used in applications such as automotive bodies, home appliances and construction.&nbsp; In addition, cold-rolled </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>products serve as the base for galvanized and tin mill products.&nbsp; We supply cold-rolled coils in thicknesses of between 0.30 millimeters and 2.99 millimeters. </FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Galvanized Products</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Galvanized products are comprised of flat-rolled steel coated on one or both sides with zinc or a zinc-based alloy applied by either a hot-dip or an electrolytic process.&nbsp; We use the hot-dip process, which is approximately 20% less expensive than the electrolytic process.&nbsp; Galvanizing is one of the most effective and low-cost processes used to protect steel against corrosion caused by exposure to water and the atmosphere.&nbsp; Galvanized products are highly versatile and can be used to manufacture a broad range of products, such as:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>bodies for automobiles, trucks and buses;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>manufactured products for the construction industry, such as panels for roofing and siding, dry wall and roofing support frames, doors, windows, fences and light structural components;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>air ducts and parts for hot air, ventilation and cooling systems;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>culverts, garbage containers and other receptacles;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>storage tanks, grain bins and agricultural equipment;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>panels and sign panels; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>pre-painted parts.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Galvanized sheets, both painted and bare, are also frequently used for gutters and downspouts, outdoor and indoor cabinets, all kinds of home appliances and similar applications.&nbsp; We produce galvanized sheets and coils in continuous hot-dip processing lines, with thickness ranging from 0.30 millimeters to 3.00 millimeters. The continuous process results in products with highly adherent and uniform zinc coatings capable of being processed in nearly all kinds of bending and heavy machinery.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition to standard galvanized products, we produce </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Galvanew</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#174;, galvanized steel that is subject to a special annealing process following the hot-dip coating process.&nbsp; This annealing process causes iron to diffuse from the base steel into the zinc coating.&nbsp; The resulting iron-zinc alloy coating allows better welding and paint performance.&nbsp; The combination of these qualities makes our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Galvanew</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#174; product particularly well suited for manufacturing automobile and home appliance parts including high gloss exposed parts.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>At CSN Paran&#225;, one of our branches, we produce galvalume, a cold-rolled material coated with a zinc-aluminum alloy.&nbsp; The production process is similar to hot-dip galvanized coating, and galvalume has at least twice the corrosion resistance of standard galvanized steel. Galvalume is primarily used in outdoor construction applications that may be exposed to severe acid corrosion, like marine uses.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The value added from the galvanizing process permits us to price our galvanized products with a higher profit margin.&nbsp; Our management believes that our value-added galvanized products present one of our best opportunities for profitable growth because of the anticipated increase in Brazilian demand for such high margin products.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Through our branch CSN Paran&#225;, we also produce pre-painted flat steel, which is manufactured in a continuous coating line. In this production line, a layer of resin-based paint in a choice of colors is deposited over either cold-rolled or galvanized base materials. Pre-painted material is a higher value-added product used primarily in the construction and home appliance markets.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tin Mill Products</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tin mill products consist of flat-rolled low-carbon steel coils or sheets with, as defined by Brazilian standards, a maximum thickness of 0.45 millimeters, coated or uncoated.&nbsp; Coatings of tin or chromium are applied by electrolytic process.&nbsp; Coating costs place tin mill products among the highest priced products that we sell.&nbsp; The added value from </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the coating process permits us to price our tin mill products with a higher profit margin.&nbsp; There are four types of tin mill products, all produced by us in coil and sheet forms:</FONT></P>
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<FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tin plate - coated on one or both sides with a thin metallic tin layer plus a chromium oxide layer, covered with a protective oil film;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tin free steel - coated on both sides with a very thin metallic chromium layer plus a chromium oxide layer, covered with a protective oil film;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Low tin coated steel - coated on both sides with a thin metallic tin layer plus a thicker chromium oxide layer, covered with a protective oil film; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Black plate - uncoated product used as the starting material for the coated tin mill products.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tin mill products are primarily used to make cans and other containers.&nbsp; With six electrolytic coating lines, we are one of the biggest producers of tin mill products in the world and the sole producer of coated tin mill products in Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Production Process</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The main raw materials used in flat production in an integrated steelworks are iron ore, coal, coke, and fluxes like limestone and dolomite. The iron ore consumed at the Presidente Vargas Steelworks is extracted, crushed, screened and transported by railway from our Casa de Pedra mine located in the city of Congonhas, in the State of Minas Gerais, 328 km from the Presidente Vargas Steelworks.&nbsp; The high quality ores mined and sized at Casa de Pedra, with iron content of approximately 60%, and their low extraction costs are major contributors to our low steel production costs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We import all the coal required for coke production because Brazil lacks quality coking coals.&nbsp; The coal is then charged in coke batteries to produce coke through a distillation process.&nbsp; See &#8220;&#8212;Raw Materials and Suppliers&#8212;Raw Materials and Energy Requirements.&#8221;&nbsp; This coal distillation process also produces coke oven gas as a byproduct, which we use as a main source of fuel for our thermoelectric co-generation power plant.&nbsp; After being screened, coke is transported to blast furnaces, where it is used as a combustion source and as a component for transforming iron ore into pig iron. In 2012, we produced approximately 67% of our coke needs and imported the balance, compared to 62% in 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; At sintering plants, fine-sized iron ore and coke or other fine-sized solid fuels are mixed with fluxes (limestone and dolomite) to produce sinter.&nbsp; The sinter, lump iron ore, fluxing materials and coke are then loaded into our two operational blast furnaces for smelting.&nbsp; We operate a pulverized coal injection, or PCI, facility, which injects low-cost pulverized coal directly into the blast furnaces as a substitute for approximately one-third of the coke otherwise required.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The iron ore is reduced to pig iron through successive chemical reactions with carbon monoxide (from the coke and PCI) in the blast furnaces, which operate 24 hours a day.&nbsp; The ore is gradually reduced, then melts and flows downward.&nbsp; Impurities are separated from the iron to form a liquid slag with the loaded fluxes (limestone and dolomite).&nbsp; From time to time, white-hot liquid iron and slag are drawn off from the bottom of the furnace.&nbsp; Slag (containing melted impurities) is granulated and used to produce cement.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The molten pig iron is transported to the steelmaking shop by 350-ton capacity torpedo cars and charged in basic oxygen furnaces together with scrap and fluxes.&nbsp; In the basic oxygen furnaces, oxygen is blown onto the liquid burden to oxidize its remaining impurities and to lower its carbon content, thus producing liquid steel.&nbsp; The molten steel is conveyed from the basic oxygen furnaces to the secondary refining equipment (degasser, ladle furnace and Argon Stirring Station).&nbsp; After adjusting the chemical composition, the molten steel is transferred to the continuous casting machines from which crude steel (i.e., rectangular shaped slabs) is produced.&nbsp; A portion of the slab products is sold directly in the export market.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In the hot rolling process, reheated slabs from the continuous casting machines are fed into hot strip mills to reduce the thickness of the slabs from 250 millimeters to a range of between 1.2 and 12.7 millimeters.&nbsp; At the end of&nbsp;</FONT>

&nbsp;the hot strip mill, the long, thin steel strip from each slab is coiled and conveyed to a cooling yard.&nbsp; Some hot-rolled coils are dispatched directly to customers in the as-rolled condition.&nbsp; Others are further processed in the pickling line, in a hydrochloric bath, to remove surface oxides and improve surface quality. After pickling, the hot-rolled coils selected to produce thinner materials are sent to be rolled in cold strip mills.&nbsp; CSN has three cold strip mills, one of which was revamped in 2011, adding 150,000 tons per year to CSN&#8217;s cold rolling capacity. The better surface characteristics of cold-rolled products enhance their value to customers when compared to hot-rolled products.&nbsp; Additional processing related to cold-rolling may further improve surface quality.&nbsp; Following cold-rolling, coils may be annealed, coated (by a hot dip or electrolytic tinning process) and painted, to enhance medium-and long-term anti-corrosion performance and to add characteristics that will broaden the range of steel utilization.&nbsp; Coated steel products have higher profit margins than bare steel products.&nbsp; Of our coated steel products, tin mill and galvanized products are our highest margin products.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel plant equipment regularly undergoes scheduled maintenance shutdowns.&nbsp; Typically the rolling mills and coating lines are maintained on a weekly or monthly basis whereas the blast furnaces and other special equipment are scheduled for routine maintenance on a semi-annual or annual basis.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our business encompasses operations and commercial activities. Our operations are undertaken by our production sector, which is composed of the following two units:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The operations unit - responsible for steel production operations, repair shops, in-plant railroad, and process development at our Presidente Vargas Steelworks; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The support unit - responsible for production planning, management of product stockyards, energy and utility facilities and work force safety assistance at the Presidente Vargas Steelworks.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The production sector is also responsible for environment and quality consultancy, new product development, capital investment implementation for steel production and processing, and the supervision of CSN Porto Real&#8217;s and CSN Paran&#225;&#8217;s operations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Quality Management Program</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We practice Total Quality Management, a set of techniques that have been adopted by many leading companies in our industry. We also maintain a Quality Management System that has been certified to be in compliance with the ISO 9001 standards set forth by the International Standardization Organization, or ISO.&nbsp; In March 1993, we were awarded the ISO 9002 certificate of compliance for the manufacture of several of our products. In April 1996, we were awarded the ISO 9001 certificate of compliance which replaced ISO 9002 and included the element of &#8220;design&#8221; in its scope. In April 1998, we were awarded certification of compliance to QS 9000 standards, requirements specific to the automotive industry. Over the years the ISO 9001 certificate has been maintained and renewed, with the most recent renewal to the ISO 9001:2008 version awarded in August 2011, for the design and manufacture of slabs, hot rolled flats, pickled and oiled steel products, cold rolled, galvanized steel products and tin mill products. In June 2004, we were also awarded the automotive industry&#8217;s Technical Specification ISO/TS 16949, for the design and manufacture of hot-rolled, pickled and oiled, cold-rolled and galvanized steel products, which replaced the QS 9000 standards. The most recent renewal to the ISO/TS 16949:2009, third edition, was awarded in September 2011. Some important automotive companies, like FIAT, General Motors and Ford, require their suppliers to satisfy the ISO/TS 16949 standards.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Production Output</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth, for the periods indicated, the annual production of crude steel within Brazil and by us and the percentage of Brazilian production attributable to us.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Crude Steel Production</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(In millions of tons)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2012</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>34.7</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>13.8%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2011</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>35.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.9</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>13.9%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>32.8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.9 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>14.9%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2009&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>26.5&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.4&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>16.6%&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2008&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>33.7&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.0&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>14.8%&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>_______________</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Source: Brazilian Steel Institute (</FONT><I><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Instituto A&#231;o Brasil</FONT></I><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>), or IABr.</FONT></P>
</TD></TR></TABLE></DIV></DIV></DIV>
<P style="TEXT-ALIGN: center">24</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_29></A>
<P></P>
<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table contains some of our operating statistics for the periods indicated.</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Certain Operating Statistics</FONT></B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2012</FONT></B></P>
</TD>
     <TD vAlign=top width="1%" align=center>
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%" align=center>
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2011</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" align=center>
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%" align=center>
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2010</FONT></B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(In millions of tons)</FONT></I></P>
</TD>
     <TD vAlign=top width="1%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(In millions of tons)</FONT></I></P>
</TD>
     <TD vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;</FONT><I><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(In millions of tons)</FONT></I></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Production of:&nbsp;&nbsp;</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD vAlign=top width="1%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD vAlign=bottom width="1%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Iron Ore&nbsp;*</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>19.8</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top width="1%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>20.1</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top width="1%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>21.6&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Molten Steel&nbsp;</FONT></P>
</TD>
     <TD vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5.0</FONT></P>
</TD>
     <TD vAlign=top width="1%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5.0</FONT></P>
</TD>
     <TD vAlign=top width="1%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5.0</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Crude Steel&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>4.9</FONT></P>
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     <TD style="BACKGROUND-COLOR: #cceeff" vAlign=top width="1%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>4.9</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>4.9</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Hot-Rolled Coils and Sheets&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>4.8</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>4.8</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5.0&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Cold-Rolled Coils and Sheets&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2.6</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2.4</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2.5&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Galvanized Products&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1.2 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1.4 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1.1&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Tin Mill Products&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>0.5</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>0.7</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>0.7&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Consumption of Coal for Coke Batteries&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="14%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1.9</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2.1</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2.2&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Consumption of Coal for PCI&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>0.7</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>0.6</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>0.7&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>*Casa de Pedra</FONT></P>
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<P style="MARGIN: 0in 0in 0pt 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Raw Materials and Suppliers</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The main raw materials we use in our integrated steel mill include iron ore, coke, coal (from which we make coke), limestone, dolomite, aluminum, tin and zinc. In addition, our production operations consume water, gases, electricity and ancillary materials.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Raw Materials and Energy Requirements</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2010, prices of our main raw materials increased due to larger post-crisis demand and a strengthening of the steel industry worldwide. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In the first half of 2011, prices of the main raw materials used by CSN continuously increased due to unbalanced supply and demand.&nbsp; In the second half of 2011, prices decreased, mainly due to the worsening of the European crisis.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In the first nine months of 2012, prices of the main raw materials used by CSN continued to fall due to the global crisis in the steel market caused mainly by the decline in China&#8217;s growth rates and the European crisis. In the fourth quarter of 2012, prices increased, mainly due to the restocking of Chinese mills in preparation for the winter and Chinese holidays.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>These commodity segments are highly concentrated in the hands of a few global players and there can be no assurance that price increases will not be imposed on steel producers in the future.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Iron Ore</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are able to obtain all of our iron ore requirements from our Casa de Pedra mine located in the State of Minas Gerais. For a description of our iron ore segment see &#8220;&#8211; Our Mining Segment.&#8221; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center">25</P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Coal</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, our metallurgical coal consumption totaled 2.6&nbsp;million tons. Metallurgical coal includes coking coal and PCI coal, which is a lower grade coal injected into the blast furnaces, in a pulverized form, to reduce coke consumption. The PCI system reduces CSN&#8217;s need for imported coke, thus reducing production costs.&nbsp; In 2012, we used 717,710 tons of imported PCI coal. The sources of the coking coal consumed in our plants in 2012 were as follows: USA (55%), Australia (37%) and Canada (8%). It is important to mention that Australia&#8217;s share increased when compared to 2011, due to its recovery in supply, which was strongly affected by flooding in 2011.&nbsp; Our sources of PCI Coal, the sources were: Russia (50%), Australia (44%) and Venezuela (6%). </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, CSN&#8217;s coking coal and PCI coal costs decreased significantly when compared to 2011. The quarterly benchmark price for metallurgical coal started to decline in the first quarter of 2012, ending the year at its lowest level since the quarterly pricing mechanism began in the second quarter of 2010. The decline in metallurgical coal price reflected the slowdown in demand due to the financial crisis in Europe and weaker economic growth in China.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Coke</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>In 2012, in</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> addition to the approximately 1.3&nbsp;million tons of coke we produced, we also consumed 676,681 tons of coke bought from third parties in China, India and Colombia, an increase of 7.2% as compared to our consumption in 2011. The demand for coke has been increasing significantly since 2002 because China, a major player in the sea-borne trade, has increased its internal consumption and adopted restrictive export quotas. In addition, India has become a major consumer of coke, considerably increasing its imports in the past years. Due to logistical reasons, China supplies most of India&#8217;s coke and this increase in consumption tightened even more the worldwide supply-demand balance of metallurgical coke. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>During 2012, Chinese coke prices remained flat until October. In the fourth quarter, producers were fully stocked in China, leading to a reduction in demand and pushing prices down significantly.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Limestone and Dolomite</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Bocaina mine is located in Arcos, in the State of Minas Gerais, and has been supplying, since the early '70s, limestone (calcium carbonate) and dolomite (dolomitic limestone) to our Presidente Vargas Steelworks in Volta Redonda.&nbsp; These products are used in the process of sintering and calcination.&nbsp; Arcos has one of the biggest and best reserves of limestone in the world, which is used in the production of various products, including cement.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The annual production of limestone and dolomite for our steelworks is approximately 2.4&nbsp;million tons.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The main products obtained from limestone and dolomite that are transferred to our steelworks in Volta Redonda are:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Limestone and dolomite calcination:&nbsp; with a granulometry between 32 and 76 mm, they are used in the lime plant in Volta Redonda to produce calcitic and dolomitic lime, for further use in the steelmaking process and sintering.&nbsp; At the steelworks, lime is used for chemical controlling of liquid slag, in order to preserve the refractory of the converters and assist in the stabilization of the chemical reactions that occur during the steel manufacturing process. During sintering, the purpose of lime is to increase the performance of this process and the final quality of the sinter that is produced.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Limestone and dolomite sintering: used in the production of &#8220;sinter&#8221;, in our steelworks.&nbsp; The sinter is composed of fine ores, solid fuel and flux, which enable semi-melting and sintering ore.&nbsp; The sinter is used in blast furnaces as a source of iron for the production of pig iron.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Beginning in 2009, with our entry into the cement market, the mine in Arcos also became responsible for supplying limestone for cement manufacturing in Volta Redonda.</FONT></P>
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<P><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Aluminum, Zinc and Tin</FONT></I></B> </P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Aluminum is mostly used for steelmaking.&nbsp; Zinc and tin are important raw materials used in the production of certain higher-value steel products, such as galvanized and tin plate, respectively.&nbsp; We typically purchase aluminum, zinc and tin from third-party domestic suppliers under one year contracts. Specifically in relation to tin, we purchase part of our demand from CSN&#8217;s subsidiary ERSA (Estanho de Rond&#244;nia S.A).&nbsp; We maintain approximately 26, 27 and 140 days inventory of tin, aluminum and zinc, respectively, at the Presidente Vargas Steelworks.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Other Raw Materials</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In our production of steel, we consume, on an annual basis, significant amounts of spare parts, refractory bricks and lubricants, which are generally purchased from domestic suppliers.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We also consume significant amounts of oxygen, nitrogen, hydrogen, argon and other gases at the Presidente Vargas Steelworks.&nbsp; These gases are supplied by a third-party under a long-term contract from its gas production facilities located on the Presidente Vargas Steelworks site.&nbsp; In 2012, we used 749,244 tons of oxygen to produce 4.8&nbsp;million tons of crude steel.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Water</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Large amounts of water are also required in the production of steel. Water serves as a solvent, a catalyst and a cleaning agent.&nbsp; It is also used to cool, to carry away waste, to help produce and distribute heat and power, and to dilute liquids.&nbsp; Our source of water is the Para&#237;ba do Sul River, which runs through the city of Volta Redonda.&nbsp; Over 85% of the water used in the steelmaking process is recirculated and the balance, after processing, is returned to the Para&#237;ba do Sul River.&nbsp; Since March&nbsp;2003, the Brazilian government has imposed a monthly tax for our use of water from the Para&#237;ba do Sul River, based on an annual fee of approximately R$2.5&nbsp;million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Electricity</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steelmaking also requires significant amounts of electricity to power rolling mills, production lines, hot metal processing, coking plants and auxiliary units.&nbsp; In 2012, our Presidente Vargas Steelworks consumed approximately 2.95 million MWh of electric energy or 608 kilowatt hours per ton of crude steel.&nbsp; This level means we are one of the largest consumers of electricity in Brazil, accounting for approximately 8% of the overall consumption of electricity in the State of Rio de Janeiro. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our main source of electricity is our 238 MW thermoelectric co-generation power plant at the Presidente Vargas Steelworks, besides the It&#225; and Igarapava hydroelectric facilities, from which we have ensured energy of 167 MW and 23 MW, respectively.&nbsp; In addition, CSN is installing a new turbine generator at the Presidente Vargas Steelworks, which will add 21 MW to our existing installed capacity with start-up planned for 2013.&nbsp; This turbine will be located near our Blast Furnace No. 3, using the outlet gases from the iron making process to generate energy.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Natural Gas</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition to electricity, we consume natural gas, mainly in our hot strip mill.&nbsp; Companhia Estadual de G&#225;s do Rio de Janeiro S.A., or CEG Rio, which was privatized in 1997, is currently our major source of natural gas.&nbsp; Variations in the supply of gas can affect the level of steel production.&nbsp; We have not experienced any significant stoppages of production due to a shortage of natural gas.&nbsp; We also purchase fuel oil from Petrobras and Ra&#237;zen. In 2012, the Presidente Vargas Steelworks consumed 418,284 dam<SUP>3</SUP> of natural gas.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The market for natural gas is strongly correlated with the electricity market. Brazilian electricity generation is based principally on hydroelectric power, itself dependent on the level of Brazil&#8217;s reservoirs. As a contingency against low levels of rainfall, there are several thermoelectric power plants which use natural gas. Due to low levels of rainfall in 2012, reservoirs reached their lowest level in the past ten years; consequently the Brazilian Electricity System Operator (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Operador Nacional do Sistema El&#233;trico</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), or ONS, increased the utilization of thermoelectric generation. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Diesel Oil</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In mid-October&nbsp;2006 and July 2008, we entered into agreements with Companhia Brasileira de Petr&#243;leo Ipiranga, or Ipiranga, to receive diesel oil in order to supply our equipment in our mining plants in the state of Minas </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gerais, which provide the iron ore, dolomite and limestone used in our steel plant in Volta Redonda. In 2012, our consumption totaled 63,028 kiloliters of diesel oil, for which we paid US$49.8&nbsp;million.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We acquire the inputs necessary for the production of our products in Brazil and abroad, with aluminum, zinc, tin, spare parts, refractory bricks, lubricants, oxygen, nitrogen, hydrogen and argon being the main inputs acquired in Brazil.&nbsp; Coal and coke are the only inputs acquired abroad.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our main raw materials suppliers are set forth below:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Main Suppliers</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>BHP Billiton, Jim Walter Resources, Alpha Natural Resources, Rio Tinto and Marubeni</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Coal&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>CI Milpa and ThyssenKrupp</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Coke&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>RBA and Alubar</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Aluminum&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Votorantim Metais<SUP> (1)</SUP></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Zinc&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>White Solder, Coopertrading and ERSA&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Tin&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Sotreq, Gevisa, Continental, Distribuidora Cummins, Correias Mercurio, Deva Veiculos and MTU do Brasil</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Spare parts&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Magnesita, RHI, Vesuvius and Saint Gobain&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Refractory bricks&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Daido, Ipiranga and Quaker&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Lubricants&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>___________</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(1) We depend on Votorantim Metais as it is the only supplier of zinc in Brazil </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Facilities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Flat Steel Mill</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Presidente Vargas Steelworks, located in the city of Volta Redonda, in the State of Rio de Janeiro, began operating in 1946.&nbsp; It is an integrated facility covering approximately 4.0 square km and containing five coke batteries (three of which are currently in operation), three sinter plants, two blast furnaces, a basic oxygen furnace steel shop, or BOF shop, with three converters, three continuous casting units, one hot strip mill, three cold strip mills, two continuous pickling lines, one continuous annealing line, three continuous galvanizing lines, four continuous annealing lines exclusively for tin mill products and six electrolytic tinning lines.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our major operational units and corresponding effective capacities as of December&nbsp;31, 2012, including CSN LLC and Lusosider, are set forth in the following chart:</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Effective Capacity</FONT></B></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Tons</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;<BR>
</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>per year</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Equipment</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;<BR>
</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>in operation</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Process: </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;Coking plant&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,680,000&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3 batteries&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;Sintering plant&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,930,000&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3 machines&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;Blast furnace&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,380,000&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2 furnaces&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;BOF shop&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,750,000&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3 converters&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;Continuous casting&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,600,000&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3 casters&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Finished Products: </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;Hot strip mill&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,100,000&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1 mill&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;Cold strip mill&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4,700,000&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6 mills&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;Galvanizing line&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,095,000&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7 lines&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;Electrolytic tinning line&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,190,000&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7 lines&nbsp;</FONT></P>
</TD></TR></TABLE></DIV>
<DIV align=left>&nbsp;</DIV></DIV></DIV>
<P style="TEXT-ALIGN: center">28</P>
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<A name=page_33></A>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Downstream Facilities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN Paran&#225;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our CSN Paran&#225; branch produces and supplies plain regular galvanized, </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Galvalume</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#174; and pre-painted steel products for the construction and home appliance industries.&nbsp; The plant has an annual capacity of 330,000 tons of galvanized products and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Galvalume</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#174; products, 100,000 tons of pre-painted products, which can use cold-rolled or galvanized steel as substrate, and 220,000 tons of pickled hot-rolled coils in excess of the coils required for the coating process.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Metalic</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We have a 99.99% ownership interest in Cia. Metalic Nordeste, or Metalic.&nbsp; Metalic is one of the few two-piece steel can producers in all the Americas.&nbsp; It has approximately 30% of the packaging market for carbonated drinks in the Northeastern regions of Brazil. Currently, we are Metalic&#8217;s only supplier of the steel used to make two-piece cans.&nbsp; The development of drawn-and-wall-ironed steel for the production of two-piece cans is an important achievement in the production process at the Presidente Vargas Steelworks.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Prada</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We have a 99.99% ownership interest in Cia. Metal&#250;rgica Prada, or Prada.&nbsp; Established in 1936, Prada is the largest Brazilian steel can manufacturer and has an annual production capacity of over one billion cans in its three industrial facilities: two located in the state of S&#227;o Paulo and one in the state of Minas Gerais.&nbsp; Currently, we are the only Brazilian producer of tin plate, Prada&#8217;s main raw material, which makes Prada one of our major customers of tin plate products.&nbsp; Prada has important clients in the food and chemical industries, including packages of vegetables, fish, dairy products, meat, aerosols, paints and varnishes, and other business activities.&nbsp; On December&nbsp;30, 2008, we merged one of our subsidiaries, Ind&#250;stria Nacional de A&#231;os Laminados S.A., or INAL, into Prada.&nbsp; INAL was a distributor of laminated steel founded in 1957 and, after the merger, it became a branch of Prada responsible for distribution of Prada&#8217;s products, or Prada Distribui&#231;&#227;o.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Prada Distribui&#231;&#227;o is also the leader in the Brazilian distribution market, with 460,000 tons per year of installed processing capacity.&nbsp; Prada Distribui&#231;&#227;o has two steel service centers and five distribution centers strategically located in Brazil.&nbsp; Its main service center is located in the city of Mogi das Cruzes between the cities of S&#227;o Paulo and Rio de Janeiro.&nbsp; Its product mix also includes sheets, slit coils, sections, tubes, and roofing in standard or customized format, according to clients&#8217; specifications.&nbsp; Prada Distribui&#231;&#227;o processes the entire range of products produced by us and services 4,000 customers annually from the civil construction, automotive and home appliances sectors, among others.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Companhia Siderurgica Nacional, LLC</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN LLC holds the assets of former Heartland Steel, a flat-rolled steel processing facility in Terre Haute, Indiana.&nbsp; This facility has an annual production capacity of 800,000 tons of cold-rolled products and 315,000 tons of galvanized products.&nbsp; Currently, CSN LLC is obtaining hot coils by buying slabs from CSN and having them converted into hot coils by local steel companies or buying hot rolled coils directly from mills in the United States.&nbsp; See &#8220;Item 4B.&nbsp; Government Regulation and Other Legal Matters&#8212;Anti-Dumping Proceedings&#8212;United States&#8221; for a discussion about anti-dumping issues on Brazilian hot coils exports to the United States.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>Lusosider, A&#231;os Planos, S.A.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We own 99.94% of Lusosider, a producer of hot-dip galvanized products and cold-rolled located in Seixal, near Lisbon, Portugal.&nbsp; Lusosider produces approximately 240,000 tons of galvanized products and 50,000 tons of cold-rolled per year.&nbsp; Its main customers include service centers and tube making industries.</FONT></P>
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<P><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Inal Nordeste</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Inal Nordeste, or INOR, is a distributor of laminates located in the Northeastern Region.&nbsp; INOR has a service center located in the city of Cama&#231;ari, in the State of Bahia, to support sales in the Northeastern and North regions.&nbsp; On May 30, 2011, INOR was merged into us, allowing for the optimization of processes and operations as well as the reduction of costs.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Long Steel</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The acquisition in February 2012 of SWT, located in Unterwellenborn, Germany, marks our entrance into the long steel market. SWT specializes in the production of profiles, including IPE (European I Beams) and HE (European Wide Flange Beams) sections, channels and UPE (Channels with Parallel Flanges) sections and steel sleepers. In total, more than 200 types of sections are produced according to different German and international standards.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following chart reflects our production cycle in general terms.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Production Process</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Scrap arrives at the mill by rail or road. Two gantry cranes are used to transfer the scrap to a stockyard. Two remote-controlled diesel-hydraulically driven transfer wagons carry the recycled steel in containers, which also function as charging vessels to the melting shop.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The electric arc of the DC-furnace is generated between a graphite electrode and the bottom of the furnace, which functions as the anode. This energy, supplemented by natural gas/oxygen burners, is used to convert this material into molten steel.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>After the smelting process, the molten metal is tapped into the ladle in a wagon, which is then positioned under the ladle furnace. The purpose of this process is to achieve the desired composition, by the addition of alloys, and the necessary final temperature of the steel. The ladle is then transported to the casting shop with the transport wagon and is elevated onto the turret that rotates it into the casting position. The tundish distributes the steel to four strands of water-cooled copper moulds that provide the desired beam blank shape. As soon as the strands pass through the moulds they undergo an intensive cooling process. After solidification is complete, the strands pass through guides which transport and straighten the strands out of the casting arc into the horizontal plane, where they are then cut into pieces of the required length with automatic flame-cutting torches. A transfer manipulator passes the beam blanks to the roller table of the rolling mill. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The rolling mill provides facilities for both duo and universal rolling processes. In contrast to the continuous operation where the sections are rolled in strands arranged one after the other, in this reversing mill the section bar is run forwards and backwards in several passes through rolls that either have &#8220;grooves&#8221; or function according to the universal rolling principle. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The three stand assemblies in the rolling mill include, a break down stand coupled with a cropping saw, a tandem group and a finishing group. After having passed the finishing strand, the dimensional accuracy of the rolled section is measured using laser technology. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The next stage is the finishing department, where the sections, which can be up to 100m long, cool down on a walking beam cooling bed, before being straightened. The sections are then cut on a cold saw plant to lengths between 6m and 28m, as requested by customers. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Production Output</FONT></I></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Certain Operating Statistics</FONT></B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(In thousands of tons)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Production of:&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Beam Blank</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>885*</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Long Steel (Finished Products)&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>827*</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>*The above operating figures cover SWT&#8217;s production during the full year of 2012. As we have consolidated SWT&#8217;s results as of February 2012, its production during this period was of 812 thousand tons of beam blank and 755 thousand tons of long steel (finished products). </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Raw Materials and Suppliers</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Raw Materials and Energy Requirements</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>The main raw material we use in our long steel operation is scrap. In addition, our production operations consume electricity, natural and technical gases and ancillary materials like ferroalloys, lime, dolomite and foaming coal. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Scrap</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>During 2010 and 2011, prices for scrap continuously increased due to unbalanced supply and demand in Europe and increasing globalization of scrap trading worldwide. Prices in the European market were particularly affected by prices in Turkey and Asia. In 2012, the average price decreased slightly due to lower demand for scrap as a consequence of the financial crisis. In 2012, our scrap consumption totaled approximately 960,000 million tons and </FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>accounted for nearly 60% of our production cost. We are able to obtain 80% of our scrap needs from within a 250 km vicinity. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Ferroalloys, lime and foaming coal</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Because we do not own any sources of alloys, lime and foaming coal we have to buy these materials from traders. Our traders are located mostly in Europe and the materials come from different producers around the world. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Rolls</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>We consume different types of rolls in our rolling mill, usually cast rolls which come from Germany, Italy, Slovenia and China.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Graphite electrodes</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>In the smelting shop (electric arc furnace), we use graphite electrodes with a diameter of 750mm and in the ladle furnace, we use electrodes with a diameter of 400mm. The electrodes come from Europe, Japan and China. &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Other raw materials</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>In our production of steel we consume, on an annual basis, amounts of electrodes, rolls, refractory materials and materials for packaging and spare parts, which are mostly purchased from domestic suppliers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Water</FONT></I></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'> &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Large amounts of water are required in the production process. Our source of water is the Saale river, located 5 km from the plant. &nbsp;We use our own water station to pump water via pipelines to the plant.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Electricity and Natural Gas</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Steelmaking also requires significant amounts of electricity and natural gas, for which we have supply contracts. Under normal conditions, we consume approximately 450 GWh of electric energy and an equal amount of natural gas.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Suppliers&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We acquire the inputs necessary for the production of our products in Germany and other countries.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;Our main raw materials suppliers are set forth below:</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Main Suppliers</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Scholz, TSR</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Scrap&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Electric Energy&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>E.on Ruhrgas</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Natural gas</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>RHI</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Refractory</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>SGL, Graftec, NCK</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Electrodes&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Siemens, Schneider, Voith</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Spare parts&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Irle, Walzengie&#223;erei Coswig</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Rolls</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Facilities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 0pt; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>SWT possesses a 28km internal railway system, and the logistics infrastructure to ensure supply of scrap</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>and delivery of finished products. Main markets served by SWT include: non-residential construction, equipment </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>industries, engineering and transport, in Germany and neighboring countries, including Poland and the Czech Republic. </FONT></P>
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<P style="TEXT-ALIGN: center">32</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Effective Capacity</FONT></B></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Tons</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;<BR>
</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>per year</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>in operation</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Process: </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;EAF &#8211; Electric Arc Furnace </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,100,000&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1 furnace</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;Ladle Furnace</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,100,000&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1 furnace</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Finished Products: </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp;Section mill&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,000,000&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1 mill&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Mining Segment</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our mining activities are one of the largest in Brazil and are mainly driven by the exploration of one of the richest Brazilian iron ore reserves, Casa de Pedra, in the State of Minas Gerais.&nbsp; We sell our iron ore products mainly in Asia, Europe and Brazil with sales and marketing taking place through our principal hubs of Minas Gerais, in Brazil, Austria, Madeira Islands, Portugal and Hong Kong.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Mines</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Location, Access and Operation</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Casa de Pedra</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Casa de Pedra mine is an open pit mine located next to the city of Congonhas in the State of Minas Gerais, Brazil, approximately 80 km south of the city of Belo Horizonte and 360 km north of the city of Rio de Janeiro.&nbsp; The site is approximately 1,000 meters above sea level and accessible from the cities of Belo Horizonte or Congonhas through mostly paved roads.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Casa de Pedra mine is a hematite-rich iron deposit of an early proterozoic banded iron formation in Brazil&#8217;s Iron Ore Quadrangle (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Quadril&#225;tero Ferr&#237;fero</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), which is located in the central part of the State of Minas Gerais in the Southeastern region of Brazil and has been one of the most important iron producing regions in Brazil for the last 50 years. It has been incorporated to CSN in 1941, but has been in operation since 1913.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our iron ore at Casa de Pedra is currently excavated by a fleet composed of Marion 191M electric shovels, P&amp;H 1900AL electric shovels, Komatsu PC5500 hydraulic shovels, wheel loaders (Caterpillar 994F, Komatsu WA1200 and LeTourneau 1850) and then hauled by a fleet of Terex Unit Rig&nbsp;MT3300AC (150 tons), Caterpillar 793D (240 tons) and Terex Unit Rig&nbsp;MT4400AC (240 tons).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Casa de Pedra mine is wholly-owned by us and supplies all of our iron ore needs, producing lump ore, sinter feed and pellet feed fines with high iron content. The maps below illustrate the location of our Casa de Pedra mine:</FONT></P>
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<P style="TEXT-ALIGN: center">33</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Namisa</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We own additional iron ore assets through Namisa, our 60% consolidated investee, which acquired CFM (Companhia de Fomento Mineral e Participa&#231;&#245;es) in July 2007. CFM was formed in 1996 with the purpose of utilizing and enhancing the ore treatment facilities of the Itacolomy mines, for the beneficiation of crude ore extracted from the Engenho mine. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Engenho mine is also an open pit mine located at the Southwestern region of the Iron Ore Quadrangle, 60 km south of the city of Belo Horizonte and is accessible from the cities of Belo Horizonte or Congonhas through mostly paved roads. The map below illustrates the location of our Engenho mine:</FONT></P>
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<P style="TEXT-ALIGN: center">34</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Engenho mine&#8217;s operation started in 1950. The ore in this mine is excavated by a fleet of wheel loaders (Komatsu WA470-6) and excavators (Komatsu PC600LC-8) and then hauled by a fleet of Iveco Trakker 410T42 trucks. The ore is then processed in Pires treatment facilities, which has an installed capacity of 7 million tons of products per year. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Fernandinho mine, which we also hold through Namisa, is located in the city of Itabirito, in the State of Minas Gerais. This city is located in the Middle-East region of the State of Minas Gerais and approximately 40 km from the city of Belo Horizonte. Fernandinho is an open pit mine and is accessible from the cities of Belo Horizonte or Itabirito through mostly paved roads. The map below illustrates the location of our Fernandinho mine:</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Fernandinho mine&#8217;s operation also started in 1950. The ore in this mine is excavated by a fleet of wheel loaders (Komatsu WA470-6) and excavators (Komatsu PC350LC-8) and then hauled by a fleet of Iveco Trakker 410T42 and Iveco Trakker 380T42 trucks. The ore is then processed in Fernandinho treatment facilities, which has an installed capacity of 750 thousand tons of products per year. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Limestone and Dolomite Mine</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our extraction and preparation of limestone and dolomite is done at our Boca&#237;na mining facility located in the city of Arcos, in the State of Minas Gerais. This mining facility has an installed annual production capacity of approximately 4.0 million tons. We believe this mining facility has sufficient limestone and dolomite reserves to adequately supply our steel production, at current levels, for more than 37 years. The mining facility is located 455 km from the Presidente Vargas Steelworks.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tin</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We own a tin mine in Itapu&#227; do Oeste, in the State of Rond&#244;nia, through our subsidiary Estanho de Rond&#244;nia S.A. (ERSA). This facility has an installed annual production capacity of approximately 3,600 tons of tin, which we use substantially as a raw material to produce tin plate, a coated steel product. A small part of our tin production that is not used as raw material is sold to third parties; however, the results from these sales are insignificant to our consolidated results.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mineral Rights and Ownership</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Mining Code and the Brazilian Federal Constitution impose requirements on mining companies relating to, among other things, the manner in which mineral deposits are exploited, the health and safety of workers, the protection and restoration of the environment, the prevention of pollution and the promotion of the health and safety of local communities where the mines are located.&nbsp; The Mining Code also imposes certain notifications and reporting requirements.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We hold concessions to mine iron ore, limestone and dolomite.&nbsp; We purchase manganese in the local market.&nbsp; Except for Namisa&#8217;s mines, in which we have a 60% ownership interest, we own 100% of each of our mines.&nbsp; In addition, each mine is an &#8220;open pit&#8221; mine.&nbsp; Iron ore extraction, crushing, screening and concentration are done in three different sites:&nbsp; Casa de Pedra (CSN&#8217;s property), Pires Beneficiation Plant and Fernandinho Mine (both Namisa&#8217;s property).</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Casa de Pedra</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our mining rights for Casa de Pedra mine include the mine, a beneficiation plant, roads, a loading yard and a railway branch and are duly registered with the Brazilian Department of Mineral Production (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Departamento Nacional de Produ&#231;&#227;o Mineral</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), or DNPM.&nbsp; DNPM has also granted us easements in 19 mine areas located in the surrounding region, which are not currently part of Casa de Pedra mine.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We believe we have obtained and are in compliance with all licenses and authorizations for our operations and projects at Casa de Pedra mine.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Exploration undertaken at the Casa de Pedra mine is subject to mining lease restrictions, which were reflected in our iron ore reserve calculations.&nbsp; Quality requirements (chemical and physical) are the key &#8220;modifying factors&#8221; in the definition of ore reserves at Casa de Pedra and were properly accounted for by us.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mineral Reserves</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth the type of each of our mines, period of operation, projected exhaustion dates and percentage of our interest:</FONT></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Projected exhaustion date</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>CSN % interest</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Iron:&nbsp;</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Casa de Pedra (Congonhas, Minas&nbsp;Gerais)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Open pit&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1913&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2041&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>100&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Engenho (Congonhas, Minas&nbsp;Gerais)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Open pit&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2007 (Start of operation by Namisa)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2041&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>60&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Fernandinho (Itabirito, Minas&nbsp;Gerais)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Open pit&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2007 (Start of operation by Namisa)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2030&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>60&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Limestone and Dolomite: </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="34%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Bocaina (Arcos, Minas Gerais)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Open pit&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1946&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2049&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>100&nbsp;</FONT></P>
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<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center">36</P>
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<A name=page_41></A>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth our estimates of proven and probable reserves and other mineral deposits at our mines reflecting the results of reserve studies.&nbsp; They have been calculated in accordance with the technical definitions contained in the SEC&#8217;s Industry Guide 7, and estimates of mine life described herein are derived from such reserve estimates. In the case of the Engenho and Fernandinho mines, where we own 60% of interests, the mineralized materials disclosed are for the entire mine, and not just for our proportional interest in the mine.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to the report &#8220;Audit of Ore Reserves for CSN Casa de Pedra Iron Mine&#8221;, prepared by Golder Associates in May 2007, our reserve estimation process is subject to some smoothing, but does not reflect losses for mine dilution and mining recovery. We intend to perform studies regarding those losses during the preparation process for the new reserve audit. Likewise, Namisa&#8217;s estimation process for the Engenho and Fernandinho mines does not reflect losses for mine dilution and mining recovery.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are in the process of performing new reserve studies for our iron ore mines. We expect to have the new audit report for Casa de Pedra by mid-2014 and the audit report for Namisa by late 2014.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>MINERAL RESERVES AND QUANTITY ESTIMATES FOR MINERALIZED MATERIAL </FONT></B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&#8211; As of December&nbsp;31, 2012&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Proven and Probable Reserves<SUP>(1)</SUP></FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Quantity Estimates for Mineralized Material</FONT></B><SUP><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(2)</FONT></SUP></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Recoverable</FONT></B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Mine Name</FONT></B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Ore Tonnage</FONT></B><SUP><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(3)</FONT></SUP></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Product</FONT></B><SUP><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(5)</FONT></SUP></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Tonnage</FONT></B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>and Location</FONT></B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%" colSpan=3>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(millions of tons)</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Grade<SUP>(4)</SUP></FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Rock Type</FONT></B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(millions of tons)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(millions of tons)</FONT></B></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Proven<SUP>(6)</SUP></FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Probable<SUP>(7)</SUP></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="10%" colSpan=2>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Iron: </FONT></B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Casa de Pedra (Congonhas,&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Hematite (21%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Minas Gerais)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>957&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>514&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>47.79% Fe&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Itabirite (79%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>836</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>8,285</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Engenho&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(Congonhas, Minas Gerais)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>46.07%&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Itabirite (100%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>852</FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.3pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Fernandinho&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(Itabirito, Minas Gerais)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>40.21%&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Itabirite (100%)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>578</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Total Iron: </FONT></B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>957</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>514</FONT></B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>836</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>9,715</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(Congonhas, Minas Gerais)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Limestone and Dolomite: </FONT></B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Proven<SUP>(6)</SUP></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Probable<SUP>(7)</SUP></FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Bocaina&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>41.3%CaO&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Limestone (86%)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(Arcos, Minas Gerais)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>5.99%MgO&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Dolomite (14%)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>1,190</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></B>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face='Times New Roman'>__________________</FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt" align=left><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>(1)&nbsp; &nbsp; &nbsp; Reserves means the part of a mineral deposit which could be economically and legally extracted or produced at the time of the reserve determination. We do not have reserve audits for the Engenho and Fernandinho. The reserves for the Casa de Pedra mine were audited in 2006 and we have reduced the amount of proven reserves by our annual production since then. &nbsp;<BR>
(2)&nbsp; &nbsp; &nbsp; Mineralization that has been sufficiently sampled at close enough intervals to reasonably assume continuity between samples within the area of influence. This material does not yet qualify as a reserve.<BR>
(3)&nbsp; &nbsp; &nbsp; Represents ROM material.&nbsp; <BR>
(4)&nbsp; &nbsp; &nbsp; Grade is the proportion of metal or mineral present in ore or any other host material.&nbsp; <BR>
<FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>(5)&nbsp; &nbsp; &nbsp; Represents total product tonnage after mining and processing losses.<BR>
(6)&nbsp; &nbsp; &nbsp; Means reserves for which:&nbsp; (i) quantity is computed from dimensions revealed in outcrops, trenches, workings or drill holes; grade and/or quality are computed from the results of detailed sampling; and (ii)&nbsp;the sites for inspection, sampling and measurement are spaced so closely and the geologic character is so well defined that size, shape, depth and mineral content of reserves are well- established.<BR>
(7)&nbsp; &nbsp; &nbsp; Means reserves for which quantity and grade and /or quality are computed from information similar to that used for proven (measure) reserves, but the sites for inspection, sampling and measurement are farther apart or are otherwise less adequately spaced.&nbsp; The degree of assurance, although lower than that for proven (measure) reserves, is high enough to assume continuity between points of observation.</FONT></FONT></P>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt" align=left><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">37</P>
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<A name=page_42></A>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We do not have audited data for resources estimates, only for reserves estimates. </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The metallurgical recovery factor is the proportion of iron in the ore delivered to the processing plant that is recovered by the metallurgical process. In 2012, the metallurgical recovery factor obtained by Casa de Pedra concentration plant was 76.0%. That same factor was 39.4% for the Engenho plant and 63.0% for the Fernandinho plant.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>The cutoff grade is the minimum ore percentage that determines which material will be fed in the processing plant. We also plan to perform studies to determine the cutoff grade value during the preparation process for the new audit in Casa de Pedra. In the audit performed in 2006, the Benefit Function considered the lithologies to separate iron from waste. The cutoff grade value for Namisa is also yet to be determined.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>The prices used in the 2006 audit for the estimation of Casa de Pedra reserves are shown in the following table (Golder&#8217;s Final Report for the Audit of Ore Reserves for CSN Casa de Pedra Iron Mine, 2007). As shown, the product price we assumed to estimate our reserves is conservative in comparison to the actual three-year average prices.</FONT></P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=8 noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'>PRICE FOR THE THREE YEARS PRIOR TO THE AUDIT</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="22%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" width="30%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'>Price for the three years prior to the audit</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="23%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'>Average</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'>Product Price</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="22%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" width="30%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'>(US$/t)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="23%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'>(US$/t)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face='Times New Roman'>(US$/t)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 20.1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="22%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #92d050; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>2004</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #92d050; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>2005</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #92d050; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>2006</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #92d050; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="23%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>From 2004 to 2006</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #92d050; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>Assumption</FONT></P>
</TD></TR>
<TR style="HEIGHT: 20.1pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="22%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>Lump</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>28.80</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>49.40</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>58.79</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="23%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>45.66</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>25.26</FONT></P>
</TD></TR>
<TR style="HEIGHT: 20.1pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="22%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&#8220;Hematitinha&#8221;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>12.08</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>28.34</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>35.75</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="23%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>25.39</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>18.14</FONT></P>
</TD></TR>
<TR style="HEIGHT: 20.1pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="22%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>Sinter Feed</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>21.91</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>37.58</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>44.73</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="23%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>34.74</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>20.73</FONT></P>
</TD></TR>
<TR style="HEIGHT: 20.1pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="22%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>Pellet Feed Fines</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>21.40</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>36.69</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>43.66</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="23%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>33.92</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 20.1pt; PADDING-TOP: 0in" width="3%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 20.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="19%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>20.44</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt" align=center><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Namisa does not yet have a reserve audit; therefore, we have not established prices to estimate reserves for its mines.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Casa de Pedra</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2006, we concluded an extensive, multi-year study of our iron ore reserves at Casa de Pedra. The study consisted of three phases. Phase one, which was completed in 1999, covered the ore bodies that are currently being mined or are close to the current operating open pits.&nbsp; Phase two, which was completed in early 2003, covered the other iron ore deposits at Casa de Pedra site.&nbsp; Phase three started in 2005 and involved a complete revaluation of our mineral reserves at Casa de Pedra.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We conducted extensive work throughout 2006 to document and classify all information related to both the current and future operations of the Casa de Pedra mine. In 2006, we hired Golder Associates S.A., or Golder, to undertake an independent analysis of the Casa de Pedra iron ore reserves.&nbsp; Golder carried out a full analysis of all available information and has independently validated our reported reserves.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Golder accepts as appropriate the estimates regarding proven and probable reserves made by us, totaling 1,631&nbsp;million tons of iron ore (as of December&nbsp;31, 2006) at a grade of 47.79% Fe and 26.63% SiO2.&nbsp; This new estimate of our iron ore reserves at Casa de Pedra is significantly larger than our estimate of 444&nbsp;million tons, contained in an appraisal report prepared in 2003.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Over the course of the Casa de Pedra Mine&#8217;s life we have executed different drilling campaigns and, in total, we have drilled 91,515 meters until 2011. The last completed campaign began in May 2010 and ended in April 2011. In the course of that campaign, we drilled 11,069 meters. We are extending our drilling campaign by an additional 30,000 meters to increase and improve our knowledge about the iron ore deposits at Casa de Pedra. This campaign includes the programming of laboratory tests for approximately 1,800 samples. It started in October 2012, and by December 2012 we had drilled a total of 2,055 meters. We plan to conclude drilling by December 2013. We will use this new campaign and the 2010-2011 campaign for the new reserve audit and we expect to have the new Audit Report ready by mid-2014.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Namisa</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>An initial study was conducted at Fernandinho and Engenho mines to define the geological reserves and final pits. In 2008 and 2009, we extended our drilling campaign with an additional 5,179 meters at Engenho mine and 2,771 meters at Fernandinho mine (totaling a campaign of 7,950 meters) to increase and improve our knowledge about the iron ore deposits at these mines. In November 2012 we started a new drilling campaign with an additional 10,000 meters in the Engenho Mine. By December 2012, we had drilled a total of 404 meters and we expect to conclude this campaign by December 2013. We also intend to conduct a drilling campaign of an additional 10,000 meters in the Fernandinho Mine in 2013. We expect that, as soon as a new model and final pit are finished (approximately in December 2013), this reserve can be audited and may be incorporated&nbsp;into our mineral deposits. We expect to have an audit reserve ready by late 2014. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Production</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Casa de Pedra</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Casa de Pedra facilities are located in the city of Congonhas, in the State of Minas Gerais. The Casa de Pedra mine is located 350 km from the Presidente Vargas Steelworks and supplies iron ore products to our steel mill, as well as for export through the Itagua&#237; Port. Casa de Pedra&#8217;s equipment fleet and treatment facilities have an installed annual ROM capacity of approximately 86.0&nbsp;million tons and 22 million tons, respectively. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Namisa</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Namisa has two beneficiation plants: one is the Pires Plant, which receives material from our Engenho mine (located at the northern border of the Casa de Pedra mine) and the other is the Fernandinho Plant, which receives material from our Fernandinho mine (located in the city of Itabirito). The beneficiation plant at Pires also processes crude ore acquired from other companies, which along with its own ROM, generates final products such as: lump ore, small lump ore (hematitinha), sinter feed and concentrates. The beneficiation plant at Fernandinho generates sinter feed and fines as final products.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Namisa complements our strategy to be a world leading producer of high quality iron ore.&nbsp; Namisa remains fully integrated with our railway and port logistics corridor, through long-term contracts, which provide sufficient railway and port logistics capacity for Namisa&#8217;s current and future production.&nbsp; Namisa is a leading company in iron ore mining and trading, with mining and processing operations in the State of Minas Gerais. Trading iron ore is obtained from small mining companies in the neighborhood and other trading companies.</FONT></P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The table below sets forth production of iron ore of our mines for the last three years:</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face='Times New Roman'>Production<SUP>(1)</SUP></FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face='Times New Roman'>2010</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face='Times New Roman'>2011</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face='Times New Roman'>2012</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Casa de Pedra (Mt)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>21.6</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>20.1</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>19.8</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Grade (%)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>65.6%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>65.3%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>64.4%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Pires<SUP> (2)</SUP> (Mt)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>6.1</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>5.7</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4.1</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Grade (%)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>62.6%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>62.3%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>62.2%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Fernandinho<SUP>(2)</SUP> (Mt)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0.5</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0.7</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0.5</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Grade (%)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>59.6%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>58.6%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>57.4%</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>(1) In addition to its own production, Namisa also purchases iron ore from third parties. Third party purchase volumes totaled 5.9 million tons, 7.5 million tons and 9.3 million tons in 2010, 2011 and 2012, respectively.<BR>
</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>(2) Production information considers 100% of the mines, not just our 60% interest.</FONT></P>
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<P style="TEXT-ALIGN: center">39</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face='Times New Roman'>CSN Consolidated Sales<SUP>(1)</SUP></FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face='Times New Roman'>2010</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face='Times New Roman'>2011</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=white face='Times New Roman'>2012</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Consolidated Sales (Mt)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>18.6</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>23.8</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>20.2</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Consolidated Net Revenue Per Unit (US$/t)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>98</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>135</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>97</FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -12pt; MARGIN: 0in 0in 10pt 12pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>Consolidated sales consider our proportional 60% interest in Namisa.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Distribution</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Transportation costs are a significant component of our steel and iron ore production costs and are a factor in our price-competitiveness in the export market.&nbsp; Railway is the main means of transport by which we convey raw materials from our mines to the Presidente Vargas Steelworks and steel and iron ore products to ports for shipment overseas.&nbsp; Iron ore, limestone and dolomite from our two mines located in the State of Minas Gerais are transported by railroad to the Presidente Vargas Steelworks for processing into steel.&nbsp; The distances from our mines to the Presidente Vargas Steelworks are 328 km and 455 km.&nbsp; The distances from our mines to the ports are 440 km and 160 km.&nbsp; Imported coal and coke bought from foreign suppliers are unloaded at the port of Itagua&#237;, 90 km west of the city of Rio de Janeiro, and shipped 109 km by train to the Presidente Vargas Steelworks.&nbsp; Our finished steel products are transported by train, truck and ships to our customers throughout Brazil and abroad.&nbsp; Our most important local markets are the cities of S&#227;o Paulo (335 km from the Presidente Vargas Steelworks), Rio de Janeiro (120 km) and Belo Horizonte (429 km).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Until recently, Brazil&#8217;s railway system (including railcars and tracks) was principally government-owned and in need of repair, but it has now been largely privatized.&nbsp; In an attempt to increase the reliability of our rail transportation, we hold interests in companies that hold concessions for the main railway systems we use.&nbsp; For further information on our railway concessions, see &#8220;&#8212;Facilities&#8212;Railways.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We export iron ore and import coal and coke through the Itagua&#237; Port, in the State of Rio de Janeiro. The coal and container terminals have been operated by us since August&nbsp;1997 and 1998, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Logistics Segment</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Our logistics segment is comprised of railway and port facilities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Railways</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Southeastern Railway System</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>MRS has a 30-year concession to operate, through the year 2026 and renewable for an equal&nbsp;period&nbsp;of&nbsp;30&nbsp;years,&nbsp;Brazil&#8217;s Southeastern railway system.&nbsp;As of December&nbsp;31,&nbsp;2012,&nbsp;we&nbsp;held 33.27% of MRS&#8217; total capital. The Brazilian Southeastern railway system, with 1,643 km of track, serves&nbsp; the S&#227;o Paulo - Rio de Janeiro - Belo Horizonte industrial triangle in&nbsp; Southeast&nbsp; Brazil,&nbsp; and&nbsp; links&nbsp; our mines located in the State of Minas Gerais&nbsp; to&nbsp; the ports located in the states of S&#227;o Paulo and Rio de Janeiro and&nbsp; to&nbsp; the steel mills of CSN, Companhia </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sider&#250;rgica Paulista, or Cosipa, and&nbsp; Gerdau&nbsp; A&#231;ominas.&nbsp;&nbsp; In&nbsp; addition&nbsp; to serving other customers, the line transports&nbsp; iron&nbsp; ore from our mines at Casa de Pedra in the State of Minas Gerais&nbsp; and&nbsp; coke&nbsp; and&nbsp; coal&nbsp; from&nbsp; Itagua&#237; Port in the State of Rio de Janeiro&nbsp; to&nbsp; the Presidente Vargas Steelworks and transports our exports to the&nbsp; ports&nbsp; of Itagua&#237; and Rio de Janeiro.&nbsp; The railway system connects the Presidente&nbsp;Vargas&nbsp;Steelworks&nbsp;to the container terminal at Itagua&#237; Port, which&nbsp;handles&nbsp;most of our steel exports.&nbsp; Our transport volumes represent approximately&nbsp;25%&nbsp;of&nbsp;the&nbsp;Brazilian&nbsp;Southeastern railway system&#8217;s total volume.&nbsp; We are jointly and severally liable, along with the other principal MRS shareholders, for the full payment of the outstanding amount of its indebtedness (See &#8220;Item 5E.&nbsp; Off-Balance Sheet Arrangements&#8221;), however, we expect that MRS will make the lease payments through internally generated funds and proceeds from financing.</FONT></P>
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<I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Northeastern Railway System</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of December 31, 2012, we hold 76.13% of the capital stock of Transnordestina Log&#237;stica S.A.. Transnordestina Log&#237;stica S.A. has a 30-year concession granted in 1997, renewable for an equal 30-year period, to operate Brazil&#8217;s Northeastern railway system. The Northeastern railway system includes 4,534 km of track and operates in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte. It also connects with the region&#8217;s leading ports, thereby offering an important competitive advantage through opportunities for intermodal transportation solutions and made-to-measure logistics projects. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=blue face='Times New Roman'></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For more information on Transnordestina, see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Port Facilities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Solid Bulks Terminal</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We hold the concession to operate TECAR, a solid bulks terminal, one of four terminals that form the Itagua&#237; Port, located in the State of Rio de Janeiro, for a term expiring in 2022 and renewable for another 25 years.&nbsp; Itagua&#237; Port, in turn, is connected to the Presidente Vargas Steelworks, Casa de Pedra and Namisa by the Southeastern Railway System.&nbsp; Our imports of coal and coke are made through this terminal.&nbsp; Under the terms of the concession, we undertook to load and unload at least 3.0&nbsp;million tons of bulk cargo annually.&nbsp; Among the approved investments that we announced is the development and expansion of the solid bulks terminal at Itagua&#237; to also handle up to&nbsp;84&nbsp;million tons of iron ore per year.&nbsp; For further information, see &#8220;Item 4. Information on the Company - D. Property, Plant and Equipment &#8212;Planned Investments&#8212;Mining.&#8221; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Container Terminal</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We own 99.99% of Sepetiba Tecon S.A., or TECON, which has a concession to operate, for a 25-year term expiring in 2026 that is renewable for another 25 years, the container terminal at Itagua&#237; Port.&nbsp; As of December&nbsp;31, 2012, US$152&nbsp;million of the cost of the concession remained payable over the next 14 years of the lease. For more information, see &#8220;Item 5E. Off-Balance Sheet Arrangements&#8221;.&nbsp; The Itagua&#237; Port is located in Brazil&#8217;s Southeast Region, with all major exporting and importing areas of the states of S&#227;o Paulo, Minas Gerais and Rio de Janeiro within 500 km from the port.&nbsp; This area represents more than 50% of the Brazilian gross domestic product, or GDP, according to the Brazilian Geography and Statistics Institute (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Instituto Brasileiro de Geografia e Estat&#237;stica</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>).&nbsp; The Brazilian Federal Port Agency has spent more than US$48&nbsp;million in the past few years in port infrastructure projects such as expanding the maritime access channel and increasing its depth. In addition, significant investments were made by the Brazilian federal government in adding two extra lanes to the Rio-Santos road, and are being made in constructing the Rio de Janeiro Metropolitan Bypass (ongoing project), a beltway that will cross the Rio de Janeiro metropolitan area. These factors, combined with favorable natural conditions, like natural deep waters and a low urbanization rate around the port area, allow the operation of large vessels as well as highly competitive prices for all services rendered, resulting in the terminal being a major hub port in Brazil. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Investments made from 2007 to 2012, mainly in two Super Post Panamax Portainers and two Rubber Tired Gantry, or RTG, cranes, 6 new Reach Stackers and 8 forklifts, among others, have shown to be successful.&nbsp; These </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>investments, along with a focused marketing and sales strategy, enabled the terminal to rank first in market share among the three terminals of the state of Rio de Janeiro in 2012, with 38% of the total moves in those terminals.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are carrying out new infrastructure and equipment investments in Sepetiba TECON, such as the Berth 301 Equalization and the acquisition of two new Super Post Panamax Portainers and four new RTG cranes to yard operations. In 2012, we carried out the dredging of Sepetiba Tecon&#8217;s Berths 302/303 and access channel to &#8209;15.5 m depth. These investments will increase TECON&#8217;s capacity from 320,000 containers (or 480,000 TEUs) to 410,000 containers (or 610,000 TEUs) per year and from 2.0&nbsp;million tons to 6.0 million tons per year of steel products.&nbsp; We intend to use this port to ship all our exports of steel products.&nbsp; In 2012, 58% of the exported steel products (or 83,466 tons), were shipped from this port, as compared to 83% in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, the terminal continued to grow, following &nbsp;a 10% growth in 2011. It achieved 216,460 units handled (or 329,072 TEUs), an increase of 2% as compared to 2011, a less significant figure due to the limitations generated by the equalization work performed on Berth 301.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Cement Segment</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Our cement segment is comprised of a cement plant in Volta Redonda, in the state of Rio de Janeiro, and a clinker plant in Arcos, in the state of Minas Gerais.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Production</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>The production process in CSN&#8217;s cement factory in Volta Redonda begins with the influx of raw materials: clinker, limestone, gypsum and slag. We currently import clinker, but, with the startup of our clinker plant in Arcos, in mid-2011, imports are gradually being reduced.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></B><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Limestone comes from Arcos by rail. Clinker is stored in a silo (capacity: 45,000 tons) and limestone in a warehouse (capacity: 10,000 tons). Slag is a by-product of iron and steel, produced in the blast furnace, and is also stored in the warehouse (capacity: 20,000 tons), arriving at the plant by road. CSN uses natural gypsum, from Ouricuri, in the state of Pernambuco, which arrives at the plant by truck and is stored in the warehouse (capacity: 10,000 tons). </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>All transportation of raw materials within the plant is carried out by conveyor belts, placing inputs in scales according to a predefined formula and delivering them to the mills. There are two grinding lines and each mill has a nominal capacity of 170 tons/h. Annual plant capacity is 2.4 million tons of cement. The mill has a hydropneumatic roller system, which uses pressure to grind the layer of material on the turntable. Hot gas, derived from the combustion of natural gas or petroleum coke, is pumped into the mills to maintain the proper temperature in the circuit. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>The type of cement we produce is CP III-40 RS (Sulfator resistant), which is then taken through a bucket elevator to be stored in silos. The plant has four silos, two of them with 10,000 tons of capacity and two with 5,000 tons of capacity. Cement can be shipped </FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face='Times New Roman'>in bagged and bulk forms</FONT><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>. We have two baggers with 12 filling nozzles (nominal capacity of 3600 bags/hour) and two palletizers for bagging cement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Energy Segment</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our energy segment is comprised of generation plants and is aimed at enabling us to maintain our self-sufficiency in energy, reducing our production cost and our exposure to fluctuations or availability of certain energy sources.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our energy related assets include:</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Thermoelectric Co-Generation Power Plant</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We completed the construction of a 238 MW thermoelectric co-generation power plant at the Presidente Vargas Steelworks in December&nbsp;1999.&nbsp; Since October&nbsp;2000, the plant has provided the steelworks with approximately 60% of the electric energy needed in its steel mills. Aside from operational improvements, the power plant supplies our strip mills with electric energy, processed steam and forced air from the blast furnaces, benefiting the surrounding environment through the elimination of flares that burn steel-processing gases into the atmosphere.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>It&#225; Hydroelectric Facility</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tractebel and CSN each own 48.75% of ITASA, a special-purpose company formed for the purpose of owning and operating, under a 30-year concession granted in 2000 and renewable for an equal term, 60.5% of the It&#225; hydroelectric facility on the Uruguay river in Southern Brazil. Companhia de Cimento Itamb&#233;, or Itamb&#233;, owns the remaining 2.5% of ITASA. Tractebel directly owns the remaining 39.5% of the It&#225; hydroelectric facility.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The power facility was built using a project finance structure with an investment of approximately US$860&nbsp;million.&nbsp; The long-term financing for the project was closed in March&nbsp;2001 and consisted of US$78&nbsp;million in debentures issued by ITASA, a US$144&nbsp;million loan from private banks and US$116&nbsp;million of direct financing from BNDES, all of which are due by 2013. The sponsors of the project have invested approximately US$306&nbsp;million in this project.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>It&#225; has an installed capacity of 1,450 MW, with a firm guaranteed output of 668 MW, and became fully operational in March&nbsp;2001.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We and the other shareholders of ITASA have the right to take our pro rata share (proportional to our ownership interest in the project) of It&#225;&#8217;s output pursuant to 30-year power purchase agreements at a fixed price per megawatt hour, adjusted annually for inflation. Since October&nbsp;2002, we have been using our entire It&#225; take internally.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Igarapava Hydroelectric Facility</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We own 17.9% of a consortium that built and has the right to operate for 30 years the Igarapava hydroelectric facility.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>Other consortium members are Vale, Companhia Mineira de Metais, Votorantim Metais Zinco, AngloGold Ashanti Minera&#231;&#227;o Ltda., and Companhia Energ&#233;tica de Minas Gerais, or CEMIG. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The plant </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>has&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> an installed capacity of 210 MW, corresponding to 136 MW of firm guaranteed output as of December&nbsp;31, 2012.&nbsp; We have been using part of our 22.8 MW take from Igarapava to supply energy to the Casa de Pedra and Arcos mines and to the Presidente Vargas Steelworks.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Marketing Organization and Strategy</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Flat Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our steel products are sold both domestically and abroad as a main raw material for several different manufacturing industries, including the automotive, home appliance, packaging, construction and steel processing industries.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our sales approach is to establish brand loyalty and achieve a reputation for quality products by developing relationships with our clients and focusing on their specific needs, providing tailor-made solutions for each of our clients.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our commercial area is responsible for sales of all of our products.&nbsp; This area is divided into two major teams, one focused on international sales and the other on domestic sales.&nbsp; The domestic market oriented sales team is divided into seven market segments:&nbsp; Packaging, Distribution Network, Automotive Industry (Automakers and Auto Parts), Home Appliances, Original Equipment Manufacturer, or OEM, Construction and Pipes. The commercial area also has a team called &#8220;Special Sales&#8221; which is responsible for selling all the process residues, such as blast furnace slag, pitch and ammonia, which are widely used as inputs in chemical and cement industries. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Distribution Network division is responsible for supplying large steel processors and distributors. Besides the independent distributors, CSN also has its own distributor, called Prada Distribui&#231;&#227;o. The Pipes division supplies oil and gas pipe manufacturers as well as some industries that produce small diameter pipe and light profiles.&nbsp; The Packaging unit acts in an integrated way with suppliers, representatives of the canning industry and distributors to respond to customer needs for finished-products.&nbsp; The Automotive unit is supplied by a specialized mill, CSN Porto Real, and also by a portion of the galvanized material produced at Presidente Vargas Steelworks, benefitting from a combined sales strategy.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, about 65% of our domestic sales were made through our own sales force directly to customers.&nbsp; The remaining sales were to independent distributors for subsequent resale to smaller clients.</FONT></P>
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<P style="TEXT-ALIGN: center">43</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Historically, our export sales were made primarily through international brokers.&nbsp; However, as part of our strategy to establish direct, longer-term relationships with end-users, we have decreased our reliance on such brokers.&nbsp; We have focused our international sales on more profitable markets in order to maximize revenues and shareholder returns.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>All of our sales are on an order-by-order basis and have an average delivery time of 45&nbsp;days.&nbsp; As a result, our production levels closely reflect our order log book status. We forecast sales trends in both the domestic and export markets based on the historical data available and the general economic outlook for the near future. We have our own data systems to remain informed of worldwide and Brazilian market developments.&nbsp; Further, our management believes that one of the keys to our success is maintaining a presence in the export market.&nbsp; Such presence gives us the flexibility to shift between domestic and export markets, thereby allowing us to maximize our profitability.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Unlike with other commodity products, there is no exchange trading of steel, or uniform pricing, as wide differences exist in terms of size, quality and specifications.&nbsp; In general, exports are priced based on international spot prices of steel at the time of sale in U.S. dollars or Euros, depending on the destination.&nbsp; Sales are normally paid up front, or within 14 or 28&nbsp;days, and, in the case of exports, usually backed by a letter of credit and an insurance policy. Sales are made primarily on cost and freight terms.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Sales by Geographic Region</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, we sold steel products to customers in Brazil as well as to customers in 25 other countries.&nbsp; The fluctuations in the portion of total sales assigned to domestic and international markets, which can be seen in the table below, reflect our ability to adjust sales in light of variations in the domestic and international economies, as well as steel demand and prices, both domestically and abroad.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The two main export markets for our products are North America and Europe, representing 44% and 40%, respectively, of our export sales volume in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In North America, we take advantage of our subsidiary CSN LLC, which acts as a commercial channel for our products.&nbsp; In order to gain a cost advantage among our U.S. competitors, CSN is able to export hot-rolled to CSN LLC which is then processed and transformed into more value-added products at CSN LLC&#8217;s plant, such as cold-rolled coil and galvanized.&nbsp; Moreover, we are able to export cold-rolled coils which can be directly sold or processed by CSN LLC in order to manufacture galvanized products. </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>CSN &#8211; Sales of Steel Products by Destination</FONT></P>
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     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=top width="100%" colSpan=13>
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><I><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>(In thousands of metric tons and millions of R$)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>2012</FONT></B></P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>2011</FONT></B></P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Tons</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>% of Total</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>Net Operating Revenues<SUP>(2)</SUP></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>% of Total</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Tons</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>% of Total</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Net Operating Revenues<SUP>(2)</SUP></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>% of Total</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Tons</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>% of Total</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Net Operating Revenues<SUP>(2)</SUP></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 37.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>% of Total</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>Brazil</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>4,495</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>77.1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>8,338</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>78.5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>4,216</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>86.1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>8,033</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>86.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>4,135</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>86.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>8,575</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>88.6%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>Export</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>1,334</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>22.9%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>2,278</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>21.5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>680</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>13.9%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>1,219</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>13.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>661</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>13.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>1,107</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>11.4%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="28%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>Total</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>5,829</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>100.0%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>10,616</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>100.0%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>4,896</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>100.0%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>9,252</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>100.0%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>4,796</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>100.0%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>9,682</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>100.0%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 0.25in">
     <TD style="BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="28%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>Exports by Region</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>Asia</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>17</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>1.3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>31</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>1.3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>21</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>0.4%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>31</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>0.3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>28</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>0.6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>38</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>0.4%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.25in">
     <TD style="BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>North America<SUP>(1)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>289</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>21.7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>552</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>24.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>270</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>5.5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>473</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>5.1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>268</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>5.6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>434</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>4.5%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>Latin America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>81</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>6.1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>199</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>8.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>58</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>1.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>144</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>1.6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>56</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>1.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>136</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>1.4%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>Europe</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>942</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>70.6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>1,484</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>65.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>312</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>6.4%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>545</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>5.9%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>277</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>5.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>434</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>4.5%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>All Others</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>5</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.3%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>12</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.5%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>19</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.4%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>27</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.3%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>32</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.7%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>65</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0in" width="6%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.7%</FONT></P>
</TD></TR></TABLE></DIV>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>_______________</FONT></U></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 2pt 0in 6pt 0.25in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>(1)&nbsp; Sales to Mexico are included in North America.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 2pt 0in 6pt 0.25in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>(2)&nbsp; Net operating revenues presented above differ from amounts in our IFRS consolidated&nbsp; financial statements because they do not include revenues from non-steel products (non-steel products include mainly by-products, iron ore, logistics services and cement).</FONT></FONT></P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">44</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_49></A>
<P></P>
<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'></FONT></I>&nbsp;</DIV>
<DIV><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Sales by Product </FONT></I></DIV>
<DIV>&nbsp;</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth our market shares for steel sales in Brazil of hot-rolled, cold-rolled, galvanized and tin mill products for 2011, 2010 and 2009. Market share information for 2012 was not yet available as of the date of this annual report. </FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 1.4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>CSN Domestic Market Share</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2010</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1.4pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Hot-Rolled Products&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>66.3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>60.7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>53.4%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1.4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Cold-Rolled Products&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>34.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>29.5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>30.9%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1.4pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Galvanized Products&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>45.5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>47.1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>47.0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1.4pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Tin Mill Products&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>98.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>96.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 1.4pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>86.1%</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>Soutce: IABr and CSN data</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>&nbsp;</FONT></I><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Sales by Industry</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We sell our steel products to manufacturers in several industries. The table below shows our domestic shipments breakdown by volume for the last three years among our market segments:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Sales by Industrial Segment in Brazil</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2012</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2011</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="45%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;</FONT><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(In percentages of total domestic volume shipped)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Distribution&nbsp;Network </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>42%</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>41%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>41%</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Packaging&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>9%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>10%</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Automotive&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>16%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>16%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>19%</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Home Appliances</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>7%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>OEM</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>5%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Construction&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=#000000 face='Times New Roman'>21%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=#000000 face='Times New Roman'>21%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=#000000 face='Times New Roman'>17%</FONT></P>
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<TR style="HEIGHT: 7.65pt">
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<P style="MARGIN: 0in 0in 0pt 0.5in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 7.65pt; PADDING-TOP: 0in" vAlign=top width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 7.65pt; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'><BR>
We believe we have a particularly strong domestic and export position in the sale of tin mill products used for packaging in Latin America.&nbsp; Our customers for these products include some of the world&#8217;s most important food processing companies, as well as many small and medium-sized entities.&nbsp; We also maintain a strong position in the sale of galvanized products for use in the automobile manufacturing, construction and home appliance industries in Brazil and abroad, supplied by CSN Porto Real and CSN Paran&#225;.&nbsp; No single customer accounts for more than 10% of our net operating revenues.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For further information on steel sales, see &#8220;Item 5A.&nbsp; Operating Results - Steel Markets and Product Mix - Sales Volume and Net Operating Revenues by Steel Products and Markets&#8221; and &#8220;Item 5A.&nbsp; Operating Results - Results of Operations - Year 2011 Compared to Year 2010 &#8211; Net Operating Revenues&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Seasonality</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel demand is stronger in the second quarter of the year and weaker in the last quarter. Nevertheless, our production is continuous throughout the year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Long Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Our long steel products are sold both in Germany (about 30%) and other countries, mainly in Europe (60%), for industrial, infrastructure, civil construction and engineering industries.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Our sales approach is to establish brand loyalty and to maintain our reputation of high quality products and excellent delivery performance by developing long term relationships with our clients. SWT focuses on meeting specific customer needs, developing solutions for both low temperature and high temperature resistant applications, as well as optimized section shapes for special applications</FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">45</P>
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<A name=page_50></A>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P></P>
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<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Our commercial area is responsible for sales of all of our products worldwide. This area is divided into the direct sales team which is organized in 13 agencies situated in Germany and our core markets in Europe, the commercial back office department (order management from entry via tracking to the final delivery and invoicing), logistics contracting (truck, rail, vessel, maritime, inventory worldwide) and a rail logistics department. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>SWT does not possess its own distribution network, instead cooperating with the big steel distributors and traders in Europe and other countries. All of our sales are on an order-by-order basis. The delivery time is related to the logistics chain and varies between 2 to 6 weeks depending on Incoterm and section type. As a result, our production levels closely reflect our order log book status. We forecast sales trends in both the European and export markets based on the historical data available from the last two years and the general economic outlook for the near future. We believe that our presence in the export market outside of Europe gives us more flexibility to optimize production and maximize our profitability.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Sections are not sold based on uniform pricing in Europe, as wide differences exist in terms of size, quality and specifications. In general, exports are priced based on international spot prices of steel at the time of sale in U.S. dollars or Euros, depending on the destination. Sales are normally paid within 30 days, and, in the case of exports, usually backed by a letter of credit and an insurance policy. All SWT businesses are 100% covered by EulerHermes risk insurance, a bank guarantee or a letter of credit. Sales are made primarily on cost and freight terms.</FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>Iron Ore </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>Iron ore products are commercialized by our commercial team located in Brazil and overseas.&nbsp; In Europe and Asia, our offices also include our technical assistance management.&nbsp; These three marketing units allow us to stay in close contact with our customers worldwide, understand the environment where they operate, monitor their requirements and provide all necessary assistance in a short period of time.&nbsp; Market intelligence analysis, planning and administration of sales are handled from Brazil by the staff in our S&#227;o Paulo office, while our domestic sales team is located at Casa de Pedra mine, in the State of Minas Gerais.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>We supply our iron ore to the steel industry and our main targets are the Brazilian, European, Middle Eastern and Asian markets.&nbsp; Prevailing and expected levels of demand for steel products directly affect demand for iron ore.&nbsp; Demand for steel products is correlated to many factors, such as GDP, global manufacturing production, urbanization, civil construction and infrastructure spending.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>We believe our competitiveness has been improved by our customer service and market intelligence.&nbsp; It is paramount for us to have a clear understanding of our customers&#8217; businesses in order to address their needs, surpass their expectations and build long-term relationships.&nbsp; We have a customer-oriented marketing policy and specialized local personnel in direct contact with our clients to help determine the mix that best suits each particular customer.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face='Times New Roman'>Iron Ore Sales</FONT></I></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>CSN &#8211; Sales of Iron Ore Products by Destination<BR>
</FONT><I><FONT style="FONT-SIZE: 10pt" color=black face='Times New Roman'>(In thousands of metric tons and millions of R$)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>2012</FONT></B></P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>2011</FONT></B></P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Tons</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>% of Total</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Net Operating Revenues</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>% of Total</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Tons</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>% of Total</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Net Operating Revenues</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>% of Total</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Tons</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>% of Total</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Net Operating Revenues</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>% of Total</FONT></B></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Brazil</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>478,626</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>2.4%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>713,445</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>15.9%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>1,457,381</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>6.1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>834,144</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 7pt" color=#ffffff face='Times New Roman'>14.0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>1,519,562</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>8.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>573,976</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>15.9%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="28%">
<P style="MARGIN: 0in 40.8pt 0pt 0in"><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Export</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>19,702,695</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>97.6%</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>3,772,102</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>84.1%</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>22,392,132</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>93.9%</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>5,107,707</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" bgColor=#000000 vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="COLOR: #000000; FONT-SIZE: 7pt" color=#ffffff face='Times New Roman'>86.0%</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>17,035,422</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>91.8%</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>3,041,166</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>84.1%</FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="28%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Total</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>20,181,321</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>100%</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>4,485,549</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>100%</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>23,849,513</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>100%</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>5,941,851</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="COLOR: #000000; FONT-SIZE: 7pt" color=#ffffff face='Times New Roman'>100%</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>18,554,984</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>100%</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>3,615,142</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="6%" align=right>
<DIV style="BORDER-BOTTOM: windowtext 1.5pt double; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>100%</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 0pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="28%">
<P style="MARGIN: 0pt 0in"><B><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Exports by Region</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0pt 0in" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Asia</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>15,230,579</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>77.3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>2,971,131</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>78.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>18,815,484</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>84.0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>4,250,002</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>83.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>14,140,642</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>83.0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>2,513,499</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>82.6%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>North America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>94,942</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>16,589</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.4%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>0.0%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="28%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" color=black face='Times New Roman'>Europe</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>4,377,173</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>22.2%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>784,384</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>24.1%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>3,576,648</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>16.0%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>857,705</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>16.8%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>2,894,780</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>17.0%</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>527,667</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="6%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 7pt" color=#000000 face='Times New Roman'>17.4%</FONT></P>
</TD></TR>
<TR>
     <TD width="28%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD>
     <TD width="6%">&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face='Times New Roman'></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>The first step to our entry into the international iron ore market was taken in February&nbsp;2007, with the completion of the first phase of the expansion of our coal seaport terminal in Itagua&#237;, in the State of Rio de Janeiro, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>which enabled us to also handle and export iron ore and to load from our own facilities the first shipment of our iron ore products.</FONT></P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">46</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_51></A>
<P></P>
<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, CSN&#8217;s iron ore sales reached 20.2 million tons, a 15% decrease compared to 2011. According to our consolidated financial statements, total mining revenue decreased 23% over the past year, due to declining iron ore prices. The share of mining revenue in CSN's total net revenue decreased from 35% in 2011 to 26% in 2012.</FONT><STRIKE><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#002060 face='Times New Roman'> &nbsp;</FONT></STRIKE></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, 65% of our export sales went to the Asian market, mainly China, 22% were sold in the European market and the remaining 13% were sold to other countries mainly in the Middle East.&nbsp; Of our total sales, 78% were sinter feed, 14% pellet feed, 4% lump ore and 4% concentrated.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>We expect the iron ore market to maintain a bullish trend supported by growing emerging market demand, high cost Chinese production, and infrastructure bottlenecks for low cost producers. The continued urbanization process in regions such as India, the Middle East, Latin America and China should support this tendency.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>As global iron ore markets are highly competitive, we focus on our flexibility, reliability and efficient manner of supplying iron ore to the world market.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>Through our marketing offices, we have long term relationships with most players in the steel industry in China, Japan, Taiwan, South Korea, Europe and Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>For further information on iron ore sales, see &#8220;Item 5A.&nbsp; Operating Results - Results of Operations - Year 2012 Compared to Year 2011 &#8211; Net Operating Revenues.&#8221;</FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>Cement</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face='Times New Roman'>We sell cement type CPIII 40 RS in bagged and bulk forms and import CPII F. We operate in the markets of Rio de Janeiro, Minas Gerais, S&#227;o Paulo and the northeast region (with imported cement). With the purpose of expanding and increasing competitiveness, we own six&nbsp;distribution centers located in strategic points: three in S&#227;o Paulo, two in Rio de Janeiro and one in Minas Gerais. Supply to these distribution centers is made through railways and road transport, using mainly the MRS railway.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face='Times New Roman'>We have a diverse client base of over 10,000 clients, including construction material stores, home centers, concrete producers, construction companies, mortar industries and cement artifact producers.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face='Times New Roman'>The focus of our sales strategy is on retail. In this segment, we have a strong presence in sales points, where we reinforce the quality of the product to final customers. The retail segment operates with a low level of inventory, and a significant percentage of repurchase in the month, which highlights the competitive advantage of CSN&#8217;s distribution centers.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>In 2012, we significantly increased our sales, reaching 1,972 thousand tons, representing a growth of 12.4% when compared to 2011. All our cement production is sold in the local market. </FONT></P>
<DIV align=center>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="60%" colSpan=6>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>CSN &#8211; Sales of Cement by Destination<BR>
</FONT><I><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>(In thousands of metric tons and millions of R$)</FONT></I></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>2012</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>2011</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="20%" colSpan=2>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>2010</FONT></B></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Tons</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Net Operating Revenues</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Tons</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Net Operating Revenues</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Tons</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Net Operating Revenues</FONT></B></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="40%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Brazil</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="10%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>1,972</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="10%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>388</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="10%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>1,755</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="10%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>333</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="10%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>992</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0.05in; PADDING-RIGHT: 0.05in; PADDING-TOP: 0in" vAlign=top width="10%" align=center>
<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>202</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Insurance</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>We and our subsidiaries maintain several types of insurance policies. These insurances are contracted in line with the risk management of our business and attempt to follow the market practices for similar activities. Coverage in such policies encompasses domestic and international (import and export) cargo transportation (by road, rail, sea or air), carrier liability, life insurance, personal accidents, health, auto insurance, D&amp;O, general </FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>liability, erection risks, boiler and machinery coverage, export credit insurance, surety, ports and terminal liabilities. These policies may not be sufficient to cover all risks we are exposed to.&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.4pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>We also have an insurance policy covering the operational risks, material damages and loss of profits of the following CSN&#8217;s branches and subsidiaries: Presidente Vargas Steelworks, Casa de Pedra Mine, Arcos Mine, Paran&#225; Branch, CSN Porto Real (former Galvasud), Coal Terminal TECAR, Container Terminal TECON, Namisa, CSN Handel, Namisa Handel and CSN Cimentos. This policy was negotiated with domestic and foreign insurers and reinsurers and is valid until June 30, 2013 for a total insured value of US$500 million (out of a total risk amount of US$17.7 billion). Under the terms of the policy, CSN remains responsible for the first tranche of US$300 million in losses (material damages and loss of profits). </FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Intellectual Property</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We possess patents and have technical cooperation agreements with universities and research institutes that provide us with special technical reports and advice related to specific products and processes. We are not dependent on any of such patents or agreements for the commercialization of our products. </FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Competition in the Steel Industry </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Both the worldwide and the Brazilian steel markets are intensely competitive.&nbsp; The primary competitive factors in these markets include quality, price, payment terms and customer service.&nbsp; Further, continuous advances in materials, sciences and resulting technologies have given rise to improvements in products such as plastics, aluminum, ceramics, glass and concrete, permitting them to serve as substitutes for steel for certain purposes.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Competition in the Brazilian Steel Industry</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The primary competitive factors in the domestic market include quality, price, payment terms and customer service.&nbsp; Also, several foreign steel companies are significant investors in Brazilian steel mills.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth the production of crude steel by Brazilian companies for the years indicated<SUP>(2)</SUP>:</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2010</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2009</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Ranking</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Production</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Ranking</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Production</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Ranking</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Production</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(In million</FONT></I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;</FONT><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>tons)&nbsp;</FONT></I></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(In million</FONT></I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;</FONT><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>tons)&nbsp;</FONT></I></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(In million</FONT></I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;</FONT><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>tons)&nbsp;</FONT></I></P>
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<P style="MARGIN: 0in 69.35pt 0pt 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Gerdau<SUP>(1)</SUP></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>8.8</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>8.2</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.1&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Usiminas</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.7</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7.3&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.6&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>ArcelorMittal Tubar&#227;o</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.0&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.3&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>CSN</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.9</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.9&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.4&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>ArcelorMittal A&#231;os Longos&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.2&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Others&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.9</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.9&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>35.2</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>32.9</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>26.5</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Source: IABr</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
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<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>1.</FONT><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Data from A&#231;os Villares have been merged into data from Gerdau. &nbsp;</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in"><FONT style="FONT-SIZE: 6pt" face='Times New Roman'>2.</FONT><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 6pt" face='Times New Roman'>Information for 2012 was not yet available as of the date of this annual report&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Competitive Position &#8212; Global</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>During 2012, Brazil maintained its place as the largest producer of crude steel in Latin America, with a production output of 34.7&nbsp;million tons and a 2.3% share of total world production, according to data from the World Steel Association, or WSA.&nbsp; In 2012, Brazil also maintained its position as the ninth largest steel producer globally, accounting for around three-quarters of total production in Latin America, approximately twice the size of Mexico&#8217;s or 40% of the U.S.&#8217; steel production, according to data from the WSA.&nbsp; According to IABr, Brazilian exports in 2012 amounted to 8.6&nbsp;million tons of finished and semi-finished steel products.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We compete on a global basis with the world&#8217;s leading steel manufacturers.&nbsp; We have positioned ourselves in the world market with a product mix characterized by high margin and strong demand, such as tin plate and galvanized products.&nbsp; We have relatively low-cost and sufficient availability of labor and energy, and own high-grade iron ore reserves.&nbsp; These global market advantages are partially offset by costs of transporting steel throughout the world, usually by ship.&nbsp; Shipping costs, while helping to protect our domestic market, put pressure on our export price. To maintain our position in the world steel market in light of the highly competitive international environment with respect to price, our product quality and customer service must be maintained at a high level.&nbsp; See &#8220;Item 4B.&nbsp; Business Overview&#8212;Government Regulation and Other Legal Matters&#8212;Proceedings Related to Protectionist Measures&#8221; for a description of protectionist measures being taken by steel-importing countries that could negatively impact our competitive position.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Competitive Advantages of the Brazilian Steel Industry</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Brazil&#8217;s principal competitive advantages are its abundant supply of low-cost, high-grade iron ore and energy resources. Brazil also benefits from a vast internal market with a large growth potential, a privatized industry making investments in plant and equipment, and deep water ports allowing the operation of large ships, which facilitates access to export markets.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Brazilian domestic steel prices have historically been higher than its export prices. However, in 2010 and 2011, lower demand in mature markets, the appreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> against the U.S. dollar, certain tax incentives, and imported steel products forced Brazilian producers to adjust prices closer to export price levels in order to maintain competitiveness. In 2012, with the slowdown of European demand and the depreciation of the real against the U.S. dollar, export prices fell and domestic prices rose again. This movement was also influenced by protective government measures which raised taxes on steel imports. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Government Regulation and Other Legal Matters</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Environmental Regulation</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are subject to Brazilian federal, state and municipal environmental laws and regulations governing air emissions, waste water discharges, and solid and hazardous waste handling and disposal.&nbsp; We are committed to controlling the substantial environmental impact caused by our steelmaking, mining, cement and logistics operations, in accordance with international standards and in compliance with environmental laws and regulations in Brazil.&nbsp; We believe we are currently in substantial compliance with applicable environmental requirements.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>While the Brazilian government has authority to promulgate environmental regulations setting forth minimum standards of environmental protection, state and local governments have the power to enact more stringent environmental regulations.&nbsp; We are subject to regulation and supervision by the Brazilian Ministry of Environment, the Environmental National Council (&#8220;CONAMA&#8221;), which is the Federal body responsible for enacting technical regulations and environmental protection standards, and by the Brazilian Institute of Environment and Renewable Natural Resources (&#8220;IBAMA&#8221;), which is responsible for enforcing environmental laws at the federal level. The environmental regulations of the State of Rio de Janeiro, in which the Presidente Vargas Steelworks is located, are enforced by the State Institute of Environment (&#8220;INEA&#8221;).&nbsp; In the state of Minas Gerais, where our main mining operation is located, we are subject to regulation and supervision by the Environmental Policy Council (&#8220;COPAM&#8221;) and the State Environmental Foundation (&#8220;FEAM&#8221;).&nbsp; Specific goals and standards are established in operating permits or environmental accords issued to each company or plant.&nbsp; These specific operation conditions complement the standards and regulations of general applicability and are required to be observed throughout the life of the permit or accord.&nbsp; The terms of such operating permits are subject to change and are likely to become stricter.&nbsp; All of our facilities currently have operating permits.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In recent years, we requested and/or obtained several emissions permits and renewals of environmental permits, both for our current operations and for the development of new projects regarding steel and cement manufacturing, iron ore and limestone mining and logistics. </FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Environmental Expenditures and Claims </FONT></I></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Promoting responsible environmental and social management is part of our business.&nbsp; We prioritize processes and equipment that offer modern and reliable technologies on environmental risks monitoring and control.&nbsp; We operate a corporate environmental department managed under an Environmental Management System, or EMS, compliant with ISO 14001:2004 requirements. &nbsp;In addition, we have established (i) an internal committee for environmental management composed of professionals from different departments of CSN&#8217;s units, whose goal is to regularly discuss any problems that may arise and to identify risks and aspects of the operations in which the group can act pro-actively in order to prevent possible environmental harm and (ii) a sustainability committee composed of external advisors, which provides guidelines for our strategic decisions. The environmental controls implemented since 2006 also contribute to mitigate the risks of environmental compliance of CSN&#8217;s operations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>To further understand our potential social and environmental risks, we use mapping criteria in accordance with the Global Reporting Initiative, or GRI, for all of our operations. Resulting data and indicators in environmental, social and economic categories allow us to track our performance, structure and monitor action plans, in an effort to improve and enhance our results.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Finally, in response to a law enacted by the State of Rio de Janeiro in effect from 2013 requiring steel making and cement facilities to present action plans to reduce greenhouse gas emissions when renewing or applying for operational licenses, we have conducted a survey of greenhouse gas emissions at our main sites in 2012, and plan to use this information in the development of a corporate carbon management program and related strategies to reduce emissions.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Since our privatization, we have invested heavily in environmental protection and remediation programs.&nbsp; We had environmental expenditures (capitalized and expensed) of R$436.2 million in 2012, of which R$131.4 million relate to capital expenditures and R$304.8 million relate to operational expenditures. Our environmental expenditures were R$310.6 million in 2011 and R$336.0 million in 2010. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; Our investments in environmental projects during 2012 were mainly related to: (i) operation, maintenance and retrofitting of environmental control equipment; (ii)&nbsp;development of environmental studies for permit applications; (iii)&nbsp;studies, monitoring and remediation of environmental liabilities due to prior operations, especially before our privatization; and (iv) human resources (environmental team), Environmental Management System, sustainability projects and compliance programs.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2010, we signed with the Rio de Janeiro State Government a Term of Undertaking, or TAC, that required new investments and studies to retrofit our environmental control equipment at the Presidente Vargas Steelworks. The TAC initially estimated the total amount to be disbursed in connection with implementation of the required projects thereunder to be R$216 million. This initial estimate was updated to R$260 million as we obtained more accurate cost estimates for completion of the projects. Although we have not yet concluded the process of obtaining updates for cost estimates for all projects under the TAC, we expect that investments required may exceed our last estimates.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our main environmental claims as of December&nbsp;31, 2012 were associated with recovery services at former coal mines decommissioned in 1989 in the state of Santa Catarina, and recovery services due to previous operations in our Presidente Vargas Steelworks.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In July 2012, the Minist&#233;rio P&#250;blico Estadual do Rio de Janeiro (Environmental Public Prosecutor of the State of Rio de Janeiro) filed a judicial proceeding against us claiming that we must (i) remove all waste disposed in two areas used as an industrial waste disposal site in the city of Volta Redonda and (ii) relocate 750&nbsp; residences located in the adjacent neighborhood Volta Grande IV Residential, also in the city of Volta Redonda. Later in 2012, we received notices for lawsuits brought by certain home owners at Volta Grande IV Residential claiming indemnification for alleged moral and material damages. For more information, please see Item 8A. Consolidated Statements and Other Financial Information &#8211; Legal Proceedings &#8211; </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Other Legal Proceedings</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>We record a provision for remediation costs and environmental lawsuits when a loss is probable and the amount can be reasonably estimated. This provision is included in our statements of income in &#8220;Other Operating (Expenses) Income&#8221;. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We do not include in our reserves environmental liabilities related to ERSA, as these are contractually supported by its seller. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>As of December 31, 2012, we had provisions for environmental liabilities in the total amount of R$386.1 million, which we believe are sufficient to cover all probable losses. Such amount compares to R$312.6 million as of December&nbsp;31, 2011, and R$278.1 million as of December 31, 2010. The increase in our provisions for environmental liabilities in 2012 as compared 2011 is mainly due to receipt of new environmental notifications related to landfills and coal mines decommissioned in the state of Santa Catarina. The changes in the provision for environmental liabilities on our financial statements are as follows:&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face='Times New Roman'>34.9&nbsp; </FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 42.45pt 0pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>(1) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Refers to an estimate calculation of recovery costs related to landfills remediation obligations. &nbsp;</FONT></P>
<P style="MARGIN: 0in 42.45pt 12pt 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>(2) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Refers to environmental compensation agreed in the TAC but not related to investments in equipment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Brazil &#8211; mining regulation</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Under the Brazilian Constitution, all mineral resources in Brazil belong to the federal government.&nbsp; The Brazilian Constitution and Mineral Code impose various regulatory restrictions on mining companies relating to, among other things:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the manner in which mineral deposits must be exploited;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the health and safety of workers and the safety of residential areas located near mining operations;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the protection and restoration of the environment;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the prevention of pollution; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the support of local communities where mines are located.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining companies in Brazil can only prospect and mine pursuant to prospecting authorizations or mining concessions granted by the National Department of Mineral Production (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Departamento Nacional de Produ&#231;&#227;o Mineral</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), or DNPM, an agency of the Ministry of Mines and Energy of the Brazilian Government.&nbsp; DNPM grants prospecting authorizations to a requesting party for an initial period of one to three years.&nbsp; These authorizations are renewable at DNPM&#8217;s discretion for another period of one to three years, provided that the requesting party is able to show that the renewal is necessary for proper conclusion of prospecting activities.&nbsp; On-site prospecting activities must start within 60&nbsp;days of official publication of the issuance of a prospecting authorization.&nbsp; Upon completion of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>prospecting activities and geological exploration at the site, the holder of the prospecting authorization must submit a final report to DNPM.&nbsp; If the geological exploration reveals the existence of a mineral deposit that is economically exploitable, the grantee has one year (which DNPM may extend) from approval of the report by DNPM to apply for a mining concession by submitting an economic exploitation plan or to transfer its right to apply for a mining concession to an unrelated party.&nbsp; When a mining concession is granted, the holder of such mining concession must begin on-site mining activities within six months.&nbsp; DNPM grants mining concessions for an indeterminate period of time lasting until the exhaustion of the mineral deposit.&nbsp; Extracted minerals that are specified in the concession belong to the holder of the concession.&nbsp; With the prior approval of DNPM, the holder of a mining concession can transfer it to an unrelated party that is qualified to own concessions. Under certain circumstances, mining concessions may be challenged by unrelated parties.</FONT></P>
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<P><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Mining Concessions</FONT></I></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our iron ore mining activities at Casa de Pedra mine are performed based on </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Manifesto de Mina</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, which gives us full ownership over the mineral deposits existing within our property limits. Our iron ore mining activities at Engenho and Fernandinho mines are based on a concession by the Ministry of Mines and Energy, which grants us the right to exploit mineral resources from the mine for an indeterminate period of time lasting until the exhaustion of the mineral deposit.&nbsp; Our limestone and dolomite mining activities at the Boca&#237;na mine and our tin mining activities at Ariquemes (ERSA mine) are based on concessions under similar conditions.&nbsp; See &#8220;Item 4D.&nbsp; Property, Plant and Equipment&#8221; for further information.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Mineral Rights and Ownership</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our mineral rights for Casa de Pedra mine include the mining concession, a beneficiation plant, roads, a loading yard and a railway branch, and are duly registered with the</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>DNPM.&nbsp; We have also been granted by DNPM easements in 15 mine areas located in the surrounding region, which are not currently part of Casa de Pedra mine, with the purpose to expand our operations, and hold title to all of our proved and probable reserves.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition, we have obtained and are in compliance with all licenses and authorizations for our operations and projects at Casa de Pedra mine.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The exploitation in Casa de Pedra mine is subject to mining lease restrictions, which were duly addressed in our iron ore reserve calculations.&nbsp; Quality requirements (chemical and physical) are the key &#8220;modifying factors&#8221; in the definition of ore reserves at Casa de Pedra and were properly accounted for by our mine planning department.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Brazilian government charges us a royalty known as the Financial Compensation for Exploiting Mineral Resources (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Compensa&#231;&#227;o Financeira pela Explora&#231;&#227;o de Recursos Minerais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), or CFEM, on the revenues from the sale of minerals we extract, net of taxes, insurance costs and costs of transportation.&nbsp; DNPM is responsible for enacting regulations on CFEM and auditing the mining companies to ensure the proper payment of CFEM. The current annual rates are:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>3% on bauxite, potash and manganese ore; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>2% on iron ore, kaolin, copper, nickel, fertilizers and other minerals</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>1% on gold.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Mineral Code and ancillary mining laws and regulations also impose other financial obligations.&nbsp; For example, mining companies must compensate landowners for the damages and loss of income caused by the use and occupation of the land (either for exploitation or exploration) and must also share with the landowners the results of the exploration (in a rate of 50% of the CFEM).&nbsp; Mining companies must also enter into agreements with the Brazilian government to use public lands and eventually compensate the government for damages caused to such public lands.&nbsp; A substantial majority of our mines and mining concessions are on lands owned by us or on public lands for which we hold mining concessions.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>We are subject to various laws in Brazil which seek to maintain a competitive commercial environment.&nbsp; The competition law and practice in Brazil used to be governed primarily by Law No. 8,884/94, the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>Lei de Defesa da Concorr&#234;ncia</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>, or Competition Defense Law, under which terms, the Brazilian Antitrust System was composed of three agencies, namely </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>Secretaria de Direito Econ&#244;mico</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'> </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>(SDE)&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'> and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>Conselho Administrativo de Defesa Econ&#244;mica (CADE), </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>both entailed to Brazil&#8217;s Ministry of Justice, and </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>Secretaria de Acompanhamento Econ&#244;mico (SEAE), </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>entailed to Brazil&#8217;s Ministry of Treasury.&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>SDE had broad authority to promote economic competition among companies in Brazil, including the ability to suspend price increases and investigate collusive behavior between companies.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A new Antitrust Law was enacted in 2011 (Law No. 12,529/11) and came into force on May 30, 2012, which provided for significant changes in both structure, including the creation of the new CADE, and proceedings. The main change was the introduction of a mandatory pre-merger notification system, as opposed to the post-merger review system previously in force. The new CADE is now formed by an Administrative Tribunal of Economic Defense </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(Tribunal Administrativo de Defesa Econ&#244;mica)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, a General-Superintendence </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(Superintend&#234;ncia-Geral) </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>and a Department of Economic Studies </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(Departamento de Estudos Econ&#244;micos)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If CADE determines that certain companies have acted collusively to raise prices, it has the authority to impose fines on the offending companies, prohibit them from receiving loans from Brazilian government sources and bar them from bidding on public projects. In addition, CADE has the authority to dissolve mergers and to require a company to divest assets should it determine that the industry in which it operates is insufficiently competitive.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For further antitrust-related information, see &#8220;Item 8A. Consolidated Statements and Other Financial Information-Legal Proceedings&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Regulation of Other Activities</FONT></B><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>In addition to mining, environmental and antitrust regulation, we are subject to comprehensive regulatory regimes for certain of our other activities, including railroad transportation, electricity generation and ports.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Our railroad business is subject to regulation and supervision by the Brazilian Ministry of Transportation and the transportation regulatory agency </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Ag&#234;ncia Nacional de Transportes Terrestres</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times> </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>(ANTT)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>, and operates pursuant to concession contracts granted by the federal government, which impose certain limitations and obligations.&nbsp; As of December 31, 2012, we owned the following railroad related assets: (i) a 33.27% participation in MRS Log&#237;stica S.A., which holds a concession to operate Brazil&#8217;s Southeastern railway system until 2026, renewable for an additional 30 years, and (ii) a 76.13% participation in Transnordestina Log&#237;stica S.A., which holds a concession to operate Brazil&#8217;s Northeastern railway system until 2027, renewable for an additional 30 years.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Our electricity generation business is subject to regulation and supervision by the Brazilian Ministry of Mines and Energy, the electricity regulatory agency </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Ag&#234;ncia Nacional de Energia El&#233;trica (ANEEL)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>, and the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Operador Nacional do Sistema El&#233;trico (ONS)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>.&nbsp; As of December 31, 2012, we owned the following energy related assets: (i) a 238 MW thermoelectric co-generation power plant at our Presidente Vargas Steelworks, (ii) a 48.75% participation in It&#225; Energ&#233;tica S.A. (&#8220;Itasa&#8221;), which owns and operates 60.5% of the It&#225; hydroelectric facility on the Uruguay river in Southern Brazil under a renewable 30-year concession until 2030, and (iii) a 17.9% participation in the consortium that built and has the right to operate the Igarapava hydroelectric facility in Southeast Brazil under a renewable 30-year concession until 2028.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Our port business is subject to regulation and supervision by the Brazilian Ministry of Transportation and the ports and navigation agency </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>Ag&#234;ncia Nacional de Transportes Aquavi&#225;rios (ANTAQ)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=times>.&nbsp; As of December 31, 2012, we owned the following port related assets: (i) a concession to operate the Terminal de Carv&#227;o (&#8220;TECAR&#8221;), the solid bulks terminal at Itagua&#237; Port, located in the State of Rio de Janeiro, which expires in 2022, renewable for an additional 25 years, and (ii) a 99.99% participation in Sepetiba Tecon S.A. (&#8220;TECON&#8221;), which has a concession to operate the container terminal at Itagua&#237; Port for a 25-year term until 2026, renewable for an additional 25 years. </FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For further information on our logistics and energy segments, see &#8220;Item 4B. Business Overview&#8221;.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Proceedings Related to Protectionist Measures</FONT></I></B><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Over the past several years, exports of steel products from various countries and companies, including Brazil and us, have been the subject of anti-dumping, countervailing duty and other trade related investigations from importing countries.&nbsp; These investigations resulted in duties that limit our access to certain markets.&nbsp; Despite the imposed limitations, our exports have not been significantly affected, as we were able to re-direct our sales from restricted markets to other markets, and also because the volume of exports or products available for export has been decreasing as a result of the increased demand from our domestic market and thus present participation of exports in our total sales has been significantly reduced.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In Brazil, we are subject to regulation and supervision by the Ministry of Development, Industry and Foreign Trade, the Secretaria de Com&#233;rcio Exterior (SECEX) and the Departamento de Defesa Comercial (DECOM).&nbsp; Worldwide, our exports are subject to the protectionist measures summarized below.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>United States</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Anti-dumping (AD) and Countervailing Duties (CVD)</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; In the U.S., we are subject to regulation and supervision by the U.S. Department of Commerce (DOC), the International Trade Commission (ITC), the International Trade Administration (ITA) and the Import Administration (IA).&nbsp; In September&nbsp;1998, U.S. authorities initiated anti-dumping and countervailing duties investigations on hot-rolled steel sheet and coil imported from Brazil and other countries.&nbsp; In February&nbsp;1999, the DOC reached a preliminary determination on the anti-dumping and countervailing duties margins. We were found to have preliminary margins of 50.66% for anti-dumping, and of 6.62% for countervailing duties.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In July&nbsp;1999, Brazil and the United States signed a five-year suspension agreement, suspending the anti-dumping investigation and establishing a minimum price of US$ 327 per ton (delivery duty paid), subject to quarterly review by the DOC.&nbsp; In February&nbsp;2002, the U.S. government terminated the anti-dumping suspension agreement and reinstated the anti-dumping margin of 41.27%.&nbsp; In April&nbsp;2004, we requested the DOC to conduct an administrative review of the anti-dumping investigation.&nbsp; Through this review, in April&nbsp;2005, we obtained a favorable preliminary determination of &#8220;zero&#8221; margin of dumping from the DOC.&nbsp; A final determination was issued in October&nbsp;2005 and the &#8220;zero&#8221; margin of dumping preliminarily found by the DOC was confirmed.&nbsp; With respect to the countervailing duties investigation, the Brazilian and U.S. governments signed, in July 1999, a suspension agreement which&nbsp; limited exports of hot-rolled sheets and coils from Brazil to 295,000 tons per year.&nbsp; At the request of the Brazilian government, the agreement was terminated in September&nbsp;2004.&nbsp; Upon termination of this agreement, countervailing duties of 6.35% became effective regarding imports of hot-rolled products from Brazil.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Simultaneously to the administrative review, we participated in an anti-dumping and countervailing duties expiry review which involved the exports of hot-rolled sheet and coils to the U.S. The expiry review was jointly developed by the ITC and the DOC through the IA, and was initiated in May&nbsp;2004. A final determination was rendered in April&nbsp;2005, retaining the anti-dumping and countervailing duties orders until May&nbsp;12, 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>In April&nbsp;2010, another anti-dumping and countervailing duties expiry review was initiated and jointly developed by the DOC and the ITC through the IA.&nbsp; A decision was issued by the ITC on June 6, 2011 and revoked both the anti-dumping and the countervailing duties orders. The ITC&#8217;s decision was appealed to the U.S. Court of International Trade (CIT), which, on August 14, 2012, issued its opinion upholding the ITCs decision and maintaining the revocation of both the anti-dumping and the countervailing duties orders. In September 2012, the CIT&#8217;s decision was appealed to the U.S. Court of Appeals for the Federal Circuit (CAFC), which decision is expected in 2013. As a result, both orders remain suspended until a final decision is reached by the CAFC.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Canada</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Anti-dumping</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; In Canada, we are subject to regulation and supervision by the Canadian International Trade Tribunal (CITT), the Canada Border Services Agency (CBSA) and the Anti-dumping and Countervailing Directorate.&nbsp; In January&nbsp;2001, the Canadian government initiated an anti-dumping investigation process involving hot-rolled sheets and coils exported from Brazil. The investigation was concluded in August&nbsp;2001, with the imposition by Canada of an anti-dumping tax of 26.3% on imports of those products from Brazil, with minimum prices to be observed.&nbsp; In August&nbsp;2002, the CBSA initiated a revision of the values previously established and, in March&nbsp;2003, the revised values were determined. These values are adjusted whenever there is an adjustment of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Canadian domestic prices.&nbsp; In February&nbsp;2005, the CBSA initiated a reinvestigation of hot-rolled sheets and coils.&nbsp; We did not participate in this investigation.</FONT></P>
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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In December&nbsp;2005, the CITT initiated an expiry review of hot-rolled products, in which we participated.&nbsp; A final determination was issued in August&nbsp;2006, determining the continuation of the anti-dumping order for hot-rolled products.&nbsp; As a result, exports of our hot&#8211;rolled products to Canada became subject to anti-dumping duties of 77%.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In October&nbsp;2010, the CITT initiated another expiry review of hot-rolled products, in which CSN decided not to participate. A final determination was issued in August 2011, determining the continuation of the anti-dumping order&nbsp;for hot rolled products. As a result, exports of our hot-rolled products to Canada continued to be subject to anti-dumping duties of 77%.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Overview of Steel Industry</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>World Steel Industry</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The worldwide steel industry comprises hundreds of steelmaking facilities divided into two major categories, integrated steelworks and non-integrated steelworks, depending on the method used for producing steel.&nbsp; Integrated plants, which accounted for approximately 68% of worldwide crude steel production in 2012, typically produce steel by smelting in blast furnaces the iron oxide found in ore and refining the iron into steel, mainly through the use of basic oxygen furnaces or, more rarely, in electric arc furnaces. Non-integrated plants (sometimes referred to as mini-mills), which accounted for approximately 32% of worldwide crude steel production in 2012, produce steel by melting scrap metal, occasionally complemented with other metallic materials, such as direct reduction iron or hot-briquette iron, in electric arc furnaces. Industry experts expect that a lack of a reliable and continuous supply of quality scrap metal, as well as the high cost of electricity, may restrict the growth of mini-mills.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel continues to be the material of choice in the automotive, construction, machinery and other industries.&nbsp; Notwithstanding potential threats from substitute materials such as plastics, aluminum, glass and ceramics, especially for the automotive industry, steel continues to demonstrate its economic advantage.&nbsp; From 1990 through 2012, total global crude steel production averaged approximately 984&nbsp;million tons per year. According to the WSA, in 2012, production reached a new record of 1.51 billion tons, which represents a 1.3% increase as compared to 2011. All major producing countries, except for Japan, Germany, Brazil and Ukraine, increased their production levels in 2012. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>China&#8217;s crude steel production in 2012 reached 709&nbsp;million tons, an increase of 3.7% as compared to 2011.&nbsp; Production volume in China has more than tripled in the last ten years, from 222&nbsp;million tons in 2002.&nbsp; China&#8217;s share of world steel production increased from 45.8% in 2011 to 46.9% in 2012. In 2012, Asian countries improved their production by 3.0%, reaching 983 million tons, according to the WSA. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Brazilian Steel Industry</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Since the 1940s, steel has been of vital importance to the Brazilian economy.&nbsp; During the 1970s, strong government investments were made to provide Brazil with a steel industry able to support the country&#8217;s industrialization boom.&nbsp; After a decade of little to no investment in the sector in the 1980s, the government selected the steel sector as the first for privatization commencing in 1991, resulting in a more efficient group of companies operating today.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>A Privatized Industry</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>During almost 50 years of state control, the Brazilian flat steel sector was coordinated on a national basis under the auspices of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Siderbr&#225;s</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, the national steel monopoly.&nbsp; The state had far less involvement in the non-flat steel sector, which has traditionally been made up of smaller private sector companies.&nbsp; The larger integrated flat steel producers operated as semi autonomous companies under the control of Siderbr&#225;s and were each individually privatized between 1991 and 1993. We believe that the privatization of the steel sector in Brazil has resulted in </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>improved financial performance, as a result of increased efficiencies, higher levels of productivity, lower operating costs, a decline in the labor force and an increase in investment.</FONT></P>
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<I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Domestic Demand</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Historically, the Brazilian steel industry has been affected by substantial fluctuations in domestic demand for steel.&nbsp; Although national per capita consumption varies with GDP, fluctuations in steel consumption tend to be more pronounced than changes in economic activity.&nbsp; Crude steel consumption per capita in Brazil has increased from 104 kilograms in 1999 to 147 kilograms in 2010. It is still considered low when compared to the levels of some developed countries, such as the United States and Germany. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>From 2005 to 2007, Brazilian GDP grew on average 4.4%. In&nbsp;2008 and 2009, overall global economic activity slowed significantly and domestic apparent steel consumption amounted to 24.0&nbsp;million tons and 19.1&nbsp;million tons, respectively.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face='Times New Roman'> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2010, with the recovery of the global economy, domestic demand rose by 38.8% to 26.6 million tons. On the other hand, in 2011, domestic steel demand decreased 1.2% to 26.2 million tons, mainly due to high levels of inventory held by distributors and increased indirect imports. In 2012, the slowdown of the Brazilian economy led to another decrease in steel consumption of 17.6% to 21.6 million tons.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Brazilian flat steel sector is shifting production to the higher value-added consumer durable sector.&nbsp; This sector is highly dependent on domestic consumer confidence, which, in turn, is affected by economic policies and certain expectations of the current government administration.&nbsp; Over the past years, automobile manufacturers made significant investments in Brazil.&nbsp; In 2009 and 2010, vehicle production recovered from the 2008 financial crisis in response to government incentives such as tax cuts.</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face='Times New Roman'> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, the Brazilian market reached a record 3.8 million vehicles sold, reflecting a specific government measure, which reduced the industrialized products tax. On the other hand, exports decreased by 20.1%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Market Participants</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to IABr (Instituto A&#231;o Brasil), the Brazilian steel industry is composed of 28 mills managed by 10 corporate groups, with an installed annual capacity of approximately 45&nbsp;million tons, producing a full range of flat, long, carbon, stainless and specialty steel.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Capacity Utilization</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>There were no changes in Brazilian nominal steel production capacity in 2012 compared to 2011. This capacity was estimated at 49 million tons. The local steel industry operated at approximately 70% utilization in 2012, below the level recorded in 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Exports/Imports</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Brazil has been playing an important role in the export market, primarily as an exporter of semi-finished products. The Brazilian steel industry has taken several steps towards expanding its capacity to produce value-added products. Brazil&#8217;s exports of slabs and billets reached 5.3&nbsp;million tons in 2010, which represented 58% of total steel exports. In 2011, the exports of semi-finished products reached 7.2 million tons, representing 66% of total exports. In 2012, exports of semi-finished products were 6.6 million tons, a 7.4% decrease in relation to the previous year, representing 68% of total exports.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, Brazilian steel exports totaled 9.7&nbsp;million tons, representing 31% of total Brazilian steelmakers&#8217; sales (domestic plus exports) and accounting for US$7.0&nbsp;billion in export earnings for Brazil.&nbsp; Over the last 20 years, the Brazilian steel industry has been characterized by a structural need to export, which is demonstrated by the industry&#8217;s supply demand curve.&nbsp; The Brazilian steel industry has experienced periods of overcapacity, cyclicality and intense competition during the past several years.&nbsp; Demand for finished steel products, as measured by domestic apparent consumption, has consistently fallen short of total supply (defined as total production plus imports).&nbsp; In 2012, supply totaled 38.4&nbsp;million tons, as compared to apparent consumption of 25.4&nbsp;million tons.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, steel imports were 3.8 million tons, or 15% of apparent domestic consumption, in line with the figures from 2011. In 2011, steel imports decreased 35.9% as compared to the 5.93 million tons recorded in 2010 (22% of apparent domestic consumption), according to IABr. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For information on the production by the largest Brazilian steel companies, see &#8220;Item 4B.&nbsp; Business Overview&#8212;Competition&#8212;Competition in the Brazilian Steel Industry.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>4C. Organizational Structure</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We conduct our business directly and through subsidiaries.&nbsp; For more information on our organizational structure, see Note 2(b) to our consolidated financial statements included in &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>4D. Property, Plant and Equipment</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our principal executive offices are located in the city of S&#227;o Paulo, the State of S&#227;o Paulo at Avenida Brigadeiro Faria Lima, 3,400, 20<SUP>th</SUP> floor (telephone number 55-11-3049-7100), and our main production operations are located in the city of Volta Redonda, in the State of Rio de Janeiro, located approximately 120 km from the city of Rio de Janeiro.&nbsp; Presidente Vargas Steelworks, our steel mill, is an integrated facility covering approximately 4.0 square km and located in the city of Volta Redonda in the State of Rio de Janeiro.&nbsp; Our iron ore, limestone and dolomite mines are located in the State of Minas Gerais, which borders the State of Rio de Janeiro to the north.&nbsp; Each of these mines lies within 500 km of, and is connected by rail and paved road to, the city of Volta Redonda.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The table below sets forth certain material information regarding our property as of December&nbsp;31, 2012.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Encumbrances</FONT></B><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Presidente Vargas&nbsp;Steelworks&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" lang=PT-BR color=black>Volta Redonda,&nbsp;State of Rio de&nbsp;Janeiro&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>4.0 square km&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>steel mill&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>5.6 million tons per&nbsp;year&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>owned&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>CSN Porto Real (former GalvaSud)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" lang=PT-BR color=black>Porto Real, State of&nbsp;Rio de Janeiro&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>0.27 square km&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>galvanized steel&nbsp;producer&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>350,000 tons per&nbsp;year&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>owned&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black face='Times New Roman'>mortgage<SUP>(1)(2)</SUP></FONT></P>
</TD></TR>
<TR style="HEIGHT: 1in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1in; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>CSN Paran&#225;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Arauc&#225;ria, State of&nbsp;Paran&#225;&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>0.98 square km&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>galvanized and pre-painted products&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>100,000 tons of pre-&nbsp;painted product and&nbsp;220,000 tons of&nbsp;pickled hot-rolled&nbsp;coils&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>owned&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.5in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Metalic&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Maracana&#250;, State of&nbsp;Cear&#225;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>0.10 square km&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>steel can&nbsp;manufacturer&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>900 million cans per&nbsp;year&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>owned&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black face='Times New Roman'>mortgage<SUP>(3)</SUP></FONT></P>
</TD></TR>
<TR style="HEIGHT: 24.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Prada&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>S&#227;o Paulo, State of S&#227;o&nbsp;Paulo and&nbsp;Uberl&#226;ndia, State of&nbsp;Minas Gerais&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>SP &#8211; 0.14 square km;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>steel can&nbsp;manufacturer&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>1 billion cans per&nbsp;year&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>owned&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 24pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT color=black></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT color=black></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>MG &#8211; 0.02 square km;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT color=black></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT color=black></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT color=black></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT color=black></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 84pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>CSN, LLC&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Terre Haute,&nbsp;Indiana, USA&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>0.78 square km&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>cold-rolled and&nbsp;galvanized products&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>800,000 tons of&nbsp;cold-rolled products&nbsp;and 315,000 tons&nbsp;per year of&nbsp;galvanized products&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>owned&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR></TABLE></DIV></DIV></DIV>
<P style="TEXT-ALIGN: center">57</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_62></A>
<P></P>
<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 84pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Lusosider&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Seixal, Portugal&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>0.39 square km&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>hot-dip galvanized,&nbsp;cold-rolled and tin&nbsp;products&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>240,000 tons of&nbsp;galvanized&nbsp;products and 50,000&nbsp;tons of cold-rolled&nbsp;products per year&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>owned&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 84pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.5in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Prada&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" lang=PT-BR color=black>Mogi das Cruzes,&nbsp;State of S&#227;o Paulo&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>0.20 square km&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>distributor&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>730,000 tons per year&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>owned&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 24pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Casa de Pedra mine&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Congonhas, State of&nbsp;Minas Gerais &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">49.00<B> </B>square km&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>iron ore mine&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black face='Times New Roman'>60.0 mtpy<SUP>(4)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black face='Times New Roman'>owned<SUP>(5)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 24pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black face='Times New Roman'>Engenho mine<SUP>(6)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Congonhas, State of Minas&nbsp;Gerais&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">2.85square km&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>iron ore mine&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>5.0 mtpy</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>concession&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 26.25pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black face='Times New Roman'>Fernandinho mine<SUP>(6)</SUP></FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Itabirito, State of Minas&nbsp;Gerais&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">1.47 square km&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>iron ore mine&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>2.0 mtpy&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>concession&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.5in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Bocaina mine&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Arcos, State of&nbsp;Minas Gerais&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>4.11 square km&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>limestone and&nbsp;dolomite mines</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>4.0 mtpy&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>concession&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
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<TR style="HEIGHT: 24pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>ERSA mine&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Ariquemes, State of Rond&#244;nia&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>0.015 square km&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>&nbsp;tin mine&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>1,800 tons&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>concession&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.5in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Thermoelectric co-generation power&nbsp;plant&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" lang=PT-BR color=black>Volta Redonda,&nbsp;State of Rio de&nbsp;Janeiro&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>0.04 square km&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>power plant&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>238 MW&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>owned&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 24pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black face='Times New Roman'>It&#225;<SUP>(7)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Uruguay River -&nbsp;Southern Brazil&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>9.87 square km&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>power plant&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>1,450 MW&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>concession&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 24pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black face='Times New Roman'>Igarapava<SUP>(8)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>State of Minas&nbsp;Gerais&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>5.19 square km&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>power plant&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>210 MW&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>concession&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Southeastern&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Southern and&nbsp;Southeastern&nbsp;regions of Brazil&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>1.674 km of tracks&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>railway&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>--&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>concession&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.5in">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Transnordestina&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Northern and&nbsp;northeastern regions of Brazil&nbsp;</FONT></P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>4.534 km of tracks&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>railway&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>--&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>concession&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.5in; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>TECAR at Itagua&#237;&nbsp;Port&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" lang=PT-BR color=black>Itagua&#237;, State of Rio de&nbsp;Janeiro&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>0.69 square km&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>raw materials&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>4 mtpy&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>concession&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Container terminal -&nbsp;TECON at Itagua&#237;&nbsp;port&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" lang=PT-BR color=black>Itagua&#237;, State of Rio de Janeiro&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>0.44 square km&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>containers&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>2 mtpy&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>concession&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>None&nbsp;</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT color=black></FONT>&nbsp;</P>
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<TR style="HEIGHT: 48pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Namisa</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">State of Minas Gerais</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">11.56 square km&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">mine</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">-</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Concession/ owned</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">None</FONT></P>
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<TR style="HEIGHT: 40.5pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>Land&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" lang=PT-BR color=black>State of Rio de Janeiro&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>31.02 square km&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>undeveloped&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>--&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black>owned&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt" color=black face='Times New Roman'>pledge<SUP>(9)</SUP>/Collateral&nbsp;/ mortgage<SUP>(2)</SUP></FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Land&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">State of Santa&nbsp;Catarina&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">6.22 square km&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">undeveloped&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">--&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">owned&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">pledge<SUP>(9)</SUP>/Collateral&nbsp;</FONT></P>
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<TR style="HEIGHT: 24pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Land&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">State of Minas&nbsp;Gerais&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">32.68 square km&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">undeveloped&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">--&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">owned&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">None&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 24pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Land&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">State of Piaui&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">618,037<B> </B>square km</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">undeveloped&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" vAlign=bottom width="14%" noWrap>
<P style="MARGIN: 0in 0in 0pt">&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">owned</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">None</FONT></P>
</TD></TR>
<TR style="HEIGHT: 48pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0in" width="14%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Steel plant with rolling mill</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Europa / Germany /</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Unterwellenborn</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">0.898 square km&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">production of sections</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">1 Mio t/a</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">Stahlwerk Th&#252;ringen GmbH</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 48pt; PADDING-TOP: 0in" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-FAMILY: 'Times New Roman'; FONT-SIZE: 10pt">None</FONT></P>
</TD></TR></TABLE></DIV>
<DIV align=left>
<P></P>
<P style="MARGIN-BOTTOM: 0pt; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>(1)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Pursuant to a loan agreement entered into by the State of Rio de Janeiro and Galvasud as of May&nbsp;4, 2000.&nbsp; <BR>
(2)&nbsp; &nbsp; &nbsp; Pursuant to a loan agreement entered into by Kreditanstatt F&#252;r Wiederafbau, Galvasud and Unibanco as of August&nbsp;23, 1999.&nbsp; <BR>
(3)&nbsp; &nbsp; &nbsp; Pursuant to a loan agreement entered into by Metalic and </FONT><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>Banco do Nordeste do Brasil S.A </FONT></I><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>as of 2007.&nbsp; <BR>
</FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>(4)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Information on equipment fleet installed annual ROM capacity.&nbsp; For information on installed annual production of products capacity, and information on mineral reserves at our Casa de Pedra mine, see &#8220;&#8212;Reserves at Casa de Pedra Mine&#8221; and table under &#8220;&#8212;Casa de Pedra Mine&#8221; below.&nbsp; <BR>
(5)&nbsp; &nbsp; &nbsp; Based on the </FONT><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>Manifesto de Mina</FONT></I><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'>.&nbsp; See, &#8220;Item 4. Information on the Company - B. Business Overview- Government Regulation and Other Legal Matters - Mining Concessions.&#8221;<BR>
(6)&nbsp; &nbsp; &nbsp; Property owned by our 60% consolidated investee Namisa.<BR>
(7)&nbsp; &nbsp; &nbsp; Property 29.5% owned by us.<BR>
(8)&nbsp; &nbsp; &nbsp; Property 17.9% owned by us.<BR>
(9)&nbsp; &nbsp;&nbsp; Pledged pursuant to various legal proceedings, mainly related to tax claims.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For information on environmental issues with respect to some of the facilities described above, see &#8220;Item 4B.&nbsp; Business Overview&#8212;Government Regulation and Other Legal Matters&#8212;Environmental Expenditures and Claims.&#8221;&nbsp; In addition, for information on our plans to construct, expand and improve our facilities, see &#8220;Item 4. Information on the Company - D. Property, Plant and Equipment &#8212;Planned Investments&#8221; and Note 10 to our financial statements included elsewhere in this Form&nbsp;20-F.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The map above shows the locations of the Presidente Vargas Steelworks, CSN Paran&#225;, Prada, CSN Porto Real (formerly known as GalvaSud), Metalic, Lusosider, ERSA and CSN LLC facilities, our iron ore, limestone and dolomite mines, the power generating facilities in which we have an ownership interest, and the main port used by us to export steel products and import coal and coke, as well as the main railway connections.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Riversdale</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On November&nbsp;24, 2009, we concluded an initial acquisition, through our subsidiary CSN Europe, Lda, of a 14.9% minority interest in Riversdale Mining Limited (&#8220;Riversdale&#8221;), a mining company listed on the Australian Stock Exchange (ASX). </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In January</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>2010, we obtained the approval of the Australian Government to acquire further shares of Riversdale, and concluded the second tranche of the acquisition, reaching an equity participation of 16.3%.&nbsp; In addition, we participated on a capital increase carried out by Riversdale in July 2010, subscribing to new shares, but maintaining the same equity percentage. We also made several share purchases in February 2011 and reached a total equity participation of 19.9%.&nbsp; We were diluted in 2010 and 2011 due to the exercise of stock options issued in favor of the management of Riversdale and of third parties. On April 20, 2011, we adhered to a public takeover offer for the acquisition of Riversdale&#8217;s shares conducted by Rio Tinto and, as a consequence, sold 100% of our equity interest held in Riversdale&#8217;s capital stock, corresponding to 47,291,891 shares, at the price of A$16.50 per share, totaling A$780,316,201.50.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Segregation of Mining Assets</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We are analyzing the possibility of segregating our iron ore business and correlated logistics activities into one of our subsidiaries.&nbsp; Such segregation would be expected to occur upon the transfer, by means of a capital increase, of assets, liabilities, rights and obligations comprising our mining and related logistics businesses as well as of investments in related operating companies, and would also depend on several aspects, including certain regulatory approvals</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>. &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Stahlwerk Th&#252;ringen Gmbh (SWT)</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On January 31, 2012, CSN Steel, S.L.U., one of our Spanish subsidiaries, entered into a share purchase agreement with the Spanish group Alfonso Gallardo (&#8220;AG Group&#8221;) to establish the acquisition of all the shares held by the AG Group in (i) SWT, a long steel manufacturer located in Unterwellenborn, Germany, specialized in the production of steel sections; and (ii) Gallardo Sections S.L.U., a steel distributor of SWT&#8217;s products. The total amount of the transaction was &#8364;483.4 million, without the assumption of any indebtedness.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The transaction involved an operational steel plant located in Germany, which was contemplated to be sold pursuant to a prior share purchase agreement executed on May 19, 2011 with the AG Group, amongst other assets. The transaction brought to an end the discussions between the parties regarding different interpretations of the earlier agreement, including termination of the related arbitral proceeding which was pending before the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>C&#225;mara Oficial de Comercio e Industria de Madrid</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Usiminas</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On December 31, 2012, we owned, directly and indirectly, 20.69% of the preferred shares and 14.13% of the common shares of Usinas Sider&#250;rgicas de Minas Gerais S.A. (&#8220;Usiminas&#8221;), resulting from various acquisitions in the market since mid-2010. For more information on the value of these assets, please see Item 5A. Operating Results - Critical Accounting Estimates - Impairment of long-lived assets, intangible assets, goodwill and financial assets</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are assessing strategic alternatives in relation to our investment in Usiminas. For more information on the antitrust matters regarding our investment in Usiminas see &#8220;Item 8. Financial Information - A. Consolidated Statements and Other Financial Information Selected Financial Data - Legal Proceedings - Antitrust.&#8221; </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2008,&nbsp; a consortium of Asian shareholders that currently includes Itochu Corporation, JFE Steel Corporation, Kobe Steel, Ltd, Nisshin Steel Co. Ltd., Posco and China Steel Corporation, or the Asian consortium, made an investment in our subsidiary Namisa and currently holds a 40% interest in Namisa. We and the Asian consortium have entered into a shareholders&#8217; agreement to govern our joint control of Namisa. In case of a dead-lock among the shareholders, a resolution process requires us to initiate mediation with our partners and, if no solution is reached, the matter is then submitted to be addressed directly by the senior executives of the companies in dispute. In the event the dead-lock remains, the shareholders&#8217; agreement provides for put and call options, which entitles the Asian </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>consortium to elect to sell all of its ownership interest in Namisa to us and we to elect to buy all ownership interest of the Asian consortium in Namisa, in each case for the fair market value of the respective shares.</FONT></P>
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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition, certain other agreements, including the share purchase agreement between us and the Asian consortium and the long-term operational agreements between Namisa and us, provide for certain obligations that, in case breached or not cured within the relevant cure period, may give rise, in certain situations, to the right of the non-breaching party to exercise a call or a put option, as the case may be, with respect to the Asian consortium&#8217;s ownership interest in Namisa. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Capital Expenditures </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We invested a total of R$3,144&nbsp;million in 2012, R$1,517&nbsp;million of which was allocated as follows: Transnordestina Log&#237;stica: R$984&nbsp;million; MRS Log&#237;stica: R$328 million; Namisa: R$77 million; TECON: R$43&nbsp;million; other projects: R$85 million.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The remaining R$1,627&nbsp;million was expended on: construction of a brownfield long steel mill at the Volta Redonda site: R$454 million; expansion of the Itagua&#237; Port (TECAR): R$231&nbsp;million; maintenance and repairs: R$219&nbsp;million; expansion of the Casa de Pedra mine:&nbsp; R$150&nbsp;million; expansion of our clinker plant: R$73 million; technological improvements: R$24&nbsp;million, and others projects: R$476 million.&nbsp; For further information, see &#8220;Item 5B. Liquidity and Capital Resources-Short-Term Debt and Short-Term Investments.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011, we invested R$4,401&nbsp;million R$2,382&nbsp;million of which was allocated as follows: Transnordestina Log&#237;stica: R$1,691&nbsp;million; CSN Cimentos: R$61&nbsp;million; MRS Log&#237;stica: R$447&nbsp;million; Namisa: R$100 million and other projects: R$83 million.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The remaining R$2,019&nbsp;million was expended on: maintenance and repairs: R$549&nbsp;million; expansion of the Casa de Pedra mine:&nbsp; R$251&nbsp;million; expansion of the Port of Itagua&#237;:&nbsp; R$238&nbsp;million; technological improvements: R$77&nbsp;million; construction of a brownfield long steel mill at the Volta Redonda site: R$220 million and others projects: R$684 million.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2010, we invested R$3,636&nbsp;million, R$2,201&nbsp;million of which was allocated as follows: Transnordestina Log&#237;stica: R$1,371&nbsp;million; CSN A&#231;os Longos (merged into CSN in January 2011): R$275&nbsp;million; CSN Cimentos:&nbsp; R$249&nbsp;million; MRS Log&#237;stica:&nbsp; R$199&nbsp;million and other projects: R$107 million.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The remaining R$1,435&nbsp;million was expended on: maintenance and repairs: R$483&nbsp;million; expansion of the Casa de Pedra mine:&nbsp; R$275&nbsp;million; expansion of the Port of Itagua&#237;:&nbsp; R$139&nbsp;million; technological improvements: R$125&nbsp;million and other projects: R$413 million.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, we continued to implement our strategy of developing downstream opportunities and projects based on synergies, new product lines and market niches by creating or expanding current capacity of galvanized products and services for the automotive sector, as described in &#8220;Item 4B.&nbsp; Business Overview&#8212;Facilities.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We also intend to increase control of our main production costs and secure reliable and high quality sources of raw materials, energy and transportation supporting our steelmaking operations and other businesses such as cement, via strategic investment programs. Our main strategic investments being implemented or already in operation are set forth in &#8220;Item 4B.&nbsp; Business Overview&#8212;Facilities.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Planned Investments </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our operating activities require regular investments in equipment maintenance, technological improvements, tools and spare parts, vehicles, buildings, and industrial plants, among others. These investments are classified as Sustaining (&#180;Stay-in-Business&#180;) Capex.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Company also invests to increase its operational efficiency and productivity, and expand production capacity in its traditional flat steel, mining and logistics businesses, as well as new businesses such as cement and long steel.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our total planned investments for the next years amount to R$20.0 billion (ongoing and new projects), of which:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.65pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$12.0 billion in our mining segment, including capacity expansion of the Casa de Pedra mine and of&nbsp; Namisa&#8217;s mines to reach annual sales of 89 mtpy and the expansion of shipping capacity of our Solid Bulk terminal at Itagua&#237; (TECAR) to 84 mtpy. The planned investment reflects only the portion of our investment, which is proportional to our ownership of 100% of Casa de Pedra and 60% of Namisa;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.65pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$0.5 billion in our steel segment, including the completion of our new brownfield long steel plant in Volta Redonda and completion/implementation of other flat steel projects, such as a service center for the auto industry at CSN Porto Real, along with the implementation of projects focused on maintaining operational excellence with constant focus on cost reduction (e.g., energy efficiency);</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.65pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$1.3 billion in our cement segment, allocated towards expansions of our grinding capacity from 2.4 million tons to 5.4 million tons and our clinker production capacity from 0.8 million tons to 2.8 million tons;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.65pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$1.7 billion in our logistics segment, including the Transnordestina railway and our container terminal (TECON); investments in the MRS railway are not included in this plan nor Transnordestina Capex reviews. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 49.65pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$4.3 billion in projects to improve performance of current productive assets (&#8220;stay-in-business&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We expect to finance these investments through our own cash, public or private financing, and/or strategic partnerships.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our planned investments in iron ore, steel, logistics and cement are described below.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are currently constructing a brownfield long steel plant in Volta Redonda, in the State of Rio de Janeiro, with total capacity of 500 Kt per year, making use of the existent infrastructure and energy, to produce rebar and wire rods. This investment represents the entrance of CSN into the long steel market in Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We also invested in the expansion of service centers for the automotive market at our CSN Porto Real facility, in which CSN&#8217;s market share has been successively expanded. The pre-painted plant at CSN Paran&#225; currently operates at full capacity, and there are expansion projects underway, with the intention of doubling the current capacity via brownfield expansions.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our investment portfolio also includes other important operational projects in development, such as the start-up of our blast furnace turbine project, which will add 21MW of electricity self-generation and several projects designed to increase productivity and efficiency.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In January 2012, CSN acquired SWT, which produces sections and Gallardo Sections S.L.U, both located in Germany. SWT has a capacity to produce 1.1 million tons of steel sections per year used in buildings, stadiums, bridges, viaducts, walkways, foundations, warehouses, cranes, among others. The plant is strategically located, reducing logistics costs of raw materials, such as scrap, and allowing access to both developed and emerging markets in Eastern Europe. The total transaction amount was &#8364;483.4 million.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We expect to achieve an annual sales level of approximately 89 mtpy of iron ore products, including third party purchases, by increasing capacity in Casa de Pedra and Namisa.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are also investing in the expansion of TECAR to allow for annual exports of 84 mtpy of iron ore. &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In August 2006, in order to enable the implementation of a major infrastructure project led by the Brazilian federal government, our Board of Directors approved the merging of Transnordestina S.A., a company that was state-owned at the time, into and with Companhia Ferrovi&#225;ria do Nordeste &#8211; CFN, an affiliate of CSN that holds a 30-year concession, granted in 1997, to operate the Northeastern Railroad of the RFFSA, with 4,534 km of railway track.&nbsp; The surviving entity was later renamed Transnordestina Log&#237;stica S.A., or Nova Transnordestina.&nbsp; The Nova Transnordestina Project includes an additional 1,728 km of large gauge, state-of-the-art railway track.&nbsp; We expect this extension will allow the company to increase the transportation of various products, including, oil, fuels, soybeans, cotton, sugar cane, fertilizers, iron ore and limestone.&nbsp; The investments for the railroad expansion will be financed through several agencies, such as FINOR &#8211; Northeastern Investment Fund, SUDENE - the Northeastern Development Federal Agency and BNDES. Environmental, geological and land expropriation issues may result in cost overruns and delays in implementing the project, which, in turn, may adversely affect the projected return on investment.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Until 2008, Transnordestina was jointly controlled by CSN and Taquari Participa&#231;&#245;es S.A., or Taquari, pursuant to a shareholders&#8217; agreement dated November 27, 1997, and amended on May 6, 1999 and November 7, 2003.&nbsp; During 2009, we increased the capital of Transnordestina by disbursing advances for future capital increases.&nbsp; Taquari decided not to participate in such capital increases, thus being diluted and relinquishing control of Transnordestina. Transnordestina is currently controlled by CSN, and has been consolidated in our financial statements since December 2009.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>To meet its own demand, Transnordestina Log&#237;stica S.A built the largest factory of broad gauge concrete sleepers in the world, with a daily capacity of 4,800 pieces per day. This project has been conducted by Odebrecht, through an Alliance Model formed with CSN.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The cement plant in Volta Redonda is close to reaching its full production capacity of 2.4 million tons per year. The use of slag generated by our steel operation and the ramp-up of our clinker plant should gradually reduce costs, a critical element in the cement business. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are evaluating other organic growth initiatives to expand our annual capacity to 5.4&nbsp;million tons in order to capture the strong growth expected in construction of new housing units and infrastructure projects.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 4A.&nbsp; Unresolved Staff Comments</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>None.</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 5. Operating and Financial Review and Prospects</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following discussion should be read in conjunction with our consolidated financial statements as of December&nbsp;31, 2012 and &nbsp;2011 and for each of the years ended December&nbsp;31, 2012, 2011 and 2010 included in &#8220;Item 18.&nbsp; Financial Statements&#8221;. Our consolidated financial statements were prepared in accordance with International Financial Reporting Standards (IFRS) as&nbsp;issued by the International Accounting Standards Board (IASB) and are presented in thousands of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> (R$), as explained in Note 2(a) to our consolidated financial statements included in &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>5A. Operating Results</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Overview</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Macro-Economic Scenario</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Brazil</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to the Brazilian Institute of Geography and Statistics (IBGE), GDP increased by 0.9% in 2012, compared to an increase of 2.7% reported in 2011. This slight growth in 2012 was led by the service and construction sectors, which moved up by 1.7% and 1.4%, respectively. Once again, domestic demand was the most important growth driver, fueled by the moderate credit expansion, job creation and increased individual earnings. </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>However, several uncertainties are still hampering investments, resulting in a reduction in Gross Fixed Capital Formation.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The IPCA consumer price index (the main inflation rate) stood at 5.84% for the year, as compared to 6.50% for 2011. Personal expenditures were chiefly responsible for the upturn in 2012, while transport recorded the lowest increase. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Selic base interest rate, which is set by the Monetary Policy Committee (COPOM), began 2012 at 11.00% and fell successively, until reaching 7.25% in October. Since then, COPOM has opted to maintain the basic interest rate stable. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>According to the IBGE, industrial output fell by 2.7% in 2012, the first negative result since 2009, with 17 of the 27 sectors recording a decrease. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>In 2012, the </FONT><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'> depreciated 8.9% against the US dollar and on December 31, 2012, the exchange rate was R$2.04 per US$1.00.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>USA</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to the U.S. Department of Commerce, the U.S. economy grew by 2.2% in 2012, as compared to 1.8% in 2011. The main contributors to GDP growth in 2012 were personal consumption expenditures, nonresidential fixed investment, exports, residential fixed investment and private inventory investment.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to the latest Fed figures, industrial production edged up by 0.3% in December and 1.0% in the fourth quarter of 2012, reflecting the reconstruction after hurricane Sandy. The manufacturing PMI recorded 50.7 points in December, versus 49.5 in November. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On the monetary policy front, the Fed opted to peg interest rates to the current economic scenario, keeping them low while unemployment is above 6.5% and estimated inflation for the next two years does not exceed 2.5%. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Europe</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Eurozone manufacturing sector ended 2012 in recession, reflecting flagging international and domestic demand. Manufacturing PMI stood at 46.1 points in December, the 17th consecutive monthly decline.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Unemployment remained flat in December over November at 11.7%, equivalent to 18.2 million people out of work. Greece and Spain had the highest rates, with 26.8% and 26.1% respectively, while Germany recorded 5.3%.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to Eurostat, Eurozone GDP dipped by 0.5% in 2012 over 2011 and by 0.6% in the fourth quarter of 2012 over the previous quarter, marking the bloc&#8217;s worst performance since the beginning of 2009. The overall downturn in the fourth quarter of 2012 was fueled by individual decreases in the four largest economies: Germany (0.6%), France (0.3%), Italy (0.9%) and Spain (0.7%).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Asia</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Chinese GDP grew by 7.8% in 2012 and 9.2% in 2011, according to the country&#8217;s National Bureau of Statistics. The Chinese economy is currently recording steady growth, thanks to increased investments in infrastructure, the cut in interest rates and the reduction in reserve requirements since the end of 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Chinese manufacturing PMI stood at 51.5 points in December, the highest figure since May 2011, while industrial output and retail sales climbed by 10% and 14.3%, respectively, in 2012. Annual inflation fell to 2.6%, less than half the 5.4% recorded in 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Japanese GDP increased by 1.9% in 2012 over 2011. Impacted by the Japanese Central Bank&#8217;s aggressive monetary policy, the yen has depreciated by around 20% against the dollar since November 2012.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to the WSA global crude steel production totaled 1.5 billion tons in 2012, 1% higher than in 2011, this growth coming mainly from Asia and North America. Existing global capacity use fell from 76.1% in November to 73.2% in December, showing a continuing imbalance between production capacity and global steel product consumption.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Brazil</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to the Brazilian Steel Institute (IABr), annual domestic crude steel production totaled 34.7 million tons, 1.5% less than in 2011, and 15.1 million tons of rolled flat steel, up by 8%.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Domestic flat steel sales remained stable over 2011 at 11.3 million tons, while exports fell by 10% to 1.9 million tons. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Apparent flat steel consumption came to 13.4 million tons, 1% down on 2011, while imports totaled 2.0 million tons, down by 11%.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Automotive</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to ANFAVEA (the Brazilian Auto Manufacturers&#8217; Association), vehicle production totaled 3.3 million units in 2012, 2% less than in 2011. Vehicle sales totaled 3.8 million in the year, an increase of 5% in relation to 2011, spurred by government measures to encourage consumption, such as the reduction in IPI (federal VAT). Exports, on the other hand, fell by 20%, to 442,000 units. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Construction</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sinduscon (Brazilian Builders&#8217; Association) estimates that the construction segment will end 2012 with growth of 4%, while FGV (Funda&#231;&#227;o Get&#250;lio Vargas) expects the building materials industry and retail sales to expand by 1.9% and 8.2%, respectively.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to ABRAMAT (the Brazilian Building Material Manufacturers&#8217; Association), domestic sales of building materials increased by 1.4% in 2012.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Distribution</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to INDA (the Brazilian Steel Distributors&#8217; Association), domestic flat steel sales by distributors totaled 4.4 million tons in 2012, a 1.5% increase over 2011. Purchases by the associated network came to 4.3 million tons in 2012, 5.2% higher than in 2011. Inventories closed the year at 944,000 tons, a 5.7% increase over the December 2011 figure, representing 3.0 months of sales.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Home Appliances</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to Eletros (Brazilian Home Appliance and Consumer Electronics Manufacturers&#8217; Association), the home appliance segment closed 2012 with 15% growth in the sales of washing machines, refrigerators and stoves.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>With the extension of IPI tax exemptions on home appliances until the end of January 2013, followed by a gradual increase from February through June 2013, Eletros has reviewed its estimates and now expects sales growth of 10% in 2013.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>International</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to the WSA,</FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>crude steel output in China totaled 708.8 million tons in 2012, a 3.6% increase as compared to 2011 and a new record, accounting for 46.3% of the global total, while Japan's crude steel production remained virtually stable, totaling 107.2 million tons in 2012.&nbsp; In the European Union, production reached 169.4 </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>million tons in 2012, corresponding to a 4.5% decrease as compared to 2011, with Germany accounting for 43 million tons, a 3.7% decrease in its production as compared to 2011. In the </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>U.S., crude steel production totaled 88.6 million tons in 2012, a 2.7% increase as compared to 2011. </FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, the seaborne iron ore market was marked by its price volatility, reflecting global economic uncertainties. After peaking at US$151.25/dmt in April 2012, the Platts IO Fines 62% CFR China price index fell to US$88.50/dmt in September 2012, closing the year at US$144.50/dmt, reflecting the improved performance of the Chinese economy, decline in iron ore inventories in Chinese ports, weaker Indian exports and approach of the rainy season in Brazil and Australia.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Fueled by this scenario, the seaborne iron ore market grew by 7% in 2012, reaching 1,074 million tons, sustained by China, which accounted for 66% of total sales volume. Annual Chinese iron ore seaborne imports increased by 10% over 2011. In light of urbanization projects and infrastructure investments announced by the Chinese government in September, the country&#8217;s iron ore consumption should continue to expand. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, Brazil maintained its strong position in the seaborne iron ore market, with sales of 322 million tons, despite the 1% reduction in exports due to heavy rainfall at the beginning of the year. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Railway logistics</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to ABIFER (Brazilian Railway Industry Association), Brazilian rail sector revenue is expected to reach R$4.3 billion in 2012, virtually identical to the 2011 figure. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Aiming to reduce infrastructure bottlenecks, the Brazilian government announced the construction of 15,000 km of rail track in the coming years, 5,000 km of which fall under the Growth Acceleration Program (PAC) and 10,000 km to be awarded in concessions.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Port logistics</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>According to ANTAQ (Brazilian National Waterway Transport Agency), Brazil&#8217;s port installations handled approximately 904 million tons of cargo in 2012, a 2.0% increase over 2011, with bulk solids totaling 554 million tons, an increase of 2.0%. Container handling amounted to 8.2 million TEUs</FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></I></B><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(</FONT></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Twenty</FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face="cambria math">&#8208;</FONT><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Foot Equivalent Unit &#8211; transportation unit equivalent to a standard 20-feet intermodal container), 3.8% more than in the last year. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>The Brazilian government announced investments of R$54 billion in the port sector through 2017, including dredging works and projects to renovate port infrastructure and expand cargo handling capacity, in addition to R$2.6 billion allocated to railway access routes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Preliminary figures from SNIC (the Brazilian Cement Industry Association) indicate domestic cement sales of 68.3 million tons in 2012, a 6.9% increase over the year before. According to SECEX (the Brazilian Foreign Trade Secretariat), cement imports totaled 977 thousand tons in 2012, 10.4% less than in 2011.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.25pt; MARGIN: 5pt 2.85pt 5pt 0in"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to the Brazilian Energy Research Company (EPE), in 2012 Brazilian electricity consumption increased by 3.5% over 2011, led by the commercial and residential segments, which recorded respective growth of 7.9% and 5.0%. Industrial consumption remained flat.</FONT></P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel Markets and Product Mix</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Supply and Demand for Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Prices of steel are sensitive to changes in worldwide and local demand, which in turn are affected by worldwide and country-specific economic cycles, and to available production capacity.&nbsp; While the export price of steel (which is denominated in U.S. dollars or Euros, depending on the export destination) is the spot price, there is no exchange trading of steel or uniform pricing.&nbsp; Unlike other commodity products, steel is not completely fungible due to wide differences in terms of size, chemical composition, quality and specifications, all of which impact prices. Many companies (including us) discount their list prices for regular customers, making their actual transaction prices difficult for us to determine.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Historically, export prices and margins have been lower than domestic prices and margins, because of the logistics costs, taxes and tariffs. The portion of production that is exported is affected by domestic demand, exchange rate fluctuations and the prices that can be charged in the international markets.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table shows Brazilian steel production and apparent consumption (domestic sales plus imports) and global production and demand for the periods indicated: </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2012<SUP>(1)</SUP></FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2011</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2010</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Brazilian Market </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(in thousands of tons)<SUP>(2)</SUP></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total Flat and Long Steel</FONT></I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Production</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>26,381</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>25,053</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>25,450</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Apparent Consumption&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>25,426</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>25,053</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>26,104</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Hot-Rolled Coils and Sheets</FONT></I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Production&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4,086</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4,592</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Apparent Consumption&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,496</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,823</FONT></B></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Cold-Rolled Coils and Sheets</FONT></I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Production&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,738</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,159</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Apparent Consumption</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,728</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,419</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Galvanized Sheets</FONT></I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Production</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,582</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,449</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Apparent Consumption</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,789</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,243</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Tin Plates</FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Production</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>857</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>774</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Apparent Consumption</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>593</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>634</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Global Market </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(in millions of tons)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Crude Steel Production&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,510</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,518</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,432</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Demand&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,485</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,400</FONT></B></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="86%" colSpan=6>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>___________</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Source: IABr and WSA. &nbsp;</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>1.</FONT><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 6pt" face='Times New Roman'>Some information for 2012 was not yet available as of the date of this annual report</FONT></P>
<P style="TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.75in"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>2.</FONT><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 6pt" face='Times New Roman'>Information about production excludes intra steel companies&#8217; sales. </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD width="55%">&nbsp;</TD>
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     <TD width="14%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="14%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="14%">&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Product Mix and Prices</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sales trends in both the domestic and foreign markets are forecasted monthly based on historical data of the preceding months. CSN uses its own information system to remain current on market developments so that it can respond swiftly to fluctuations in demand.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN considers its flexibility in shifting between markets, and its ability to monitor and optimize inventory levels in light of changing demand, as key to its success.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We have a strategy of increasing the portion of our sales attributable to higher value-added coated products, particularly galvanized flat steel and tin plate products. Galvanized products are directed at the automotive, construction and home appliance industries. Tin plate products are used by the steel packaging market.</FONT></P>
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<P style="TEXT-ALIGN: center">67</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to IABr, domestic flat steel apparent consumption moved from 13.5 million tons in 2011 to 13.4 million tons in 2012, therefore a reduction of 1%.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sales Volume and Net Operating Revenues by Steel Products and Markets</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth our steel product sales volume and net operating revenues by product and market. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Sales Volume</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Tons</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>% of Sales Volume</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>In Market</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Total</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2011</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2011</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2011</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Domestic Sales</FONT></U></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<TR style="HEIGHT: 15pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Slabs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>15</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>51</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Hot-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2,111</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,951</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,801</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>47%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>46%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>44%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>41%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>40%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>38%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Cold-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>832</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>770</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>707</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>18%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>18%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>17%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>16%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>16%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>15%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Galvanized</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,105</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>991</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,065</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>25%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>23%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>26%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>22%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>20%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>22%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Tin Mill</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>445</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>489</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>512</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>10%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>12%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>12%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>9%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>10%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>11%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Subtotal</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4,495</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4,216</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4,135</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>88%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>86%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>86%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Sales abroad</FONT></U></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Slabs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Hot-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>16</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>13</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Cold-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>52</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>49</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>19</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Galvanized</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>413</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>457</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>488</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>31%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>67%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>74%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>9%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>10%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Tin Mill</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>129</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>161</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>152</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>10%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>24%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>23%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Long Steel</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>724</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>54%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Subtotal</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,334</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>680</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>661</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>12%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>14%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>14%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Total</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>5,829</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4,896</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4,796</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Total Sales</FONT></U></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Slabs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>15</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>51</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Hot-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2,127</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,965</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,803</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>37%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>40%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>38%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Cold-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>884</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>819</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>726</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>15%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>17%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>15%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Galvanized</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,518</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,447</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,553</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>26%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>30%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>32%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Tin Mill</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>574</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>649</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>664</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>10%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>13%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>14%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Long Steel</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>724</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>12%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Total</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>5,829</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4,896</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4,796</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
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<P style="TEXT-ALIGN: center">68</P>
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<A name=page_73></A>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Net Operating Revenues</FONT></B></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>In millions of R$</FONT></B></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>% of Net Operating Revenues</FONT></B></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>In Market</FONT></B></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Total</FONT></B></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2012</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2011</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2010</FONT></B></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2012</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2011</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2010</FONT></B></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2012</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2011</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2010</FONT></B></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Domestic Sales</FONT></U></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Slabs</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>13 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>41 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Hot-Rolled</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3,093</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2,936 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3,011 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>37%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>36%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>35%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>28%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>32%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>31%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Cold-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,474</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,412 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,387 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>18%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>18%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>16%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>14%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>15%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>14%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Galvanized</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2,350</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2,178 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2,559 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>28%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>27%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>30%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>22%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>24%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>27%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Tin Plate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,419</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,495 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,576 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>17%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>19%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>18%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>13%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>16%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>16%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Subtotal</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>8,338</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>8,033 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>8,575 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>79%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>87%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>89%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Sales abroad</FONT></U></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Slabs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>- </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Hot-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>24</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>19 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Cold-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>82</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>74 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>27 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Galvanized</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>750</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>786 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>778 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>33%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>64%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>70%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>8%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Tin Plate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>293</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>340 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>300 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>13%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>28%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>27%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>4%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Long steel</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,129</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>50%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>11%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Subtotal</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2,278</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,219 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,107 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>21%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>13%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>11%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Total</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>10,616</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>9,252 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>9,682 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Total Sales</FONT></U></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Slabs</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>13 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>41 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=top width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=top width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Hot-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3,117</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2,955 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3,013 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Cold-Rolled</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,556</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,486 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,414 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Galvanized</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3,100</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2,964 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>3,337 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Tin Plate</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,712</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,835 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,876 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Long steel</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>1,129</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Subtotal</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>10,616</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>9,252 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>9,682 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>0%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>By-Product</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>186</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>225 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>244 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>2%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="26%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Total</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>10,802</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>9,477 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>9,926 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>100%</FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Brazilian Macro-Economic Scenario </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As a company with the vast majority of its operations currently in Brazil, we are affected by the general economic conditions of Brazil.&nbsp; We believe the rate of growth in Brazil is important in determining our future growth capacity and the results of our operations.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table shows some Brazilian economic indicators for the periods indicated:</FONT></P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">69</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_74></A>
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<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="45%" colSpan=6>
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Year ended December&nbsp;31,</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="45%" colSpan=6>
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2010</FONT></B></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>GDP growth&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>0.9%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7.5%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Inflation (IPCA)<SUP>(1)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.9%</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Inflation (IGP-M)<SUP>(2)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>11.3%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>CDI<SUP>(3)</SUP></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>8.4%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>11.6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>9.7%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Appreciation (depreciation) of the </FONT><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>real </FONT></I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>against&nbsp;the U.S. dollar&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(8.9)%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(12.6)%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.3%</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Exchange rate at end of period (US$1.00)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>R$2.044</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>R$1.876</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>R$1.666</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average exchange rate (US$1.00)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>R$1.955</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>R$1.675</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>R$1.759</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Sources: IBGE, Funda&#231;&#227;o Get&#250;lio Vargas, Central Bank and CETIP. &nbsp;</FONT></P>
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<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(1)The IPCA is a consumer price index measured by the IBGE. &nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(2)The IGP-M is the general market price index measured by the Funda&#231;&#227;o Get&#250;lio Vargas. &nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="100%" colSpan=7>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(3)The Interbank Deposit Rate, or CDI, represents the average interbank deposit rate performed during a given day in Brazil (accrued as of the&nbsp;last month of the period, annualized). </FONT></P>
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<TR>
     <TD style="BACKGROUND-COLOR: #ffffff" width="55%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="14%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="14%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="1%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="14%"><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Effects of Exchange Rate Fluctuations</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our export revenues are substantially denominated in U.S. dollars.&nbsp; Our domestic revenues are denominated in Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A significant portion of our cost of products sold is commoditized raw materials, the prices of which are denominated in U.S. dollars.&nbsp; The balance of our cost of products sold and our cash operating expenses (i.e., operating expenses apart from depreciation and amortization) are denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The appreciation of the U.S. dollar against the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> has the following effects on the results of our operations expressed in U.S. dollars:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Domestic revenues tend to be lower (in comparison with prior years) and this effect is magnified to the extent to which we sell more products than usual in the domestic as opposed to the foreign market;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The impact of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>denominated costs of products sold and operating costs tend to be lower; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Financial expenses are increased to the extent to which the exposure to dollar-denominated debt is not protected.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The appreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> against the U.S. dollar has the following effects on the results of our operations expressed in U.S. dollars:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Domestic revenues tend to be higher (in comparison with prior years) and this effect is magnified to the extent to which we sell more products than usual in the domestic market;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The impact of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> denominated costs of products sold and operating costs tends to be higher; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Financial income is increased to the extent to which the exposure to dollar-denominated debt is not protected.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The impact of fluctuations in the exchange rate of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> against other currencies on the results of our operations can be seen in the &#8220;foreign exchange and monetary gain (loss), net&#8221; line in our income statement, although that amount is partially offset by the net financial income (or expense) attributable to the profit (or loss) on the derivative transaction of our foreign currency-denominated debt. In order to minimize the effects of the exchange rate fluctuations, we often engage in derivative transactions, including currency swap and foreign currency option agreements. For a discussion of the possible impact of fluctuations in the foreign currency exchange and interest rates on our principal financial instruments and positions, see &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Effects of Inflation and Interest Rates</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Inflation rates in Brazil have been significantly volatile in the past. Inflation rates remained relatively stable from 2003 to 2004, decreased in 2005 and 2006 and increased in 2007 and 2008.&nbsp; In 2009, for the first time since its creation in 1989, the IGP-M inflation index recorded a deflation in a calendar year, equivalent to 1.71%. In 2010, the index increased 11.3% and in 2011 and 2012, the IGP-M index increased 5.1% and 7.8%, respectively. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Inflation affects our financial performance by increasing some of our costs and expenses denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> that are not linked to the U.S. dollar.&nbsp; Our cash costs and operating expenses are substantially denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> and have tended to follow the Brazilian inflation ratio because our suppliers and service providers generally increase or decrease prices to reflect Brazilian inflation.&nbsp; In addition, some of our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>-denominated debt is indexed to take into account the effects of inflation. Under this debt, the principal amount is generally adjusted with reference to inflation indexes. In addition, a significant portion of our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>-denominated debt bears interest based on the Interbank Deposit Certificate (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Certificado de Dep&#243;sito Interbanc&#225;rio</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), or CDI, rate which is partially adjusted for inflation.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The table below shows the Brazilian general price index and the CDI rates for the periods shown.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Year ended December&nbsp;31,</FONT></B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>2012</FONT></B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>2011</FONT></B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>2010</FONT></B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Inflation (IGP-M) <SUP>(1)</SUP></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>7.8%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>5.1%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>11.3%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>CDI <SUP>(2)</SUP></FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>8.4%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>11.6%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>9.7%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>_______________</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Source: Funda&#231;&#227;o Get&#250;lio Vargas, or FGV, and CETIP. &nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(1) The IGP-M inflation is the general market price index measured by the FGV. &nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(2) The Interbank Deposit Rate, or CDI, represents the average interbank deposit rate performed during a given day in Brazil (accrued as of the last month of the period, annualized).</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Accounting for mining production utilized by our steel production</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are currently self-sufficient regarding the iron ore used in our steel production. The iron ore required is extracted from our Casa de Pedra mine, which in 2012 amounted to approximately 6.1&nbsp;million tons of its total iron ore production of approximately 19.8&nbsp;million tons</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; The remainder of the iron ore production is sold to third parties in Brazil and throughout the world.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The cost of iron ore regarding our steel production is recorded on our income statement in the cost of goods sold line item as its extraction cost plus transport from the mine. In 2012, 2011 and 2010, these costs were R$280 million, R$283 million and R$239&nbsp;million, respectively.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Critical Accounting Estimates </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We prepared our consolidated financial statements as of and for the year ended December 31, 2012 in accordance with IFRS, as issued by the IASB. In preparing our consolidated financial statements, we make estimates concerning a variety of matters.&nbsp; Some of these matters are highly uncertain, and our estimates involve judgments we make based on the information available to us.&nbsp; In the discussion below, we have identified several of these matters for which our financial presentation would be materially affected if either (1) we used different estimates that we could reasonably have used or (2) in the future we change our estimates in response to changes that are reasonably likely to occur.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>This discussion addresses only those estimates that we consider most important based on the degree of uncertainty and the likelihood of a material impact if we used a different estimate.&nbsp; There are many other areas in which we use estimates about uncertain matters, but the reasonably likely effect of changed or different estimates is not material to our financial presentation.</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Impairment of long-lived assets, intangible assets, goodwill and financial assets </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In accordance with IAS 36 &#8220;Impairment of assets&#8221;, long-lived assets are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable.&nbsp; Recoverability of assets to be held and used is measured by a comparison of the carrying amount of an asset to the estimated undiscounted future cash flows expected to be generated by the asset.&nbsp; If the carrying amount of an asset exceeds its estimated future cash flows, an impairment charge is recognized in the amount by which the carrying amount of the asset exceeds the fair value of the asset.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A determination of the fair value of an asset requires management to make certain assumptions and estimates with respect to projected cash inflows and outflows related to future revenues and expenditures.&nbsp; These assumptions and estimates can be influenced by different external and internal factors, such as economic and industry trends, interest rates and changes in the marketplace.&nbsp; A change in the assumptions and estimates that we use could change our estimate of the expected future net cash flows and lead to the recognition of an impairment charge in results of operations relating to our property, plant and equipment.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Assets that have an indefinite useful life, such as goodwill, are not subject to amortization and are tested annually for impairment in accordance with IAS 36 &#8220;Impairment of assets&#8221;. Assets that are subject to amortization are reviewed for impairment whenever events or changes in circumstances indicate that their carrying amount may not be recoverable. Goodwill is allocated to Cash-Generating Units (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; TEXT-INDENT: 0.25in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Financial assets are reviewed for impairment at the end of each reporting period and we assess whether there is objective evidence that a financial asset or a group of financial assets is impaired. &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>On December 31, 2012, we owned, directly and indirectly, 20.69% of the preferred shares (USIM5) and 14.13% of the common shares (</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>USIM3) of Usinas Sider&#250;rgicas de Minas Gerais S.A. (&#8220;Usiminas&#8221;), resulting from various acquisitions on the stock exchange since mid-2010. The instruments are classified as financial instruments available for sale and measured at their fair value based on their quoted market price in the Brazilian stock exchange (BOVESPA) on December 31, 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Considering the decline in market value of the shares of Usiminas during 2011 and 2012, we evaluated whether, at the balance sheet date, there is objective evidence of impairment of our investments in Usiminas. The Company performed a detailed analysis of the percentage and period of decline, characteristics of the instruments, the segment in which Usiminas operates and volatility of the instruments. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The table below illustrates this index for a twelve-year period, up to December 31, 2011, a sufficiently long timeframe to eliminate volatility peaks caused by domestic and international economic crises:</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>USIM3</FONT></B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>USIM5</FONT></B><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>January 3, 2000 - December 31, 2011&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>50.42%&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>48.57%&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Based on this information, the criteria adopted by management, and the relevant accounting and legal rules, management concluded that the decline in the market value as compared to the acquisition cost of the USIM3 and USIM5 shares as of June 30, 2012, of 66.3% and 59.0%, respectively, should be considered a significant decline in the market value of these equity instruments. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Considering the quantitative and qualitative analyses above, management concluded, in its best judgment, that there is evidence of impairment of the investment in Usiminas&#8217; shares as of June 30, 2012, and, consequently, reclassified the accumulated losses recorded in other comprehensive income amounting to R$1,335 million, net of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>income tax and social contribution, to profit/loss for the period, recognizing R$2,023 million in other operating expenses and R$688 million in deferred taxes, and this is the current position in December 31, 2012.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For a more detailed description of our policy regarding impairment of financial assets, see Note 13.II. to the consolidated financial statements included in &#8220;Item 18. Financial Statements.&#8221; </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Depreciation and amortization</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The basis for calculation of depreciation is the cost of the asset less the estimated residual value upon sale. While no specific depreciation method is recommended, the method chosen should be applied consistently for all significant components of assets and allocation of the depreciation should be on a systematic basis for each one of the accounting periods that best represents the realization of the economic benefits during the usable lives of assets.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In light of the necessity to review useful lives at least every financial year, in 2012 management performed the review for all the Company&#8217;s units. See further details in Note 10 to our consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Fair value of business combinations</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We estimate the fair value of assets acquired and liabilities assumed of our business combinations as required by IFRS 3 &#8220;Business Combination&#8221;.&nbsp; Accordingly, when determining the purchase price allocations of our business acquisitions, we adjust to fair value certain items such as inventories, property, plant and equipment, mines, present value of long-term assets and liabilities, among others, which are determined by independent appraisals that perform the valuations for us.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Goodwill represents the excess of the cost of an acquisition over the Company&#8217;s share of the net fair value of the identifiable assets, liabilities and contingent liabilities of the acquired company. If there is any negative goodwill determined by the acquirer in the fair value of the assets, liabilities and contingent liabilities acquired in relation to the cost of acquisition, the Company should recognize it immediately in the statement of income.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Derivatives</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>IAS 39, &#8220; Financial Instruments: Recognition and Measurement&#8221;, requires that we recognize all derivative financial instruments as either assets or liabilities on our balance sheet and measure such instruments at fair value.&nbsp; Changes in the fair value of derivatives are recorded in each period in the statement of income or in other comprehensive income, in the latter case depending on whether a transaction is designated as an effective hedge.&nbsp; Our derivative instruments do not qualify for hedge accounting. Changes in the fair value of any of these derivative instruments are immediately recorded in the statements of income under &#8220;Other gains (losses), net".&nbsp; Although the Company uses derivative for hedging purposes, it does not apply hedge accounting. With respect to the fair value measurement, we must make assumptions such as to future foreign currency exchange and interest rates.&nbsp; For a discussion of the possible impact of fluctuations in the foreign currency exchange and interest rates on our principal financial instruments and positions, see &#8220;Item 11.&nbsp; Quantitative and Qualitative Disclosures About Market Risk.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pension plans</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We sponsor defined benefit pension plans covering some of our retirees.&nbsp; We account for these benefits in accordance with IAS 19, &#8220;Employee Benefits&#8221;. The determination of the amount of our obligations for pension benefits depends on certain actuarial assumptions.&nbsp; These assumptions are described in Note 28 to our consolidated financial statements and include, among others, the expected long-term rate of return on plan assets and increases in salaries.&nbsp; In accordance with IFRS, when the benefits of a plan are increased, the portion of the increased benefit related to past services of employees is recognized under the straight-line method over the average period until the benefits become vested.&nbsp; When the benefits become immediately vested, the expense is immediately recognized in profit or loss. The Company has chosen to recognize all the actuarial gains and losses resulting from defined benefit plans immediately in other comprehensive income and then transferred within equity.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Some of the Company&#8217;s entities offered a postretirement healthcare benefit to their employees. The right to these benefits is usually contingent upon an employee remaining in employment until the retirement age as well as the </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>completion of the minimum length of service. The expected costs of these benefits were accumulated during the employment period, and are calculated using the same accounting method used for the defined benefit pension plans.</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Deferred taxes</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We compute and pay income taxes based on results of operations determined under Brazilian Corporate Law.&nbsp; A deferred income tax liability is recognized for all temporary tax differences, while a deferred income tax asset is recognized only to the extent that it is probable that future taxable profit will be available against which the deductible temporary difference can be utilized. Deferred tax assets and liabilities are classified as long-term.&nbsp; Tax assets and liabilities are offset if the entity has a legally enforceable right to offset them and they are related to taxes levied by the same taxing authority. If the criterion for offset of current tax assets and liabilities is met, deferred tax assets and liabilities will also be offset. The income tax related to items recognized directly in equity in the current period or in a prior period is recognized directly in the same account. We regularly review the deferred income tax assets for recoverability and will only recognize these if we believe that it is probable that the deferred income tax assets will be realized, based on historical taxable income, projected future taxable income, and the expected timing of the reversals of existing temporary differences.&nbsp; If we operate at a loss or are unable to generate sufficient future taxable income, or if there is a material change in the actual effective tax rates or discount rates, the time period over which the underlying temporary differences become taxable or deductible, or any change in its future projections, we reduce the carrying amount of deferred income tax assets to the extent that it is no longer probable that sufficient taxable profit will be available to allow the benefit of part or all of that deferred income tax asset to be realized.</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Contingencies and disputed taxes</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We record provisions for contingencies relating to legal proceedings with respect to which we deem the likelihood of an unfavorable outcome to be probable and the loss can be reasonably estimated.&nbsp; This determination is made based on the legal opinion of our internal and external legal counsel.&nbsp;We believe these contingencies are properly recognized in our financial statements in accordance with IAS 37 &#8220;Provision, Contingent Liabilities and Contingent Assets&#8221;.&nbsp; We are also involved in judicial and administrative proceedings that are aimed at obtaining or defending our legal rights with respect to taxes that we believe to be unconstitutional or otherwise not required to be paid by us.&nbsp; We believe that these proceedings will ultimately result in the realization of contingent tax credits or benefits that can be used to settle direct and indirect tax obligations owed to the Brazilian Federal or State Governments or to settle municipal tax obligations owed to the corresponding Municipality as per our laws.&nbsp; We do not recognize these contingent tax credits or benefits in our financial statements until realization of such gain contingencies has been resolved.&nbsp; This occurs when a final irrevocable decision is rendered by the courts in Brazil.&nbsp; When we use contingent tax credits or benefits based on favorable temporary court decisions that are still subject to appeal to offset current direct or indirect tax obligations, we maintain the legal obligation accrued in our financial statements until a final irrevocable judicial decision on those contingent tax credits or benefits is rendered.&nbsp; The accrual for the legal obligation related to the current direct or indirect tax obligations offset is not reversed until such time as the utilization of the contingent tax credits or benefits is ultimately realized.&nbsp; The accounting for the contingent tax credits is in accordance with accounting for contingent assets under IAS 37. Our accruals include interest on the tax obligations that we may offset with contingent tax credits or benefits at the interest rate defined in the relevant tax law.&nbsp; The recorded accruals for these disputed taxes and other contingencies may change in the future due to new developments in each matter, such as changes in legislation, irrevocable, final judicial decisions specific to us, or changes in approach, such as a change in settlement strategy in dealing with these matters.&nbsp; See &#8220;Item 8A.&nbsp; Consolidated Statements and Other Financial Information&#8212;Legal Proceedings&#8221; for further information on the judicial and administrative proceedings in which we are involved.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Allowance for doubtful accounts</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We consider a provision for bad debts in our trade accounts receivable in order to reflect our expectation as to the net realizable value thereof.&nbsp; This provision is estimated based on an analysis of our receivables and is periodically reviewed to maintain real expectation of collectability of our accounts receivable.</FONT></P>
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<P><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Property, Plant and Equipment</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 105%; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In accordance with our accounting policy, the cost of maintenance in operating assets is capitalized when it does not occur annually and results in an increase in the useful life of the asset. Depreciation is recognized on an accrual basis until the next maintenance event of the relevant asset. Expenditures for maintenance and repairs in operating assets, that are necessary to maintain assets under normal conditions of use, are charged to operating costs and expenses, as incurred. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 105%; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of December 31, 2011 and 2012 the amount capitalized was R$655 million and R$ 273 million respectively and the amount expended was R$969 million and R$1,219 million, respectively. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Recently Issued Accounting Pronouncements Adopted and Not Adopted by Us</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>For a description on the recently issued accounting pronouncements, see Note 2 to our consolidated financial statements contained in &#8220;Item 18.&nbsp; Financial Statements&#8221;. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Results of Operations</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table presents certain financial information with respect to our operating results for each of the years ended December&nbsp;31, 2012, 2011 and 2010:</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="58%" colSpan=6>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Income Statement Data:</FONT></B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=top width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2010</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(in million of US$, except per share data)</FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="43%" colSpan=4>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><I><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(in million of R$, except per share data)</FONT></I></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Net operating revenues</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>8,268</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>16,896</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>16,520 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>14,451 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Cost of products sold</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(5,908)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(12,072)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(9,801)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(7,883)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Gross Profit</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,361</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,824</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6,719 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>6,568 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Operating expenses</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=red face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Selling&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(456)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(932)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(604)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(482)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>General and Administrative&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(282)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(577)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(576)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(537)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Share of profit (losses) of investees</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Other Expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1,331)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(2,719)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(501)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(599)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Other Income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>23</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>47</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>719 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>49 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(2,047)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(4,182)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(962)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1,569)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Operating income</FONT></B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>314</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>642</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>5,757 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,998 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Financial Income (expenses), net</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(975)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1,992)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(2,006)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1,911)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Income Before Taxes </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(661)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(1,351)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,751</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,087</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Income Tax </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 11.8pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Current&nbsp; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(100)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(205)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(136)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 11.8pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(363)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Deferred&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>526</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>1,075</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>52 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(207)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(235)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(481)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,667 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,516 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Net income</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(235)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(481)</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,667 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,516 </FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Loss&nbsp;attributable to noncontrolling interest</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(29)</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(60)</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(39)</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>- </FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>Net income&nbsp;attributable to Companhia Sider&#250;rgica Nacional</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(206)</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>(420)</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,706 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccecff; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'>2,516 </FONT></B></P>
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<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="41%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
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     <TD width="41%">&nbsp;</TD>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Year 2012 Compared to Year 2011 </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition to the consolidated figures reported above, the Company reports its integrated operations in five business segments: steel, mining, cement, logistics (including port and railway) and energy. The operating results of each segment are disclosed separately.&nbsp; The information on CSN&#8217;s five business segments is derived from the consolidated financial statements.</FONT></P>
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<P style="TEXT-ALIGN: center">75</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our consolidated results for the years ended December 31, 2012 and 2011 by business segment are presented below: </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>R$ million</FONT></B></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Logistics</FONT></B></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Year Ended December 31, 2012</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Consolidated Results</FONT></B></P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Steel</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Mining</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Port Logistics</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Railway Logistics</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Cement</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Energy</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Eliminations</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Consolidated</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Net operating revenues</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>10,802</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>4,485</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>151</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,067</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>388</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>229</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(226)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>16,896</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 10.35pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Domestic Market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>8,478</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>713</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>151</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,067</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>388</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>229</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(531)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>10,495</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 10.35pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Export Market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,324</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,772</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>305</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,401</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Cost of goods sold</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(8,868)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(2,450)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(82)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(730)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(286)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(153)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>497</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(12,072)</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Gross profit</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,934</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,035</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>69</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>337</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>102</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>76</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>271</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>4,824</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Adjusted EBITDA*</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,068</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,166</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>55</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>381</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>60</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>71</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(269)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>4,532</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>R$ million</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="21%" colSpan=2>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Logistics</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Year Ended December 31, 2011</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Consolidated Results</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Steel</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Mining</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Port Logistics</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Railway Logistics</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Cement</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Energy</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Eliminations</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Consolidated</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Net operating revenues</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>9,478</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5,856</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>143</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,023</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>333</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>183</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(496)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>16,520</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 10.35pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Domestic Market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>8,190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>834</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>143</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,023</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>333</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>183</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(565)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>10,142</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 10.35pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Export Market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,287</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5,022</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>69</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,378</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Cost of goods sold</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(7,038)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(2,185)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(85)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(667)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(268)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(105)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>549</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(9,801)</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Gross profit</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,440</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,671</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>57</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>356</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>65</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>78</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>53</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,719</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Adjusted EBITDA*</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,575</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,768</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>45</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>371</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>20</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>75</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(386)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,468</FONT></B></P>
</DIV></TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>*For more information on Adjusted EBITDA see &#8220;Results of Operations &#8211; Adjusted EBITDA&#8221;.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Net Operating Revenues</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Net operating revenues were R$16,896&nbsp;million in 2012, an increase of R$376&nbsp;million, or 2.3%, from R$16,520&nbsp;million recorded in 2011, due to an increase in revenues from our steel, cement, logistics and energy segments, partially offset by a decrease in revenues from our mining segment.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Net domestic revenues increased 3.5%, from R$10,142&nbsp;million in 2011 to R$10,495&nbsp;million in 2012 and total net revenues of exports and sales abroad increased 0.4%, from R$6,378 million in 2011 to R$6,401&nbsp;million in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel net operating revenues increased R$1,324&nbsp;million, or 14.0%, from R$9,478&nbsp;million in 2011 to R$10,802&nbsp;million in 2012, mainly due to an increase in sales volume of 19.1% from 4,896 thousand tons in 2011 to 5,829 thousand tons in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel net domestic revenues increased 3.5%, from R$8,190&nbsp;million in 2011 to R$8,478&nbsp;million in 2012, mainly due to an increase of 6.6% in sales volume from 4,216 thousand tons in 2011 to 4,495 thousand tons in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel net revenues from exports and sales abroad increased 80.5%, from R$1,287&nbsp;million in 2011 to R$2,324&nbsp;million in 2012, with sales volume increasing 96.2% to 1,334 thousand tons in 2012, from 680 thousand tons in 2011, due to the 724 thousand tons sold by SWT, which were included in our consolidated results as of February 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining net operating revenues totaled R$4,485 million in 2012, a decrease of R$1,371 million, or 23.4%, from R$5,856&nbsp;million in 2011, due to the lower volume of iron ore sold, affected by an above average rainy season in the first half of the year, and a decrease in average iron ore prices in the international market.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining net export revenues decreased R$1,250&nbsp;million, or 24.9%, from R$5,022&nbsp;million in 2011 to R$3,772&nbsp;million in 2012, due to a decrease of 12.0% in sales volume from 22,392 thousand tons in 2011 to 19,703 thousand tons in 2012 and a decrease in average international iron ore prices.</FONT></P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">76</P>
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<A name=page_81></A>
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<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining net domestic revenues decreased R$121&nbsp;million, or 14.5%, from R$834&nbsp;million in 2011 to R$713&nbsp;million in 2012, mainly due to the decrease of sales volume from 1,457 thousand tons in 2011 to 479 thousand tons in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics net operating revenues in 2012 were R$1,218&nbsp;million, an increase of 4.5% as compared with the net logistics operating revenues of R$1,166&nbsp;million reported in 2011. In 2012, net revenue from railway logistics totaled R$1,067&nbsp;million and net revenue from port logistics amounted to R$151&nbsp;million, while in 2011, net revenue from railway logistics totaled R$1,023&nbsp;million and net revenue from port logistics amounted to R$143&nbsp;million.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement net revenue increased R$55 million, or 16.5%, to R$388 million in 2012, compared with revenue of R$333 million in 2011, due to an increase of 12.4%, or 217 thousand tons, in sales volume from 1,755 thousand tons in 2011 to 1,972 thousand tons in 2012, as we continue the ramp up of our cement plant in Volta Redonda.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012 our net operating revenues from the energy segment totaled R$229&nbsp;million, an increase of R$46&nbsp;million, or 25.1% as compared with net operating revenues of R$183&nbsp;million reported in 2011 in this segment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cost of Products Sold</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, consolidated cost of products sold amounted to R$12,072&nbsp;million, representing a 23.2% increase as compared to R$9,801&nbsp;million recorded in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Consolidated steel costs of products sold were R$8,868&nbsp;million in 2012, representing a 26.0% increase as compared to the R$7,038&nbsp;million recorded in 2011, mainly due to the increase in sales volume of flat steel and its production costs and the consolidation of SWT&#8217;s results as of February 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Other than the periodic sale of excess inventories and the purchase by our subsidiaries of semi-finished products from third parties for further processing, our cost of products sold is comparable to our flat steel production cost.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth our flat steel production costs, the production costs per ton of steel and the portion of production costs attributable to the primary components of our costs of production.&nbsp; With the exception of coal and coke, which we import, and some metals (such as aluminum, zinc and tin) with domestic prices linked to international prices, our costs of production are mostly denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 15.75pt">
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="37%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>2012</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="34%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>2011</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Raw Materials</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>R$ million</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>R$ / ton</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>%</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>R$ million</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>R$ / ton</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>%</FONT></B></P>
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<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Iron Ore </FONT></P>
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     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>280 </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>56.7</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>4.3%</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>283 </FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>56.6 </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>4.7%</FONT></P>
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<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Coal</FONT></P>
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     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>1,244 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>252.0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>19.1%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>1,249 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>250.5 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>20.9%</FONT></P>
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<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Coke</FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>672 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>136.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>10.3%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>575 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>115.3 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>9.6%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Metals</FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>258 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>52.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>4.0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>275 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>55.1 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>4.6%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Outsourced Slabs and Hot Coils</FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>144 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>29.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>2.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>221 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>44.3 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>3.7%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Pellets</FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>366 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>74.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>5.6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>276 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>55.3 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>4.6%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Scrap</FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>131 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>26.5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>2.0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>110 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>22.0 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>1.8%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Other<SUP>(1)</SUP></FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>242 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>49.0</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>3.7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>237 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>47.5 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>4.0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>(1) </FONT></SUP><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Includes limestone and dolomite</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Energy / Fuel</FONT></B></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>567 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>114.8</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>8.7%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>565 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>113.3 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>9.5%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Labor</FONT></B></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>634 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>128.5</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>9.7%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>607 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>121.6 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>10.2%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Services and Maintenance</FONT></B></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>911 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>184.5</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>14.0%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>716 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>143.5 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>12.0%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Tools and Supplies</FONT></B></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>274 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>55.6</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>4.2%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>268 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>53.8 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>4.5%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Depreciation</FONT></B></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>688 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>139.3</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>10.5%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>562 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>112.7 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>9.4%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Other</FONT></B></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>116 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>23.5</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=PT-BR color=black face='Times New Roman'>1.8%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>27 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>5.5 </FONT></B></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>0.5%</FONT></B></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Total Steel Cost Production</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>6,527 </FONT></B></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>1,321.8</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>100.0%</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>5,970 </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>1,197.1 </FONT></B></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>100.0%</FONT></B></P>
</TD></TR></TABLE></DIV></DIV></DIV>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, our steel production costs were R$6,527&nbsp;million, a 9.3%, or R$557&nbsp;million, increase from the R$5,970&nbsp;million reported in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are self-sufficient in almost all the raw materials used in the production of steel.&nbsp; The principal raw materials we use in our integrated steel mill include iron ore, coke, coal (from which we produce most of our coke necessities), limestone, dolomite, aluminum, tin and zinc.&nbsp; In addition, our production operations consume water, gases, electricity and ancillary materials.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We obtain all of our iron ore requirements from our Casa de Pedra mine located in the state of Minas Gerais, and the limestone and dolomite from our Bocaina mine in the city of Arcos, in the state of Minas Gerais.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The coal and coke we consume are acquired from different international producers &#8220;See Item 4B - Raw Materials and Suppliers&#8221;. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our coke costs increased R$97 million or 16.9%, from R$575&nbsp;million in 2011 to R$672&nbsp;million in 2012, corresponding to 10.3% of our steel production cost, due to the increase in consumption and the depreciation of the Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>. &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The costs of pellets increased R$90 million or 32.6%, from R$276&nbsp;million in 2011 to R$366&nbsp;million in 2012, principally due to the increase in consumption</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our costs of services and maintenance increased 27.2% or R$195 million, from R$716 million in 2011 to R$ 911 million in 2012, mainly due to preventive maintenance</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>. &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Depreciation costs increased R$126 million or 22.4%, from R$562 million in 2011 to R$688 million in 2012, mainly due to asset additions. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our mining costs of products sold totaled R$2,450&nbsp;million in 2012, an increase of R$265 million, or 12.1%, as compared to the R$2,185&nbsp;million reported in 2011, mainly as a result of the increase in production costs. &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, cost of services attributable to our logistics segment totaled R$812&nbsp;million, representing a 7.9% increase as compared to the R$752&nbsp;million reported in 2011, mainly due to the increase in the cost of railway logistics, which totaled R$730 million in 2012, a 9.4% increase (equivalent to R$63 million) from the R$667 million reported in 2011. The railway logistics represented 89.9% of the total logistics costs in 2012 and 88.7% of the total logistics costs in 2011. In addition, cost of services from port logistics totaled R$82&nbsp;million, a 3.5% decrease from the R$85&nbsp;million reported in 2011.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cost of products sold attributable to our cement segment reached R$286&nbsp;million in 2012, R$18&nbsp;million, or 6.7% up from the R$268&nbsp;million reported in 2011, mainly due to the increase in sales volume.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, cost of products sold attributable to our energy segment was R$153&nbsp;million, an increase of R$48 million as compared with the R$105&nbsp;million reported in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gross Profit</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gross profit totaled R$4,824 million in 2012, a decrease of 28.2% or R$1,895 million as compared to R$6,719 million in 2011, due to the increase of R$2,271 million in cost of products sold, partially offset by the increase of R$376 million in net revenues.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gross profit in the steel segment totaled R$1,934 million in 2012, a decrease of R$506&nbsp;million, or 20.7%, from R$2,440&nbsp;million in 2011, due to the increase of R$1,830 million in the cost of steel products sold, partially offset by the increase of R$1,324 million in steel net revenues, as discussed above.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our gross profit in the mining segment decreased R$1,636&nbsp;million, or 44.5% from R$3,671&nbsp;million in 2011 to R$2,035&nbsp;million in 2012, due to the decrease of R$1,371&nbsp;million in mining net operating revenues and the increase of R$265 million in cost of products sold.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gross profit in the logistics segment decreased 1.7% from R$413&nbsp;million in 2011 to R$406&nbsp;million in 2012, due to the increase of R$60 million in cost of products sold, partially offset by the increase of R$52 million in net revenues.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gross profit in the cement segment increased R$37&nbsp;million or 56.9% from R$65&nbsp;million in 2011 to R$102&nbsp;million in 2012, due to the increase of R$55 million in net revenues, partially offset by the R$18 million increase in the cost of products sold.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The energy segment reported in 2012 a gross profit of R$76&nbsp;million, a decrease of R$2.0 million, or 3.0% as compared with the R$78&nbsp;million reported in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Selling, General and Administrative Expenses </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, we recorded selling, general and administrative expenses of R$1,508&nbsp;million, a 27.8% increase from 2011. Selling expenses increased 54.3%, from R$604&nbsp;million in 2011 to R$932&nbsp;million in 2012, mainly due to the increase in the portion of our iron ore sold with freight included (CIF) and because of the inclusion of SWT&#8217;s operations in our consolidated results as of February 2012. General and administrative expenses remained largely unchanged, at R$577&nbsp;million in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Other operating income (expenses)</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, we recorded a net expense of R$2,673 million in the &#8220;Other Revenue and Expenses&#8221; line-item, as compared to a net income of R$218 million in 2011. The R$2,891 million variation was mostly due to:</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The impairment of the investment in Usiminas&#8217; shares and consequently the reclassification of the accumulated losses recorded in shareholders&#8217; equity in the amount of R$2,023 million to other operating expenses (income statement); and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A positive impact of R$698 million in 2011 from the sale of CSN&#8217;s entire interest in Riversdale Mining Limited in April 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Operating Income</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Operating income totaled R$642 million, a decrease of 88.8%, or R$5,115&nbsp;million, from R$5,757&nbsp;million in 2011.&nbsp;This decrease was mainly </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>due to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; A reduction of R$1,895 million in gross profit;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The R$2,023 million reclassification of our investments in Usiminas, as discussed above;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The positive impact of R$698 million in the first nine months of 2011 from the sale of CSN&#8217;s entire interest in Riversdale Mining Limited;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8226;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; An increase of R$328 million in selling </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>expenses</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, aforementioned.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Financial expenses (income), net</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, our net financial expenses decreased by 0.7% or R$14&nbsp;million, from R$2,006&nbsp;million in 2011 to RS$1,992&nbsp;million in 2012, mainly due to the following items:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Interest income decreased by 41.9%, or R$301&nbsp;million, from R$717&nbsp;million in 2011 to R$416&nbsp;million in 2012 due to a reduction of R$301 million in returns on financial investments;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Interest expense decreased by 10.0%, or R$289&nbsp;million, from R$2,884&nbsp;million in 2011 to R$2,595&nbsp;million in 2012 mainly due to the decrease of R$48 million in interest on loans and financing, the decrease of R$105 million in the</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>monetary restatement of tax payment installments and expenses of R$77 million in 2011 relating to the Federal Tax Repayment Program, or REFIS</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Income Taxes </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We recorded a gain for income tax and social contribution of R$870&nbsp;million in 2012, as compared to an expense of R$84&nbsp;million in 2011.&nbsp; Expressed as a percentage of pre-tax income, income tax moved from 2.2% in 2011 to -64.4% in 2012. Income tax expense in Brazil refers to federal income tax and social contribution tax.&nbsp; The statutory rates for these taxes applicable to the periods presented herein were 25% for federal income tax and 9% for the social contribution. Therefore, the balances for these periods totaled a gain of R$459&nbsp;million in 2012 and an expense of R$1,275&nbsp;million in 2011 (34% of income before taxes and equity in affiliated companies).&nbsp; Adjustments are made to these rates in order to reach the actual tax expense for the years.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For the year ended December&nbsp;31, 2012, adjustments totaled R$411 million and were comprised of: </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a R$386&nbsp;million adjustment related to equity income of subsidiaries at different rates or which are not taxable, which increased tax gains;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a R$39&nbsp;million adjustment related to non taxable income from the REFIS which increased tax gains;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$43 million related to tax loss and negative basis without constituted deferred tax, which decreased tax gains; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a R$26 million effect related to other permanent additions, which increased tax gains.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For the year ended December&nbsp;31, 2011, adjustments totaled R$1,190 million and were comprised of: </FONT></P>
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<P style="TEXT-ALIGN: center">80</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a R$1,279&nbsp;million adjustment related to equity income of subsidiaries at different rates or which are not taxable, which decreased tax expenses;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>tax incentives that represented a net tax adjustment of R$73&nbsp;million, which decreased tax expenses;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>tax incentives of R$44 million, which decreased tax expenses;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a R$16&nbsp;million adjustment related to non taxable income from the REFIS which increased tax expenses; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>An adjustment of R$190 million related to the sale of non-deductible securities, which increased tax expenses.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>It is not possible to predict the future adjustments to the federal income tax and social contribution at statutory rates, as they depend on interest on stockholder&#8217;s equity, tax incentives, non-taxable factors including income from offshore operations, and tax losses from offshore operations, especially when expressed as a percentage of income.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Net Income (Loss)</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, we had a net loss of R$481 million, as compared to a net income of R$3,667 million in 2011, basically due to the impairment of the investment in Usiminas&#8217; shares, which had an impact of R$1,335 million on the income statement.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Year 2011 Compared to Year 2010 </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our consolidated results for the years ended December 31, 2011 and 2010 by business segment are presented below: </FONT></P>
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<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Logistics</FONT></B></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Year Ended December 31, 2011</FONT></B></P>
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<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Consolidated Results</FONT></B></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Steel</FONT></B></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Mining</FONT></B></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Port Logistics</FONT></B></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Railway Logistics</FONT></B></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Cement</FONT></B></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Energy</FONT></B></P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Eliminations</FONT></B></P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Consolidated</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Net operating revenues</FONT></B></P>
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<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>9,478</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5,856</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>143</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,023</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>333</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>183</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(496)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>16,520</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 10.35pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Domestic Market</FONT></P>
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<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>8,190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>834</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>143</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,023</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>333</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>183</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(565)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>10,142</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 10.35pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Export Market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,287</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5,022</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>69</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,378</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Cost of goods sold</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(7,038)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(2,185)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(85)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(667)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(268)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(105)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>549</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(9,801)</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Gross profit</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,440</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,671</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>57</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>356</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>65</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>78</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>53</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,719</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Adjusted EBITDA*</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,575</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,768</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>45</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>371</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>20</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>75</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(386)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,468</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>R$ million</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="21%" colSpan=2>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Logistics</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Year Ended December 31, 2010</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Consolidated Results</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Steel</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Mining</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Port Logistics</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Railway Logistics</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Cement</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Energy</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Eliminations</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Consolidated</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Net operating revenues</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>9,926</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,615</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>119</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>838</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>202</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>114</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(364)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>14,451</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 10.35pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Domestic Market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>8,763</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>574</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>119</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>838</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>202</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>114</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(364)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>10,247</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 10.35pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Export Market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,163</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,041</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>4,204</FONT></P>
</TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Cost of goods sold</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(6,226)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(1,252)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(70)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(522)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(164)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(42)</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>393</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(7,883)</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Gross profit</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,700</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,363</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>49</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>317</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>38</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>72</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>29</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,568</FONT></B></P>
</DIV></TD></TR>
<TR style="HEIGHT: 1pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="18%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Adjusted EBITDA*</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,776</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,439</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>38</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>349</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>9</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>69</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(325)</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 2.15pt; PADDING-RIGHT: 2.15pt; HEIGHT: 1pt; PADDING-TOP: 0in" vAlign=bottom width="11%">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,355</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>For more information on Adjusted EBITDA see &#8220;Results of Operations &#8211; Adjusted EBITDA&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Net Operating Revenues</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Net operating revenues were R$16,520&nbsp;million in 2011, an increase of R$2,069&nbsp;million, or 14.3%, from R$14,451&nbsp;million recorded in 2010, mainly due to the increase in our mining revenues, which represent 35% of our total revenues.</FONT></P>
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<P style="TEXT-ALIGN: center">81</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Total net revenues of exports and sales abroad increased 51.7%, from R$4,204&nbsp;million in 2010 to R$6,378&nbsp;million in 2011, while net domestic revenues decreased 1.0%, from R$10,247&nbsp;million in 2010 to R$10,142&nbsp;million in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel net operating revenues decreased R$448&nbsp;million, or 4.5%, from R$9,926&nbsp;million in 2010 to R$9,478&nbsp;million in 2011, mainly due to a decrease in average steel prices, partially offset by the 2.1% increase in sales volume from 4,796&nbsp;thousand tons in 2010 to 4,896&nbsp;thousand tons in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel net domestic revenues decreased 6.5%, from R$8,763&nbsp;million in 2010 to R$8,190&nbsp;million in 2011, mainly due to a decrease in average steel prices in the domestic market, partially offset by the 1.9% increase in sales volume from 4,135 thousand tons in 2010 to 4,216 thousand tons in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel net revenues from exports and sales abroad increased 10.7%, from R$1,163&nbsp;million in 2010 to R$1,287&nbsp;million in 2011, with increases in average steel prices in the international market as well as an increase in sales volumes, from 661 thousand tons in 2010 to 680 thousand tons in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining net operating revenues increased R$2,241&nbsp;million, or 62.0%, from R$3,615&nbsp;million in 2010 to R$5,856&nbsp;million in 2011, primarily due to higher international prices and the increase in sales volume.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining net domestic revenues increased R$260&nbsp;million, or 45.3%, from R$574&nbsp;million in 2010 to R$834&nbsp;million in 2011, mainly due to the increase in average iron ore prices, partially offset by the decrease of 4.1% in sales volume from 1,520 thousand tons in 2010 to 1,457 thousand tons in 2011, a function of our strategy of increasing iron ore exports.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining net export revenues increased R$1,981&nbsp;million, or 65.1%, from R$3,041&nbsp;million in 2010 to R$5,022&nbsp;million in 2011, primarily due to the increase in international iron ore prices driven by the strong demand, mainly from China, and the increase of 31.4% in sales volume, from 17,035 thousand tons in 2010 to 22,392 thousand tons in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics net operating revenues in 2011 were R$1,166&nbsp;million, an increase of 21.8% as compared with the net logistics operating revenues of R$957&nbsp;million reported in 2010. In 2011, net revenue from railway logistics totaled R$1,023&nbsp;million and net revenue from port logistics amounted to R$143&nbsp;million, while in 2010, net revenue from railway logistics totaled R$838&nbsp;million and net revenue from port logistics amounted to R$119&nbsp;million.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As we continue the ramp-up of our cement plant in Volta Redonda, we significantly increased sales in 2011, reaching 1,755 thousand tons, which represents a growth of 76.9% when compared to 2010.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As a consequence, in 2011, net revenues from the cement segment totaled R$333&nbsp;million, an increase of 65.0% from 2010 net revenues of R$202&nbsp;million.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011 our net operating revenues from the energy segment totaled R$183&nbsp;million, an increase of R$69&nbsp;million as compared with net operating revenues of R$114&nbsp;million reported in 2010 in this segment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cost of Products Sold</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011, consolidated cost of products sold amounted to R$9,801&nbsp;million, representing a 24.3% increase as compared to R$7,883&nbsp;million recorded in 2010.</FONT></P>
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<P style="TEXT-ALIGN: center">82</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Consolidated steel costs were R$7,038&nbsp;million in 2011, representing a 13.0% increase as compared to the R$6,226&nbsp;million recorded in 2010, mainly due to the increase in raw materials costs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Other than the periodic sale of excess inventories and the purchase by our subsidiaries of semi-finished products from third parties for further processing, our cost of products sold is equivalent to our steel production cost.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth our steel production costs, the production costs per ton of steel and the portion of production costs attributable to the primary components of our costs of production.&nbsp; With the exception of coal and coke, which we import, and some metals (such as aluminum, zinc and tin) with domestic prices linked to international prices, our costs of production are mostly denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>2011</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>2010</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Raw Materials</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>R$ million</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>R$ / ton</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>%</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>R$ million</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>R$ / ton</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>%</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Iron Ore</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>283 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>56.6 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>4.7%</FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>239 </FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>47.0 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>4.3%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Coal</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>1,249 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>250.5 </FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>20.9%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>1,239 </FONT></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>243.7 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>22.1%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Coke</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>575 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>115.3 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>9.6%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>382 </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>75.1 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>6.8%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Metals</FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>275 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>55.1 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>4.6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>244 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>48.0 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>4.3%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Outsourced Slabs and Hot Coils</FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>221 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>44.3 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>3.7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>272 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>53.5 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>4.9%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Pellets</FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>276 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>55.3 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>4.6%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>169</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>33.2 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>3.0%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Scrap</FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>110 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>22.0 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>1.8%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>64 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>12.6 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>1.1%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 0.25in">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Other<SUP>(1)</SUP></FONT></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>237 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>47.5 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>4.0%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>274 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>53.9 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 0.25in; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>4.9%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><SUP><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>(1) </FONT></SUP><FONT style="FONT-SIZE: 8pt" color=black face='Times New Roman'>Includes limestone and dolomite</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Energy / Fuel</FONT></B></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>565 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>113.3 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>9.5%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>561 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>110.3 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>10.1%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Labor</FONT></B></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>607 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>121.6 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>10.2%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>570 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>112.1 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>10.2%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Services and Maintenance</FONT></B></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>716 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>143.5 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>12.0%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>743 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>146.1 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>13.3%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Tools and Supplies</FONT></B></P>
</TD>
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>268 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>53.8 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>4.5%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>269 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>52.9 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>4.8%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Depreciation</FONT></B></P>
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     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>562 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>112.7 </FONT></B></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>9.4%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>489 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>96.2 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>8.7%</FONT></B></P>
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     <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="40%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Other</FONT></B></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>27 </FONT></B></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>5.5 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>0.5%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>59 </FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>16.5 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>1.5%</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face='Times New Roman'>Total Steel Cost Production</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>5,970 </FONT></B></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>1,197.1 </FONT></B></P>
</TD>
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<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>100.0%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>5,574 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>1,101.3 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d8d8d8; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#000000 face='Times New Roman'>100.0%</FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011, our steel production costs were R$5,970&nbsp;million, a 7.1%, or R$396&nbsp;million, increase from the R$5,574&nbsp;million reported in 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are self-sufficient in almost all the raw materials used in the production of steel.&nbsp; The principal raw materials we use in our integrated steel mill include iron ore, coke, coal (from which we produce most of our coke necessities), limestone, dolomite, aluminum, tin and zinc.&nbsp; In addition, our production operations consume water, gases, electricity and ancillary materials.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We obtain all of our iron ore requirements from our Casa de Pedra mine located in the state of Minas Gerais, and the limestone and dolomite from our Bocaina mine in the city of Arcos, in the state of Minas Gerais.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The coal and coke we consume are acquired from different international producers &#8220;See Item 4B - Raw Materials and Suppliers&#8221;. In the first half of 2011, given the mismatch between supply and demand, there was an increase in the price of some raw materials used in steelmaking. </FONT></P>
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<P style="TEXT-ALIGN: center">83</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our coke costs increased R$193 million or 50.5%, from R$382&nbsp;million in 2010 to R$575&nbsp;million in 2011, corresponding to 9.6% of our steel production cost, due to the increase in consumption and higher average prices. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The costs of pellets increased R$107 million or 63%, from R$169&nbsp;million in 2010 to R$276&nbsp;million in 2011, principally due to increase in consumption but also due to higher average prices</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Depreciation costs increased R$73 million from R$489 million in 2010 to R$562 million in 2011, mainly due to asset additions.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our mining costs of products sold totaled R$2,185&nbsp;million in 2011, an increase of R$933 million, or 74.5%, as compared to the R$1,252&nbsp;million reported in 2010, mainly due to the increase in sales volume of iron ore. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011, cost of services attributable to our logistics segment totaled R$752&nbsp;million, representing a 27.0% increase as compared to the R$592&nbsp;million reported in 2010, mainly due to the increase in the cost of railway logistics, which totaled R$667 million in 2011, a 27.8% increase (equivalent to R$145 million) from the R$522 million reported in 2010. The railway logistics represented 89% of the total logistics costs in 2011 and 88% of the total logistics costs in 2010. In addition, cost of services from port logistics totaled R$85&nbsp;million, a 21.4% increase from the R$70&nbsp;million reported in 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cost of products sold attributable to our cement segment reached R$268&nbsp;million in 2011, R$104&nbsp;million, or 63.4% up from the R$164&nbsp;million reported in 2010, mainly due to an increase in sales, as described above.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011, cost of products sold attributable to our energy segment was R$105&nbsp;million, an increase of R$63 million or 150.0% as compared with the R$42&nbsp;million reported in 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gross Profit</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gross profit totaled R$6,719 million in 2011, an increase of 2.3% or R$151 million as compared to R$6,568 million in 2010, due to the increase of R$2,069 million in net operating revenues, partially offset by the increase of R$1,918 million in cost of products sold.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gross profit in the steel segment totaled R$2,440 million in 2011, a decrease of R$1,260&nbsp;million, or 34.1%, from R$3,700&nbsp;million in 2010, due to the increase of R$812 million in the cost of steel products sold, in light of the increase in raw material costs, and the decrease of R$448 million in steel net revenues due to the decrease in average steel prices.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our gross profit in the mining segment increased R$1,308&nbsp;million, or 55.3% from R$2,363&nbsp;million in 2010 to R$3,671&nbsp;million in 2011, mainly due to the increase of R$2,241&nbsp;million in mining net operating revenues, caused by higher international prices and increase in sales volume, partially offset by the increase of R$933 million in cost of products sold.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Logistics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gross profit in the logistics segment increased 12.8% from R$366&nbsp;million in 2010 to R$413&nbsp;million in 2011, due to the increase of R$209 million in net revenues, partially offset by the increase of R$160 million in the cost of products sold.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gross profit in the cement segment increased R$27&nbsp;million or 68.4% from R$38&nbsp;million in 2010 to R$65&nbsp;million in 2011, due to the increase of R$131 million in net revenues, partially offset by the R$104 million increase in the cost of products sold.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Energy</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The energy segment reported in 2011 a gross profit of R$78&nbsp;million, an increase of 8.3% as compared with the R$72&nbsp;million reported in 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Selling, General and Administrative Expenses </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011, we recorded selling, general and administrative expenses of R$1,180&nbsp;million, a 15.8% increase from 2010. Selling expenses increased 25.3%, from R$482&nbsp;million in 2010 to R$604&nbsp;million in 2011, mainly due to expenses relating to iron ore freight. General and administrative expenses increased 7.3%, from R$537&nbsp;million in 2010 to R$576&nbsp;million in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Other operating income (Expenses)</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011, we recorded a net income of R$218 million in the &#8220;Other Revenue and Expenses&#8221; line-item, as compared to a net expense of R$551 million in 2010.&nbsp; The R$769 million increase was mostly due to the R$698 million from the sale of CSN&#8217;s entire interest in Riversdale Mining Limited in April 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Operating Income</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Operating income increased by 15.2%, or R$759&nbsp;million, from R$4,998&nbsp;million in 2010 to R$5,757&nbsp;million in 2011.&nbsp;This increase was mainly </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>due to the R$698 million from the sale of CSN&#8217;s entire interest in Riversdale Mining Limited in April 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Financial expenses (income), net</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011, our net financial expenses increased by 5.0% or R$95&nbsp;million, from R$1,911&nbsp;million in 2010 to RS$2,006&nbsp;million in 2011, mainly due to the following items:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Interest income increased by 11.5%, or R$74&nbsp;million, from R$643&nbsp;million in 2010 to R$717&nbsp;million in 2011 mainly due to the increase of R$145&nbsp;million in returns on financial investments, due to the increases in cash and cash equivalents.&nbsp; This decrease was partially offset by the decrease of R$46&nbsp;million in other financial income;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Interest expense increased by 31.1%, or R$684&nbsp;million, from R$2,200&nbsp;million in 2010 to R$2,884&nbsp;million in 2011 mainly due to the increase of R$828&nbsp;million in interests on loans and financing, partially offset by an increase of R$138&nbsp;million in capitalized interest;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Foreign exchange and monetary variation net, including operations with derivatives, moved&nbsp; from a loss of R$354&nbsp;million in 2010 to a gain of R$161&nbsp;million in 2011, mainly resulting from the depreciation of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> against the U.S. dollar. This depreciation affects:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our U.S. dollar-denominated gross debt;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our U.S. dollar-denominated cash and cash equivalents; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 1in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="courier new">o</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our trade accounts receivable and payable account receivables.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Income Taxes</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We recorded an expense for income tax and social contribution of R$84&nbsp;million in 2011, as compared to R$571&nbsp;million in 2010.&nbsp; Expressed as a percentage of pre-tax income, income tax expense decreased from 18.5% in </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>2010 to 2.2% in 2011. Income tax expense in Brazil refers to federal income tax and social contribution tax.&nbsp; The statutory rates for these taxes applicable to the periods presented herein were 25% for federal income tax and 9% for the social contribution. Therefore, the balances owed for these periods totaled R$1,275&nbsp;million in 2011 and R$1,050&nbsp;million in 2010 (34% of income before taxes and equity in affiliated companies).&nbsp; Adjustments are made to these rates in order to reach the actual tax expense for the years.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For the year ended December&nbsp;31, 2011, adjustments totaled R$1,190 million and were comprised of: </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a R$1,279&nbsp;million adjustment related to equity income of subsidiaries at different rates or which are not taxable, which decreased tax expenses;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>tax incentives that represented a net tax adjustment of R$73&nbsp;million, which decreased tax expenses;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>tax incentives of R$44 million, which decreased tax expenses;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a R$16&nbsp;million adjustment related to non taxable income from REFIS which increased tax expenses; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>An adjustment of R$190 million related to sale of non-deductible securities, which increased tax expenses.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For the year ended December&nbsp;31, 2010, adjustments totaled R$478&nbsp;million and were comprised of:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a R$121&nbsp;million benefit from interest on shareholders&#8217; equity;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a R$217&nbsp;million adjustment related to equity income of subsidiaries at different rates or which are not taxable, which decreased tax expenses;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>tax incentives that represented a net tax adjustment of R$34&nbsp;million, which decreased tax expenses; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a R$106&nbsp;million benefit related to non taxable income from REFIS adjustments.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>It is not possible to predict the future adjustments to the federal income tax and social contribution at statutory rates, as they depend on interest on stockholder&#8217;s equity, tax incentives, non-taxable factors including income from offshore operations, and tax losses from offshore operations, especially when expressed as a percentage of income.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Net Income</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2011, we had a net income of R$3,667 million, a 45.7% increase as compared to 2010. The improved results were mainly due to the R$698 million from the sale of CSN&#8217;s entire interest in Riversdale Mining Limited in April 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Adjusted EBITDA</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Company uses adjusted EBITDA to measure the performance of its various segments and the capacity to generate recurring operating cash. It comprises net income before the net financial result, income and social contribution taxes, depreciation and amortization, equity income and other operating revenue (expenses). However, although it is used to measure segment results, adjusted EBITDA is not a measure recognized by Brazilian accounting practices or International Financial Reporting Standards (IFRS), has no standard definition and therefore should not be compared to similar indicators adopted by other companies. As required by IFRS 8, the table below shows the reconciliation of the adjusted EBITDA with the net income (loss) for the year. </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(481)</FONT></P>
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<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,667 </FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,216</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>929</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>806</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Income tax and social contribution</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(870) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>84</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>571</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Finance income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,992</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,006</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,911</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>EBITDA</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,858 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,686</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5,804</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Other operating income (expenses)</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,673</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>(218) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>551</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Share of profit (losses) of investees</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cceeff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>-</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="49%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Adjusted EBITDA</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>4,532</FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=top width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,468 </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="2%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="15%" noWrap>
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,355 </FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Adjusted EBITDA totaled R$4,532 million in 2012, a decrease of 29.9% or R$1,936 million as compared to R$6,468 million in 2011, due to the decrease in sales and average prices of iron ore and higher costs of goods sold.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Adjusted EBITDA totaled R$6,468 million in 2011, an increase of 1.8% or R$113 million as compared to R$6,355 million in 2010, due to the increase in sales and average prices of iron ore, partially offset by higher costs of goods sold and lower steel prices.</FONT></P>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>5B. Liquidity and Capital Resources </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Overview</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our main uses of funds are for capital expenditures, repayment of debt and dividend payments.&nbsp; We have historically met these requirements by using cash generated from operating activities and through the issuance of short- and long-term debt instruments.&nbsp; We expect to meet our cash needs for 2013 primarily through a combination of operating cash flow, cash and cash equivalents on hand and newly issued long-term debt instruments.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition, from time to time, we review acquisition and investment opportunities and will, if a suitable opportunity arises, make selected acquisitions and investments to implement our business strategy.&nbsp; We generally make investments directly or through subsidiaries, joint ventures or affiliated companies, and fund these investments through internally generated funds, the issuance of debt, or a combination of such methods.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sources of Funds and Working Capital </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Year 2012 Compared to Year 2011 </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cash Flows</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cash and cash equivalents decreased by R$973&nbsp;million in 2012, compared to an increase of R$5,178&nbsp;million in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Operating Activities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash provided by operations was R$3,488 million and R$4,202 million, in 2012 and 2011, respectively. This R$714 million decrease was mainly due to a decrease of R$1,215&nbsp;million in net income adjusted for items that do not impact cash and a decrease of R$501 million in our working capital.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Investing Activities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We used cash in our investing activities in the total amount of R$3,540 million in 2012 and R$5,275&nbsp;million in 2011. The decrease of R$1,735&nbsp;million </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>was mainly a result of a decrease of R$1,257 million in investments in fixed assets in our main projects.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Financing Activities</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cash used in financing activities was R$749&nbsp;million in 2012 compared to cash provided by financing activities of R$4,741&nbsp;million in 2011. This R$5,490&nbsp;million difference was mainly due to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a decrease of R$4,102 million in proceeds from borrowings and financings;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 6pt 0.75in"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>an increase of R$1,055 million in amortizations of borrowings and financings; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.75in"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$803 million in amortization of financings of SWT.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 0in 0in 6pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>These effects were partially offset by a decrease of R$657 million in dividends and interest on equity payments.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Year 2011 Compared to Year 2010 </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cash Flows</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cash and cash equivalents flow increased by R$5,178&nbsp;million in 2011 and R$2,268 million in 2010.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Operating Activities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash provided by operations was R$4,202 million and R$2,517 million, in 2011 and 2010, respectively. This R$1,685 million increase was mainly due to an increase of R$1,171 million in net income adjusted for items that do not impact cash and a decrease of R$514 million in working capital.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Investing Activities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We used cash in our investing activities in the total amount of R$5,275&nbsp;million in 2011 and R$4,636 million in 2010. </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The increase of R$639 million was mainly due to an increase of fixed assets to supply the projects, mainly related to: (i) the Casa de Pedra expansion; (ii) the expansion of the Itagua&#237; Port; (iii) the construction of the long steel mill in the city of Volta Redonda (State of Rio de Janeiro); and (iv) the extension of the Transnordestina railroad.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Financing Activities</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cash provided by financing activities totaled R$4,741&nbsp;million in 2011, compared R$4,616 million in 2010. </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>This R$125 million increase was mainly due to a decrease of R$1,238 million in amortizations of borrowings and financings, almost offset by a decrease of R$931 million in issuances and an increase of R$296 million in payments of dividends and interest on equity. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Trade Accounts Receivable Turnover Ratio </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our receivable turnover ratio (the ratio between trade accounts receivable and net operating revenues), expressed in days of sales increased to 31 days on December 31, 2012 from 29 days on December 31, 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Days Sales in Inventory</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our days sales in inventory (obtained by dividing inventories by annualized cost of products sold), expressed in days of cost of products sold decreased to 76 days in 2012 from 103 days in 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Trade Accounts Payable Turnover Ratio </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The accounts payable turnover ratio (obtained by dividing trade accounts payable by annualized cost of products sold), expressed in days of cost of products sold, increased to 55 days on December 31, 2012 from 46 days on December 31, 2011.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Liquidity Management </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Given the capital intensive and cyclical nature of our industry, and the generally volatile economic environment in certain emerging markets, we have retained a substantial amount of cash on hand to run our operations, to satisfy </FONT>

<a name="page_93"></a><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>our financial obligations, and to be prepared for potential investment opportunities.&nbsp; As of December&nbsp;31, 20</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#1f497d face='Times New Roman'>12</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, cash and cash equivalent totaled R$14,445 million.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We were also taking advantage of the current liquidity conditions to extend the maturity profile of our debt.&nbsp; These activities are unrelated to the management of any interest rate, inflation and/or foreign exchange risk exposure.&nbsp; Given the lack of a liquid secondary market for our short term debt instruments, we have accumulated cash instead of prepaying our debt prior to final maturity</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face='Times New Roman'>.&nbsp; As of December&nbsp;31, 2012, short-term and long-term indebtedness accounted for 7.6% and 92.4%, respectively, of our total debt, and the average life of our existing debt was equivalent to approximately 7 years, considering a 40 year term for the perpetual bonds issued in September&nbsp;2010. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Capital Expenditures and Investments </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, our capital expenditures were R$3,144&nbsp;million, of which R$984 million was used in the expansion of the&nbsp;Transnordestina railroad, R$454&nbsp;million in the construction of our long steel plant in Volta Redonda, R$381&nbsp;million in the Casa de Pedra mine expansion and Itagua&#237; Port expansion, R$73 million in our clinker plant and R$219&nbsp;million in maintenance and repairs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We expect to meet our liquidity requirements from cash generated from operations, and, if needed, the issuance of debt securities. For details on our Planned Investments see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Company Debt and Derivative Instruments</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>At December&nbsp;31, 2012 and 2011, total debt (composed of current and non-current portions of borrowings and financings) summed R$30,284 million and R$28,067&nbsp;million, respectively, equal to 330% and 333% of the stockholders&#8217; equity at December&nbsp;31, 2012 and 2011, respectively.&nbsp; At December&nbsp;31, 2012, our short-term debt (composed of current borrowings and financings, which includes current portion of long-term debt) totaled R$2,326&nbsp;million and our long-term debt (composed of non-current borrowings and financings) totaled R$27,958 million.&nbsp; The foregoing amounts do not include debt of others for which we are contingently liable.&nbsp; See &#8220;Item 5E.&nbsp; Off-Balance Sheet Arrangements.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>At December&nbsp;31, 2012, approximately 64% of our debt was denominated in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> and substantially all of the remaining balance was denominated in U.S. dollars.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our current policy is to protect ourselves against foreign exchange losses and interest rate losses on our debt and currently our exposure is protected through foreign exchange derivative products, including futures and swaps</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp; For a description of our derivative instruments, see Note 13.IV to our consolidated financial statements contained in &#8220;Item 18.&nbsp; Financial Statements.&#8221; Also see &#8220;Item 5A.&nbsp; Operating Results&#8212;Results of Operations&#8212;Year 2012 Compared to Year 2011&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The components of R$2,326&nbsp;million of our consolidated current portion of short-term debt outstanding at December&nbsp;31, 2012 were:</FONT></P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=left><B><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Components</FONT></B></P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Average <BR>
interest rate</FONT></B></P>
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<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Total</FONT></B></P>
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><I><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>(in million of R$)</FONT></I></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Fixed rate notes</FONT></P>
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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>6.5% - 10.0%</FONT></P>
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<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>1,265</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>BNDES/Finame</FONT></P>
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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>TJLP + 1.5% - 5% and TJR + 1.7% - 2.7%</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in">
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>448</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Prepayment financing</FONT></P>
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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>1% - 7.5% and 104.8% - 111% CDI</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>335</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Debentures</FONT></P>
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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>1% + TJLP and 103.6% - 110.8% CDI</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in">
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in">
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>145</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>CCB</FONT></P>
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<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>112.5% CDI</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in">
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>62</FONT></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in"><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Others</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom colSpan=2>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>1.4% - 8.0% and CDI + 1.2%</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in">
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>71</FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Total</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top colSpan=2>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=top>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>2,326</FONT></B></P>
</TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 6pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The components of R$27,958 million of our consolidated long-term debt outstanding at December&nbsp;31, 2012 were (amounts are reflected in long-term debt):</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=left><B><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Components</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Average <BR>
interest rate</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><B><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Total</FONT></B></P>
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><I><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>(in million of R$)</FONT></I></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Debentures</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>1% + TJLP and 103.6% - 110.8% CDI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>4,614</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Fixed rate notes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>6.5% - 10%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>4,802</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>BNDES/Finame</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>TJLP + 1.5% - 5% and TJR + 1.7% - 2.7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>1,968</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Perpetual bonds</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>7% </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>2,043</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Prepayment financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>1% - 7.5% and 104.8% - 111% CDI </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>6,839</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=left><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>CCB</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>112.5% CDI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>7,200</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=left><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Others</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>1.4% - 8.0% and CDI + 1.2%</FONT></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>492</FONT></P>
</DIV></TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=left><B><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>Total</FONT></B></P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=center><FONT style="FONT-SIZE: 9pt" face='Times New Roman'></FONT>&nbsp;</P>
</DIV></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0in" vAlign=bottom>
<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: right; BORDER-LEFT: medium none; PADDING-BOTTOM: 0in; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0in" align=right><B><FONT style="FONT-SIZE: 9pt" face='Times New Roman'>27,958</FONT></B></P>
</DIV></TD></TR></TABLE></DIV></DIV>
<P style="TEXT-ALIGN: center">89</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_94></A>
<P></P>
<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<P></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The amount of interest paid in 2012 was R$2,348 million. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The local debenture is a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>-denominated debt instrument, which includes: </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.45pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(i)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Debentures issued in February&nbsp;2006, of R$600&nbsp;million six-year bearing interest at a rate of 103.6% of the CDI rate per annum. On February 1, 2012, the Company liquidated these debentures in the amount of R$635,285 thousand (R$600,000 thousand principal amount and R$35,285 thousand in interest).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.45pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(ii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Debentures issued by our controlled company Transnordestina Log&#237;stica S.A., which obtained approval by FDNE (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Fundo de Desenvolvimento do Nordeste</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>) on March 2010 for its First Private Emission of Debentures, convertible into shares, composed of eight series in total, with the overall amount of R$2,672,400. Until December 31, 2011, Transnordestina Log&#237;stica S.A. had already issued 5 series in the total amount of R$1,615 million.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.45pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(iii)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Debentures issued in July&nbsp;2011, of R$1,150&nbsp;million bearing interest at a rate of 105.8% of the CDI rate per annum and maturity in 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.45pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(iv)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp; &nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;Debentures issued in September 2012, of R$1,565 million comprised of two series, one maturing in March 2015 and bearing interest at a rate of 105.8% of the CDI rate per annum, and one maturing in September 2015 and bearing interest at a rate of 106.0% of the CDI rate per annum.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Eurodollar and Euronotes issued in accordance with Rule 144A and Regulation S under the Securities Act reflect senior unsecured debt instruments issued by us and our offshore subsidiaries, including (i) the US$300&nbsp;million bonds, 10% per annum coupon, and the US$300&nbsp;million notes, 8.25% per annum coupon, issued in 1997 with final maturity in 2047; (ii) the issuance in December&nbsp;2003 and January&nbsp;2004 of US$550&nbsp;million notes, 9.75% per annum coupon with final maturity in 2013; (iii)&nbsp;the US$400&nbsp;million notes, 10% per annum coupon, issued in September&nbsp;2004 and January&nbsp;2005 with final maturity in 2015, and (iv)&nbsp;the US$750&nbsp;million notes, 6.875% per annum coupon, issued in September&nbsp;2009 with maturity in 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In July 2010, we issued US$1 billion notes, 6.50% per annum coupon and maturity date in July 2020, and in September 2010 we issued a US$1 billion Perpetual Bond, 7% per annum coupon. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We issued export credit notes, or NCEs: (i) on April&nbsp;11, 2008, in the amount of R$100&nbsp;million in favor of Banco do Brasil S.A., due 2013; (ii)&nbsp;on September&nbsp;30, 2009, in the amount of R$1.0&nbsp;billion, in favor of Banco do Brasil S.A., due 2014; (iii)&nbsp;on September&nbsp;30, 2009, in the amount of R$300&nbsp;million, in favor of Banco do Brasil S.A., due 2014; (iv) on May 21, 2010 in the amount of R$2.0 billion, in favor of Banco do Brasil S.A., through our&nbsp; subsidiary Congonhas Min&#233;rios S.A., due 2018. In April 2011, we issued another NCE, in the amount of R$1.5 billion; in favor of Banco do Brasil S.A., due to 2019.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We contracted credit facilities from Caixa Econ&#244;mica Federal (CEF), under its special credit for large companies, in the form of a bank credit bill, or CCB: (i) on August&nbsp;18, 2009, in the amount of R$2.0&nbsp;billion and to be amortized in 36&nbsp;months; (ii) on February&nbsp;9, 2010, in the amount of R$1.0&nbsp;billion and to be amortized in 36&nbsp;months. In 2011, we contracted two more CCBs: (i) in February 2011, in the amount of R$2.0 billion and to be amortized in 94 months; and (ii) in August 2011, in the amount of R$2.2 billion and to be amortized in 108 months. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In January 2012, we priced, through our wholly-owned subsidiary CSN Resources S.A., an additional bond issuance in the amount of US$200 million, through the reopening of the US$1 billion bonds, at an interest rate of 6.5% p.a., due in July 2020. The offering price was 106.00% and yield was 5.6% p.a.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In January 2012, we secured financing contracted through our subsidiary CSN Steel S.L., in the amount of &#8364;120 million, to partially fund the acquisition of all shares held by the Alfonso Gallardo Group, S.L.U. (&#8220;Grupo Gallardo&#8221;) in the following companies: SWT and Gallardo Sections S.L.U.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In March 2012, we issued promissory notes in the total amount of R$800 million. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In September 2012, the Company liquidated these promissory notes, paying the principal amount of R$800 million and R$33,277 in interest. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Maturity Profile</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth the maturity profile of our long-term debt at December&nbsp;31, 2012:</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Maturity in</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Principal Amount</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(In millions of R$)</FONT></I></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2014&nbsp;</FONT></P>
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<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,917</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2015&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,886</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="80%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2016&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,282</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="80%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2017&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,530</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2018</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,727</FONT></P>
</TD></TR>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2019 and thereafter&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>8,573</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Perpetual bonds&nbsp;</FONT></P>
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<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,043</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total&nbsp;</FONT></P>
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<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>27,958</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>5C. Research &amp; Development and Innovation</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We have been investing in Research &amp; Development to develop new products and processes required by a demanding market. Among our projects, we can highlight:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 38.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The development of pre-painted steel, coated with Organo-Metallic film for application in fuel tanks in automobiles, reducing fuel consumption;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 38.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Advanced High Strength Steels, Ultra Low Carbon Steels (extra deep drawing quality), Bake-Hardening Steels, High Resistance Interstitial Free Steels, High Strength and Low Alloy and Rephosphorized High Strength Steels, allowing the production of lighter vehicles;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 38.5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN Extra Fino &#174; cold rolled steel for new applications in white goods and steel furniture, developed in response to a worldwide trend.</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>5D.&nbsp;Trend Information </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Overview </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The global economic activity is recovering at a moderate pace, still reflecting the high level of uncertainty surrounding the international scenario. For 2013, the International Monetary Fund (IMF) estimates global growth of 3.5%.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For the European Union, the European Central Bank is forecasting stagnation in 2013 and growth of 1.1% in 2014. The Bank of England expects GDP growth of 1% in 2013 and annualized inflation of 3%, forecasted to remain above the 2% target for two years. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt; BACKGROUND: white"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>With regard to the United States, the Fed estimates GDP growth of between 2.3% and 2.8% in 2013. However, the US$85 billion cut in the U.S. budget may affect several economic sectors, resulting in a reduction of up to 1% in the GDP estimates.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.3pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Chinese Central Bank maintained its 2013 GDP growth estimate at 7.5%. During the Central Economic Work Conference held in December, the Chinese authorities singled out urban growth as a key factor in fueling domestic demand, deemed necessary in order to reduce the country&#8217;s dependence on exports, given the uncertainties </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>in the global economy. At the same time, the Chinese government is expected to continue with its proactive fiscal policies and prudent monetary measures. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>With regards to Brazil, GDP growth is expected to reach 3.00% in 2013, while the IPCA is expected to total 5.71%, according to the Central Bank&#8217;s FOCUS report. COPOM indicates that it will monitor the macroeconomic scenario in order to define its next steps, with the possibility of increasing the Selic interest rate if inflation continues to rise. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Steel</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to the WSA, world steel demand is expected to increase by 3.2% in 2013, totaling 1.46 billion tons, with China accounting for 659 million tons.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>IABr expects domestic sales growth of 7.7% in 2013, fueled by government measures such as the reduction in electricity tariffs, the increase in import taxes for certain steel products and the end of fiscal conflicts between the Brazilian states. It also expects apparent consumption of flat and long steel of 26.4 million tons in 2013, a 4.3% increase over 2012.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Continuing with the goal of diversifying and investing in the expected growth of the construction industry in the domestic market, we are constructing a long steel plant with a capacity of 500 kta, including rebar and wire rods in our portfolio.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mining </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CRU forecasts the seaborne iron ore trade will reach 1.43 billion tons by 2017, a 33% growth as compared with the level reached in 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pressured by slower than expected GDP performance during 2012, the Chinese government announced last September a US$157 billion stimulus package focused on infrastructure investments. This change in expectations has resulted in better fundamentals for steel, and since then has been sustaining the appetite for seaborne iron ore. Chinese iron ore imports are expected to increase by 9% in 2013, reaching the record volume of 782 million tons.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>According to CRU, exports in Brazil show a tendency to increase until at least 2017. By this time, exports should total approximately 452 million tons, an increase of 41% over current levels. For 2013, the forecast is for Brazil to export 332 million tons.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Considering this scenario, we expect to reach an annual sales level of 89 million tons per year of iron ore products from Casa de Pedra, Namisa and third party purchases. To ensure the production outflow, we expect the Itagua&#237; Port to reach an 84 mtpy shipment capacity. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 5pt 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Prospects for the sector remain positive. In 2013, the construction industry is expected to benefit from lower taxes and higher investments in infrastructure. ABRAMAT estimates construction material domestic sales growth 4.5% greater in 2013 than 2012, fueled by a greater number of property launches and the construction of homes within the government&#8217;s </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Minha Casa, Minha Vida</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> housing program. In addition, the highway, railway, port and airport concession programs and the construction related to the World Cup are expected to gain momentum.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are analyzing the expansion of our grinding capacity to 5.4&nbsp;million tons, to capture the strong growth expected for the construction sector, fueled by increased income and employment, incentives for homebuyers and the expansion of Brazil's infrastructure. For details on our Planned Investments see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;. </FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>5E. Off-Balance Sheet Arrangements</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition to the debt that is reflected on our balance sheet, we are contingently liable for the off-balance concession payments and also for &#8220;take-or-pay&#8221; contractual obligations. The following table summarizes all of the </FONT>

<a name="page_97"></a><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>off-balance sheet obligations for which we are contingently liable and which are not reflected under liabilities in our consolidated financial statements:</FONT></P>
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<P style="TEXT-ALIGN: center">92</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Contingent Liability with Respect to Consolidated and Non-Consolidated Entities as of December&nbsp;31, 2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Aggregate Amount</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Maturity</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(In million of R$)</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Guarantees of Debt: </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;Transnordestina&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,633&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2012-2028&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Contingent Liability for Concession Payments<SUP>(1) </SUP>: </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;Sepetiba Tecon</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>310</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2026</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="60%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;Transnordestina</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>101</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2027</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Solid Bulks Terminal - TECAR</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,251</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2022</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&#237;stica S.A</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,144</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2026</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="60%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total &nbsp;</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,806</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&#8221;Take-or-Pay&#8221; Contractual Obligations</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="60%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;MRS Log&#237;stica S.A.&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>660&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2016&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;White Martins Gases Industriais Ltda. &nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>440&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2016&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="60%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;Companhia Estadual de G&#225;s do Rio de Janeiro &#8211; CEG Rio<SUP>(2)</SUP>&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>0&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;Ferrovia Centro Atl&#226;ntica &#8211; FCA&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>270</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2020&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;Vale S/A</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>221</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2014</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;Companhia Paranaense de G&#225;s - COMPAG&#193;S</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>181</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;Companhia Paranaense de Energia - COPEL</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>62</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2021</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>ALL</FONT><SUP><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(2)</FONT></SUP><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>0</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>K&amp;K Tecnologia</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>73</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2023</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Harsco Metals Ltda</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>45</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2014</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Siemens</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>20</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2013</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp;&nbsp;</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,971</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="BACKGROUND-COLOR: #cceeff" width="60%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" width="18%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" width="2%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #cceeff" width="18%">&nbsp;</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total Contingent Liability with Respect to Consolidated and Non-consolidated Entities: </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,411</FONT></B></P>
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     <TD width="18%"></TD></TR></TABLE></DIV></DIV>
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -19.5pt; MARGIN: 0in 0in 0pt 37.5pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>(1)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>Other consortia members are also jointly and severally liable for these payments.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -19.5pt; MARGIN: 0in 0in 0pt 37.5pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>(2)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>These contracts are under renegotiations. &nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Guarantees</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We guarantee the loans BNDES has granted to Transnordestina in May and December&nbsp;2005, and in January&nbsp;2006, all of which mature by May&nbsp;2028, adjusted based on the TJLP plus 1.5% per annum. The total outstanding amount of the debt as of December&nbsp;31, 2012 was R$1,633&nbsp;million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Concessions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sepetiba Tecon</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We own 99.99% of Sepetiba Tecon S.A., or TECON, which holds a concession to operate, for a 25-year term (renewable for additional 25 years), the container terminal at the Itagua&#237; Port, located in the State of Rio de Janeiro.&nbsp; As of December&nbsp;31, 2012, R$310 million of the cost of the concession was outstanding and payable over the remaining 14 years of the concession.&nbsp; For more information see &#8220;Item 4D. Property, Plant and Equipment &#8211; Capital Expenditures &#8211; Planned Investments&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Transnordestina</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of December&nbsp;31, 2012, we held 76.13% of the capital stock of Transnordestina Log&#237;stica S.A., which has a 30-year concession granted in 1997 to operate Brazil&#8217;s Northeastern railway system.&nbsp; The Northeastern railway system currently covers 4,534 km of track and operates in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, </FONT>

<a name="page_98"></a>
<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pernambuco, Alagoas and Rio Grande do Norte.&nbsp; It also connects with the region&#8217;s leading ports, thereby offering an important competitive advantage through opportunities for intermodal transportation solutions and made-to-measure logistics projects. As of December&nbsp;31, 2012, R$101&nbsp;million was outstanding over the remaining 15 years of the concession.</FONT></P>
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<P style="TEXT-ALIGN: center">93</P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Solid Bulks Terminal</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We hold the concession to operate TECAR, a solid bulks terminal, one of four terminals that form the Itagua&#237; Port, located in the State of Rio de Janeiro, for a term expiring in 2022 and renewable for another 25 years.&nbsp; Itagua&#237; Port, in turn, is connected to the Presidente Vargas Steelworks, Casa de Pedra and Namisa by the Southeastern railway system.&nbsp; Our imports of coal and coke are made through this terminal.&nbsp; Under the terms of the concession, we undertook to load and unload at least 3.0&nbsp;million tons of bulk cargo annually.&nbsp; Among the approved investments that we announced is the development and expansion of the solid bulks terminal at the Itagua&#237; Port to handle up to 84&nbsp;million tons of iron ore per year.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>MRS Log&#237;stica S.A</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of December 31, 2012, we held a 33.27% participation in MRS Log&#237;stica S.A., which holds a concession to operate Brazil&#8217;s Southeastern railway system until 2026, renewable for an additional 30 years,&nbsp; We have contracts with MRS Log&#237;stica S.A. for the transportation of iron ore from the mines of Casa de Pedra in Minas Gerais to Volta Redonda and coke and coal from the Port of Itagua&#237; (RJ) to Volta Redonda, and transportation of our exports&nbsp; to the Ports of Itagua&#237; (RJ) and Rio de Janeiro (RJ). As of December 31, 2012, R$1,144 million was outstanding over the remaining 14 years of the concession.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Contractual Obligations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Namisa</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Port Operating Services Agreement</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On October 21, 2008, CSN entered into an agreement for the provision of port services to Namisa for a 34-year period, consisting of receiving, handling, storing and shipping Namisa&#8217;s iron ore in annual volumes that range from 18.0 million tons to 39.0 million tonnes. On December 30, 2008, CSN has received the amount of approximately R$5.3 billion as an advance for part of the payments due for the services to be provided under this agreement. The amounts charged for these port services are reviewed on a quarterly basis and adjusted considering the changes in the market price of iron ore.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>High Silica ROM</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On October 21, 2008, CSN entered into an agreement for the supply of high silica crude iron ore ROM to Namisa for a period of 30 years in volumes that range from 42.0 million tons to 54.0 million tons per year. On December 30, 2008, CSN received approximately R$1.6 billion as an advance for part of the payments due for the supplies to be made under this agreement. The supply price is reviewed on a quarterly basis and adjusted considering the changes in the market price of iron ore.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Low Silica ROM</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On October 21, 2008, CSN entered into an agreement for the supply of low silica crude iron ore ROM to Namisa for an effective period of 9 years in volumes that range from 8 million tons to 30.6 million tons per year.&nbsp; On December 30, 2008, CSN received approximately R$424 million as an advance for part of the payments due for the supplies to be made under this agreement. The supply price is reviewed on a quarterly basis and adjusted considering the changes in the market price of iron ore.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;Take-or-Pay&#8221; Contractual Obligations</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>MRS Log&#237;stica S.A.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Transportation of Iron Ore, Coal and Coke to Volta Redonda</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The volume set for iron ore and pellets is 8,280,000 tons per year and for coal, coke and other reduction products is 3,600,000 tons per year. Variation of up to 10% is accepted, with a guarantee of payment of at least 90%, but the obligation is for each item individually. MRS, on the other hand, is required to transport at least 80% of the volume established by the agreement. The agreement expired on December 31, 2012 and CSN and MRS are negotiating the terms of a new contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Transportation of Iron Ore for Export from Itagua&#237;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The volume set is 40,000,000 tons per year for the first three years, with gradual increases for the following years, with a guarantee of payment of at least 80%.&nbsp;We may increase or decrease the volume set in the agreement every year by up to 10% and 15%, respectively, taking into consideration the volume informed in the previous year.&nbsp; This agreement expires on November 30, 2026.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For both contracts we have flexibility to renegotiate the &#8220;take-or-pay,&#8221; if the volume is not reached.&nbsp; As we are a shareholder of MRS, the minimum amounts to be paid under the contract terms are calculated by a tariff model that assures competitive prices.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Transportation of Steel Products</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>The volume set is 2,750,000 tons per year, with an acceptable variation of up to 20%.&nbsp; The agreement covers the transportation of steel products from the Presidente Vargas Steelworks to third party terminals, and expires on May 31, 2016.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Cement Transportation&nbsp;- CSN CIMENTOS</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We and MRS are negotiating the terms of a new contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>White Martins Gases Industriais Ltda. &nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>To secure gas supply (oxygen, nitrogen and argon), in 1994 we signed a 22-year &#8220;take-or-pay&#8221; agreement with White Martins Gases Industriais, by which we are committed to acquire at least 90% of the gas volume guaranteed in the agreement with White Martins&#8217; plant.&nbsp; Under the terms of the agreement, we are not required to advance funds raised against future processing charges if White Martins is unable to meet its financial obligations.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>Companhia Estadual de G&#225;s do Rio de Janeiro</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>To secure natural gas supply, in 2007 we signed a five-year &#8220;take-or-pay&#8221; agreement with CEG Rio, by which we are committed to acquire at least 70% of the gas volume guaranteed in the agreement with CEG Rio.&nbsp; Under the terms of the agreement, we are not required to advance funds raised against future processing charges if CEG Rio is unable to meet its financial obligations. In addition, if we do not acquire the minimum volume agreed, the amount paid which relates to that difference may be compensated in future years, including one year after the contract&#8217;s expiration.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We and CEG Rio are negotiating new values for this contract.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Ferrovia Centro Atl&#226;ntica - FCA&nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Transportation of Reduction Products</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>This agreement covers transportation of reduction products from the city of Arcos to the city of Volta Redonda.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The volume set for reduction products from January to April of 2012 was 633,333 tons, with an acceptable variation of up to 5%. The volume set from May to December of 2012 was 1,382,222 tons, with an acceptable variation of up to 10%.&nbsp;&nbsp;&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of 2013, volume set for reduction products is 2,073,333 tons per year, with an acceptable variation of up to 10%.&nbsp; This agreement will expire on August&nbsp;31, 2013.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Transportation of Clinker</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>This agreement covers transportation of clinker products from the city of Arcos to the city of Volta Redonda.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The volume set for clinker transportation from January to April of 2012 was 250,000 tons, with an acceptable variation of up to 29%. The volume set from May to December of 2012 was 440,000 tons, with an acceptable variation of up to 10%.&nbsp; &nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of 2013, the volume set for clinker is 660,000 tons per year, with an acceptable variation of up to 10%.&nbsp;This agreement will expire on April&nbsp;19, 2020.</FONT></P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2013, the calculation of &#8220;take-or-pay&#8221; will consider the total volume performed in both contracts - clinker and reduction products &#8211; regardless of the percentage transported of each one.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Vale S.A.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>To secure pellets supply, in 2009 we signed a 5-year &#8220;take-or-pay&#8221; agreement with Vale, by which we are committed to acquire at least 90% of the pellets volume guaranteed in an agreement with Vale.&nbsp; Under the terms of the agreement, we are not required to advance funds raised against future processing charges if Vale is unable to meet its financial obligations.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Companhia Paranaense de G&#225;s - COMPAG&#193;S</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We&nbsp;and Companhia Paranaense de G&#225;s entered into a 20-year contract to secure natural gas supply.&nbsp; According to the &#8220;take or pay&#8221; clause, we are committed to acquire at least 80% of the annual natural gas volume contracted from Companhia Paranaense de G&#225;s.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Companhia Paranaense de Energia &#8211; COPEL</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>To secure energy supply, we entered into a 20-year agreement with Companhia Paranaense de Energia.&nbsp; According to the &#8220;take or pay&#8221; clause, we are committed to acquire at least 80% of the annual energy volume contracted from Companhia Paranaense de Energia.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Am&#233;rica Latina Log&#237;stica - ALL</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>This agreement covers transportation of steel products from Volta Redonda to CSN Paran&#225;. Volume set for steel products is 20,000 tons per month,</FONT><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></I></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>with an acceptable variation of up to 10%. This agreement was initially valid until August 31, 2012, and CSN and ALL are negotiating the terms of a new contract.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>K&amp;K Tecnologia</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 12pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN undertakes to acquire at least 3,000 metric tons of blast furnace mud for processing at CSN's mud concentration plant. This agreement is valid until March 31, 2023.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Harsco Metals Ltda</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Harsco Metals Ltda. undertakes to perform the Scrap recovery Services resulting from the process of production of pig iron and steel from Presidente Vargas Steelworks, receiving by this process the equivalent in value the result of multiplying the unit price (U.S.$/t) by the total Liquid Steel CSN&#8217;s Mill production, with a guarantee of a minimum production of liquid steel corresponding to 400,000 tons.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face='Times New Roman'> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>This agreement is valid until June 30, 2014.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Siemens </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 35.3pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Siemens Vaiz Metal Services provides&nbsp;Continuous Casting Machines Maintenance Services in steel production&nbsp;at&nbsp;Presidente Vargas Steelworks, with a guarantee of a minimum production of 365,000 tons per month. This agreement is valid until June 30, 2014.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>5F.&nbsp; Tabular Disclosure of Contractual Obligations </FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table represents our long-term contractual obligations as of December&nbsp;31, 2012: </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Contractual obligations</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Less than</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>than 5</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1 year</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1-3 years</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3-5 years</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>years</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Long-term accrued finance</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>charges<SUP>(1)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>15,196</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,885&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,328</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,360&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7,623</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Taxes payable in installments</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,119&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>97</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>197</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>188&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>637</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Long-term debt</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>27,856&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,887</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7,131&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7,231&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>10,607&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&#8220;Take-or-Pay&#8221; contracts</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,971&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>609</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>817</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>314</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>231</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Derivatives swap agreements<SUP>(2)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Concession agreements<SUP>(3)</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,806</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>235</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>486</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>486</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,598</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="100%" colSpan=11>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Purchase obligations: </FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Raw materials<SUP>(4)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,522</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>998</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>484</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>11</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>29</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Maintenance<SUP>(5)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>296</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>222</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>74</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>0</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>0</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;Utilities/Fuel<SUP>(6)</SUP></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,668</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>793</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>409</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>349</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>117</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="39%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,486</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>967</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>360</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="14%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>147</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(1) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>These accrued finance charges refer to the cash outflow related to the contractual interest expense of our long-term debt and were calculated using the contractual interest rates taken forward to the maturity dates of each contract. </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Derivative swap agreements were calculated based on market prices, on December 31, 2012, for futures with similar maturity to our derivative swap agreements.</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Refers to TECON, TECAR, MRS and Transnordestina&#8217;s concessions agreements</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(4) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Refers mainly to purchases of coal, tin, aluminum, zinc and iron ore (pellets), which comprise part of the raw materials for steel manufacturing. </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(5) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>We have outstanding contracts with several contractors in order to maintain our plants in good operating conditions; due to the strong demand for specialized maintenance service, the term of some of these contracts is for more than one year. </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(6) </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="97%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Refers mainly to natural gas, power supply and cryogenics, which are provided by limited suppliers; and with some of which we maintain long-term contracts. </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>

<DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>5G. Safe Harbor</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>See &#8220;Forward-Looking Statements.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 6. Directors, Senior Management and Employees</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>6A. Directors and Senior Management</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>General</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are managed by our Board of Directors (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Conselho de Administra&#231;&#227;o</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), which consists of&nbsp;up to eleven members, and our Board of Executive Officers (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Diretoria Executiva</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), which consists of two to nine Executive Officers with no specific designation (one of whom is the Chief Executive Officer).&nbsp; In accordance with our bylaws (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Estatuto Social</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), each Director is elected for a term of one year by our shareholders at an annual shareholders&#8217; meeting. Our bylaws require our employees to be represented by one Director on the Board of Directors. The members of the Board of Executive Officers are appointed by the Board of Directors for a two-year term.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Board of Directors is responsible for setting general guidelines and policies for our business and our Board of Executive Officers is responsible for the implementation of such guidelines and policies and for our day-to-day operations.&nbsp; As of the date of this annual report, our Board of Directors was comprised of one Chairman, one Vice Chairman and five members, and our Board of Executive Officers was comprised of our Chief Executive Officer and six Executive Officers.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Directors and Executive Officers as of the date of this annual report are:</FONT></P>

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<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Name</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Position</FONT></B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>First Elected on</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Last Elected on</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Board of Directors</FONT></I></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Benjamin Steinbruch&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Chairman&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>April&nbsp;23, 1993&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>April 30, 2013&nbsp;</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Jacks Rabinovich&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Vice Chairman&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>April&nbsp;23, 1993&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>April 30, 2013&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Fernando Perrone&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Member&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>September&nbsp;26, 2002&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>April 30, 2013</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Antonio Francisco dos Santos&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Member&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="25%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>December&nbsp;23, 1997&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>April 30, 2013&nbsp;</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Yoshiaki Nakano&nbsp;</FONT></P></TD>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The next election for our Board of Directors&nbsp;is expected&nbsp;to&nbsp;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>take place in April, 2014. The next election for our Board of Executive Officers is expected to take place in the next meeting of our Board of Directors.</FONT></P></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Board of Directors</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Benjamin Steinbruch</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>. Mr. Steinbruch has been a member of our Board of Directors since April 23, 1993, and has simultaneously held the positions of Chairman since April 28, 1995 and CEO since April 30, 2002. He is also a member of the Administrative Board of the Portuguese Chamber, 1<SUP>st</SUP> Vice-President of the Federation of Industries of the State of S&#227;o Paulo - FIESP since September 2004, member of FIESP&#8217;s Superior Strategic Board, advisor to the Robert Simonsen Institute, and advisor of the Institute for Industrial Development Studies - IEDI. Over the past five years, he also served as Chairman of the Board of Directors and CEO of Vicunha Siderurgia S.A., Vice Chairman of the Board of Directors of Text&#237;lia S.A., Director of Vicunha A&#231;os S.A., Vicunha Steel S.A., Vicunha S.A., Elizabeth S.A. &#8211; Ind&#250;stria T&#234;xtil, Vicunha Participa&#231;&#245;es S.A.,&nbsp;Officer of Rio Purus Participa&#231;&#245;es S.A., and Officer of Rio Iaco (all these companies belong to the controlling group of CSN), Director of Prada Metallurgical Company and Nacional Min&#233;rios S.A. (both controlled by CSN), member of the Deliberative Council of the CSN Foundation, and Administrator of Fazenda Alvorada de Bragan&#231;a Agro-Pastoril Ltda., Ibis Agr&#225;ria Ltda., Ibis II Empreendimentos Ltda., Ibis Participa&#231;&#245;es e Servi&#231;os Ltda., and Haras Phillipson Ltda. Mr. Steinbruch graduated from the Business School of Funda&#231;&#227;o Get&#250;lio Vargas &#8211; FGV/SP and specialized in Marketing and Finance also from&nbsp; Funda&#231;&#227;o Get&#250;lio Vargas - FGV/SP.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Jacks Rabinovich.</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> Mr. Rabinovich has been a member of our Board of Directors since April 23, 1993 and Vice Chairman since April 24, 2001. Mr. Rabinovich graduated in Civil Engineering from Universidade Mackenzie - SP, and has a specialization in Textile Engineering from the Lowell Institute, Massachusetts - USA.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Fernando Perrone</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; Mr. Perrone has been a member of our Board of Directors since September&nbsp;26, 2002, and a member of our Audit Committee since June&nbsp;24, 2005, where he currently holds the position of President.&nbsp; He was our Infrastructure and Energy Executive Officer from July&nbsp;10, 2002, to October&nbsp;2, 2002. Over the past five years, he served as member of the Board of Directors of Profarma - Pharmaceuticals Distributor S.A., member of the Board of Directors of Jo&#227;o Fortes Engenharia S.A., and member of the Management Board of Energia Sustent&#225;vel S.A.&nbsp; Mr. Perrone graduated in Business from a program sponsored by "Chimica" Bayer S.A., holds a Law degree from Universidade Federal Fluminense &#8211; UFF/RJ, and has a graduate degree in Economics in the area of Capital Markets from Funda&#231;&#227;o Getulio Vargas &#8211; FGV/SP. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; VERTICAL-ALIGN: top"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Antonio Francisco dos Santos</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>. Mr. Santos has been a member of our Board of Directors since December 23, 1997, and a member of our Audit Committee since April 27, 2012. He is currently Chairman and Chief Executive Officer of CSN&#8217;s Employee Investment Club (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Clube de Investimento CSN</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>). Over the past five years he served as Planning and Support Officer of CSN, and Coordinator and Chief of Industrial Engineering, Chief of Production Planning and member of the Board of Directors of the Caixa Beneficente dos Empregados of CSN, or CBS, our pension plan. Mr. Santos graduated in Business and holds a graduate degree in Organization and Finance, both from the Coordination of Graduate Studies and Research - CECOP, and an MBA in Industrial Strategy and Business Management from Universidade Federal Fluminense &#8211; UFF/RJ.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; VERTICAL-ALIGN: top"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Yoshiaki Nakano</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; Mr. Nakano has been a member of our Board of Directors since April&nbsp;29, 2004, and a member of our Audit Committee since June&nbsp;24, 2005.&nbsp; Over the past five years, Mr. Nakano has been a professor at the School of Economics of Funda&#231;&#227;o Getulio Vargas &#8211; FGV/SP, a board member of the Funda&#231;&#227;o de Amparo &#224; Pesquisa do Estado de S&#227;o Paulo &#8211; FAPESP, a member of the Conselho Superior de Economia (COSEC) of FIESP/Instituto Roberto Simonsen, and a member of the Consulting Board of the Grupo P&#227;o de A&#231;&#250;car.&nbsp; Previously, Mr. Nakano served as Special Secretary for Economic Affairs in the Ministry of Finance and as Finance Secretary of the State of S&#227;o Paulo. Mr. Nakano graduated in Business Administration from Funda&#231;&#227;o Getulio Vargas and has an MBA and a Ph.D. from Cornell University, USA.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt"><EM>Antonio Bernardo Vieira Maia.</EM> Mr. Maia was elected member of our Board of Directors on April 30, 2013. He is also CEO of BRG Capital Ltda. since July, 2005. From April, 1995 to May, 2005 he was Officer of Credit Suisse / Banco Garantia de Investimentos S.A.. He began his career in Citibank Brazil as an intern in 1982 and moved to New York in 1986, where he acted as Institutional Investment Analyst of Citigroup in Latin America until he became an Officer of Citigroup. He was associate of Banco Bozano Simonsen de Investimentos from August, 1979 to December, 1981 and member of the Board of Directors of Banque B&#233;n&#233;dict Hentsch &amp; Cie SA , Geneva, Switzerland from April to December, 2005. He graduated in 1981 in Business and Public Administration from the Funda&#231;&#227;o Getulio Vargas.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt; VERTICAL-ALIGN: top"><FONT style="FONT-SIZE: 10pt"><EM>Aloysio Meirelles de Miranda Filho.</EM> Mr. Miranda Filho was elected member of our Board of Directors on April 30, 2013. He is also a member of the Ulh&#244;a Canto Advogados Associados office since 1982, becoming Advisor Partner in 1989. Mr. Miranda Filho participates in the Deliberative Council of the Instituto Fernando Henrique Cardoso, member of the board of the Instituto de Gest&#227;o Educacional of the Funda&#231;&#227;o Lemann and of the Consultive Council of the Instituto Empreender Endeavor. Mr. Miranda Filho graduated in the Universidade do Estado do Rio de Janeiro &#8211; UERJ in 1984.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition to Mr. Steinbruch, the following people were members of our Board of Executive Officers as of the date of this annual report:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>En&#233;as Garcia Diniz</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; Mr. Diniz holds the position of Executive Officer in charge of the production area since June 21, 2005. He has been serving CSN since 1985, previously acting as General Manager of Hot Rolling, General Manager of Maintenance, Metallurgy Officer and General Officer of the Presidente Vargas Steelworks. Mr. Diniz is also currently President of the Board of Directors of Transnordestina Log&#237;stica S.A., a member of the Board of Directors and Officer of Companhia Metal&#250;rgica Prada and Cia. Metalic Nordeste, a member of the Board of Directors of Nacional Min&#233;rios S.A., Sepetiba Tecon S.A. and Lusosider A&#231;os Planos S.A., Officer of CSN Cimentos S.A. and CSN Energia S.A. and a member of the Deliberative Council of Caixa Beneficente dos Empregados da Companhia Sider&#250;rgica Nacional &#8211; CBS. Mr. Diniz graduated in Mechanical Engineering from Pontificia Universidade Cat&#243;lica do Rio de Janeiro - PUC / RJ, further specialized in Business Management from Universidade Federal Fluminense - UFF/RJ and has an MBA from the Funda&#231;&#259;o Dom Cabral Business School of Belo Horizonte.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0pt 10pt 0in"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Jos&#233; Taragano. </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mr. Taragano was elected Executive Officer on December&nbsp;15, 2009, being in charge of the projects area. He is currently a member of the Board of Directors and Executive Officer of Cia Metalic Nordeste, a member of the Board of Directors of Companhia Metal&#250;rgica Prada and of Nacional Min&#233;rios S.A., and Executive Officer of Estanho de Rond&#244;nia S.A. &#8211; ERSA</FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>He previously served as COO - Executive VP of Operations of Brenco &#8211; Companhia Brasileira de Energia Renov&#225;vel, Executive and Business Officer of Klabin S.A., Environment, Health &amp; Safety Worldwide Officer of Alcoa Inc. in New York,&nbsp; Officer of Primary Products/Aluminum, Alumina &amp; Chemical Products, Officer of Quality and Human Resources and Superintendent of Production of Alcoa Latin America in S&#227;o Paulo, Chairman of CEMPRE &#8211; Compromisso Empresarial para a Reciclagem, member of the Healthy People 2010 Business Advisory Committee in Washington and acted as Independent Director at the Board of ECOSORB. Mr. Taragano graduated in Metallurgical Engineering from Pontif&#237;cia Universidade Cat&#243;lica of Rio de Janeiro - PUC-RJ, has an MBA in Marketing from the Funda&#231;&#227;o Instituto de Administra&#231;&#227;o of Universidade de S&#227;o Paulo / FIA-USP and further education at MIT / Sloan Executive Program and Harvard Business School / Finance for Senior Executives.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>David Moise Salama</FONT></I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> Mr. Salama was elected Executive Officer on August 2, 2011, being in charge of the investor relations area. He has been serving CSN since 2006, having previously acted as Investor Relations Manager. He is also currently serving as Executive Officer of CSN Cimentos, S.A. Prior to joining CSN, Mr. Salama acted as Financial Controller Officer at Tecnisa Engenharia e Com&#233;rcio, Birmann Com&#233;rcio e Empreendimentos and Goldfarb Com&#233;rcio e Constru&#231;&#245;es, was the head of consolidated financial information of Unilever Brasil and acted as senior auditor at PricewaterhouseCoopers. He is a member of the National Investor Relations Institute and of the Brazilian Institute of Investor Relations. Mr. Salama graduated in Accounting and has an MBA in Finance, both from the School of Economics, Business and Accounting of the Universidade de S&#227;o Paulo / FEA-USP. He complemented his academic education by attending the Oxford Advanced Management and </FONT>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Luis Fernando Barbosa Martinez</FONT></I><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> Mr. Martinez was elected Executive Officer on August 2, 2011, being in charge of the steel products commercial area. He has been serving CSN since 2002, having previously acted as Sales Officer. Mr. Martinez is also President of the Brazilian Association of Steel Packaging &#8211; ABEA&#199;O, Officer of Cia. Metalic Nordeste, CSN Energia, S.A. and CSN Cimentos, S.A., member of the Board of Directors of Associa&#231;&#227;o Brasileira de Metalurgia, Materiaise Minera&#231;&#227;o &#8211; ABM and an alternate member of the Board of Directors of Nacional Min&#233;rios, S.A. Prior to joining CSN, Mr. Martinez was a Sales Officer at Alcan Alum&#237;nio do Brasil S.A., having worked in such company for 14 years in different departments (processing, quality, product/market development and sales). He also acted as Executive Officer of the Brazilian Center of Steel Construction - CBCA and of the Brazilian Association of Metallic Construction - ABCEM. Mr. Martinez graduated in Metallurgical Engineering from Instituto Mau&#225; de Tecnologia &#8211; IMT, has a graduate degree in Industrial Management from the School of Production Engineering of the Universidade de S&#227;o Paulo, and also graduated from the Corporate Management Development Program at Alcan Aluminum Limited, Montreal, Canad&#225;.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Juarez Saliba de Avelar</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp;</FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mr. Avelar was elected Executive Officer on October 26, 2011 and is in charge of the new businesses area.&nbsp; Mr. Avelar previously worked at CSN from 2003 to 2010, having acted as Ports and Railroads Officer, Mining Officer, Mineral Resources Officer and New Businesses Officer.&nbsp; Prior to 2003, Mr. Avelar was the President of Ferteco Minera&#231;&#227;o, Officer of the Southern and Northern Systems of Vale S.A. and, from January 2010 to August 2011, acted as Chief Executive Officer of Steel do Brasil Participa&#231;&#245;es S.A.&nbsp; Mr. Avelar is also a Director of Transnordestina Log&#237;stica S.A. Mr. Avelar graduated in Mining Engineering from Universidade Federal de Minas Gerais - UFMG.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tufi Daher Filho.</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> Mr. Daher Filho was elected Executive Officer on October 04, 2012. He is currently the Chairman of the Board of Directors of MRS Log&#237;stica, S.A. and a member of the Board of Directors of Transnordestina Log&#237;stica, S.A. Mr. Daher Filho previously served as Chief Executive Officer of Transnordestina Log&#237;stica, S.A. from March, 2007 to October, 2012. From January, 2000 to June, 2006, Mr. Daher Filho worked at Telemar Group as Superintendent responsible for the Amazonas and Roraima branches, Officer of Customer Services responsible for Cear&#225;, Superintendent Officer responsible for Pernambuco, Superintendent Officer responsible for Rio de Janeiro, Officer responsible for the Southeast Region, and Operations Officer responsible for Brazil. He also acted as leader of Operations and Maintenance of Fixed and Mobile Telephony of Telemar Group beginning in July, 2004. In addition, he acted as Business Manager at Rede Ferrovi&#225;ria Federal S.A. (RFFSA) and Ferrovia Centro Atl&#226;ntica (FCA), and Manager of Operations in Companhia Brasileira de Trens Urbanos &#8211; CBTU. He graduated in Civil Engineering from Universidade Cat&#243;lica de Minas Gerais and in Transportation Planning from the Japan International Cooperation Agency, Japan. He has a Corporate MBA degree from Funda&#231;&#227;o Dom Cabral and graduated in the Advanced Management Program of the European Institute of Business Administration - Insead, France.</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;&nbsp;</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>There are no family relationships between any of the persons named above.&nbsp; The address for all of our directors and executive officers is Av. Brigadeiro Faria Lima, 3400, 20<SUP>th </SUP>floor, Itaim Bibi, city of S&#227;o Paulo, State of S&#227;o Paulo, Brazil (telephone number 55-11-3049-7100).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Indemnification of Officers and Directors</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>There is no provision for or prohibition against the indemnification of officers and directors in Brazilian law or in our bylaws.&nbsp; Officers are generally not individually liable for acts performed within the course of their duties.&nbsp; We either indemnify or maintain directors&#8217; and officers&#8217; liability insurance insuring our Directors, our Executive Officers and certain key employees against liabilities incurred in connection with their respective positions with us.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>6B. Compensation</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For the year ended December&nbsp;31, 2012, the aggregate compensation paid by us to all members of our Board of Directors and the members of our Board of Executive Officers for services in all capacities was R$30.7&nbsp;million, which includes salaries, bonuses, profit sharing arrangements and benefits, such as medical assistance, pension plan and life insurance, among others. See &#8220;&#8212;Item 6D. Employees&#8221; for a brief description of our profit sharing arrangements.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are the principal sponsor of CBS, our employee pension plan. CBS had an excess of plan assets over pension benefit obligations of R$257 million in 2012.&nbsp; The fair value of the plan assets of CBS, totaled R$2,923 million as of December 31, 2012, and projected benefit obligations were R$2,666 million. See Note 28 to our consolidated financial statements contained in &#8220;Item 18.&nbsp; Financial Statements.&#8221; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>6C. Board Practices</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Fiscal Committee and Audit Committee</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Under Brazilian Corporate Law, shareholders may request the appointment of a Fiscal Committee (Conselho Fiscal), which is a corporate body independent of management and our external auditors.&nbsp; The primary responsibility of the Fiscal Committee is to monitor management&#8217;s activities, review the financial statements, and report its findings to the shareholders.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In June&nbsp;2005, an Audit Committee (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Comit&#234; de Auditoria</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>) was appointed in compliance with SEC&#8217;s rules, which is composed of independent members of our Board of Directors. The Audit Committee is responsible for recommending to the Board of Directors the appointment of the independent auditors, reporting on our auditing policies and our annual audit plan prepared by our internal auditing team, as well as monitoring and evaluating the activities of the external auditors.&nbsp; Our Audit Committee has also been tasked with identifying, prioritizing and submitting actions to be implemented by our Executive Officers, analyzing our annual report and our financial statements, and making recommendations to our Board of Directors.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Audit Committee is currently composed of Mr. Fernando Perrone, Mr. Yoshiaki Nakano and Mr. Antonio Francisco dos Santos and is constantly assisted by an outside consultant. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For information on the date of election and term of office of the members of our Board of Directors and Board of Executive Officers, see &#8220;Item 6A.&nbsp; Directors and Senior Management.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Service Contracts</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We permit our directors to continue to participate in our employee pension plan after ceasing to be a director of our Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>6D. Employees</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of December&nbsp;31, 2010, 2011 and 2012, we had 19,217, 20,791 and 21,232 employees, respectively.&nbsp; As of December&nbsp;31, 2012, approximately 3,540 of our employees were members of the Steelworkers&#8217; Union of Volta Redonda and region, which is affiliated with the For&#231;a Sindical since 2012, a national union.&nbsp; We believe we have a good relationship with For&#231;a Sindical.&nbsp; We have collective bargaining agreements, renewable annually on May&nbsp;1<SUP>st</SUP> of every year. Moreover, we have members affiliated with other unions, such as the Engineers&#8217; Union with 37 members, the Accountants&#8217; Union with 7 members and the Workers&#8217; Unions from Arcos, Casa de Pedra, Cama&#231;ari, Recife and Arauc&#225;ria, with a total of 332 members. At all other companies controlled by CSN, such as Prada, ERSA, Namisa and Transnordestina, we have a total of 1,308 members.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In March&nbsp;1997, we established an employee profit sharing plan. All employees participate in the plan, and earn bonuses based on our reaching certain goals for each year, including a minimum EBITDA margin, as well as other measures such as sales, cost control, productivity and inventory levels, as appropriate for each sector based on its nature.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>6E. Share Ownership</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Steinbruch family, which includes Mr. Benjamin Steinbruch, our Chairman and Chief Executive Officer holds an indirect majority ownership interest in Vicunha Siderurgia and Rio Iaco Participa&#231;&#245;es, our controlling shareholders.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>All of our Executive Officers and members of our Board of Directors held an aggregate of 5,558 shares of our outstanding common shares as of December&nbsp;31, 2012.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 7. Major Shareholders and Related Party Transactions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>7A. Major Shareholders </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On December 31, 2012, our capital stock was composed of 1,457,970,108 common shares.&nbsp; Our capital stock is entirely composed of common shares and each common share entitles the holder to one vote at our shareholders&#8217; meetings.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth, as of December&nbsp;31, 2012, the number of our common shares owned by all persons known to us that own more than 5% of our outstanding common shares as of such date:</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Percent of</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Shares Owned</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Outstanding</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Name of Person or Group</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Shares</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Vicunha Siderurgia S.A.<SUP>(1)</SUP></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;697,719,990</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;47.86%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Rio Iaco Participa&#231;&#245;es S.A. <SUP>(1)</SUP></FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>58,193,503</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.99%</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Owned indirectly by the Steinbruch family, which includes Mr. Benjamin Steinbruch, Chairman of our Board of Directors and CEO, as well as other members of his family.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>7B. Related Party Transactions</FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>From time to time we conduct transactions with companies directly or indirectly owned by our principal shareholders or members of our Board of Directors.&nbsp; See &#8220;Item 4. Information on the Company &#8211; A.&nbsp; History and Development of the Company,&#8221; &#8220;Item 4B.&nbsp; Business Overview,&#8221; &#8220;Item 4D. Property, Plant and Equipment &#8211; Acquisitions and Dispositions&#8221;, &#8220;Item 6A.&nbsp; Directors and Senior Management&#8221;, &#8220;Item 7A.&nbsp; Major Shareholders&#8221; and Note 18 to the consolidated financial statements included in &#8220;Item 18. Financial Statements.&#8221; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 8. Financial Information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>8A. Consolidated Statements and Other Financial Information</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>See &#8220;Item 3. Key Information&#8212;Selected Financial Data&#8221; and &#8220;Item 18.&nbsp; Financial Statements&#8221; for our consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Legal Proceedings </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In the ordinary course of our business, we are party to several proceedings, both administrative and judicial, which we believe are incidental and arise out of our regular course of business. We believe that the outcome of the proceedings to which we are currently a party will not have a material adverse effect on our financial position, results of operations and cash flows. We have established provisions for all amounts in dispute that represent a probable loss based on the legal opinion of our internal and external legal counsels.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Labor Contingencies</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of December 31, 2012, the Company and its subsidiaries are defendants in 12,080 labor claims, for which a provision has been recorded in the amount of R$246 million. Most of the claims are related to alleged joint liability between us and our independent contractors, wage equalization, differences of 40% fine on the FGTS deposits regarding pre-retirement periods and due to inflation purge, additional payments for unhealthy and hazardous activities, overtime and profit sharing differences from 1997 to 1999 and from 2001 to 2003.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Civil Contingencies</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>These are mainly claims for indemnities within the civil judicial processes in which we are involved. Such proceedings, in general, result of occupational accidents, diseases and contractual disputes related to our industrial </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>activities. As of December 31, 2012, the amount relating to probable losses for these contingencies was R$110 million.&nbsp;&nbsp; </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We also classify as civil contingencies the administrative and judicial proceedings filed against us for alleged violation of environmental statutes, mainly as a result of our industrial activities, claims for regularization, indemnification or imposition of fines. As of December 31, 2012, the amount relating to probable losses for civil contingencies relating to environmental issues was R$7 million.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tax Contingencies</FONT></I></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Among our tax contingencies there are charges for alleged non-payment of income tax and social contribution taxes in Brazil, for which a provision of R$321 million has been recorded in 2012.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Refis</FONT></I></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In November 2009, we adhered to the Tax Recovery Program (REFIS) established by the Federal Government in order to settle our tax and social security liabilities through a special settlement and installment payment system. Management&#8217;s decision took into consideration the economic benefits provided by the REFIS, such as discounts and fines exemptions, as well as the high costs of maintaining pending lawsuits. Joining the REFIS allows us to pay a reduced amount of the fines, interest and legal charges that were previously due. On December 31, 2012, the position of the debt under the REFIS, recorded under taxes payable in installments, was R$1,119 million (R$2,095 million in 2011).</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Antitrust</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In October 1999, CADE fined us, claiming that certain practices adopted by us and other Brazilian steel companies up to 1997 allegedly comprised a cartel.&nbsp; We challenged the cartel allegation and the imposition of the fine judicially and, on June 2003, obtained a partially favorable judgment by a federal trial court. CADE appealed the trial court decision and, on June 2010, a federal appellate court in Bras&#237;lia held a judgment reversing the trial court&#8217;s decision and confirming the cartel allegation as well as the fine imposed by CADE in the amount of R$65 million. We appealed the decision of the appellate court to the Brazilian Superior Court of Justice. We have not yet recorded any provision in connection with this fine.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In September 2011, we received a request from Secretaria de Direito Econ&#244;mico (SDE) to provide information related to the acquisition of shares of Usinas Sider&#250;rgicas de Minas Gerais S.A. &#8211; Usiminas in order to evaluate a possible concentration act. </FONT><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>In October 2011, SDE involved the Conselho Administrativo de Defesa Econ&#244;mica (CADE) and the Secretaria de Acompanhamento Econ&#244;mico (SEAE) on the subject. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We have been providing the requested information to such antitrust bodies. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In April and July, 2012, CADE issued certain injunctive orders limiting our ability to, among other things, acquire more Usiminas shares or exercise our voting rights on the shares we already own. We are currently discussing with CADE alternatives to preserve our rights and protect our financial investment.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Company and its subsidiaries are defendants in other proceedings at administrative and judicial levels, in the approximate amount of R$14,631 million, of which R$12,849 million relate to tax contingencies, R$615 million to civil contingencies, R$1,137 million to labor and social security contingencies and R$30 million to environmental contingencies. The assessments made by legal counsel define these contingencies as entailing a risk of possible loss and, therefore, no provision has been recorded. Contingencies related to each of our subsidiaries are included proportionally to the percentage of these subsidiaries that we consolidate in our financial statements. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our tax contingencies are as follows:</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$1,814 million refers to tax assessment notices issued against the Company for the alleged non-taxation of profits earned on the balances of its foreign subsidiaries for purposes of Income Tax (IRPJ) and Social Contribution on Net Income (CSLL);</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$154 million refers to tax assessment notices issued against our investee Namisa also for the alleged non-taxation of profits earned on the balances of its foreign subsidiary for purposes of Income Tax (IRPJ) and Social Contribution on Net Income (CSLL). The total amount of this assessment notice is R$256 million, but as we only consolidate our 60% interest in Namisa, we include only 60% of this amount in our contingencies; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$6,079 million refers to a tax assessment notice issued against the Company for having allegedly failed to submit to taxation the capital gain resulting from the alleged sale of 40% of the shares of its subsidiary Namisa to the Asian consortium; </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>d)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$1,048 million refers to a tax assessment notice issued against our investee Namisa in connection with its alleged improper use of the goodwill resulting from the investment made by the Asian consortium in Namisa&#8217;s direct controlling entity, which was later merged into Namisa. The total amount of this assessment notice is R$1,747 million, but as we only consolidate our 60% interest in Namisa, we include only 60% of this amount in our contingencies; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>e)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>R$3,754 million refers to other taxes (local, state and federal taxes) and social security contingencies, which includes our own contingencies and those related to our subsidiaries, proportionally to the percentage of those subsidiaries that we consolidate in our financial statements. &nbsp;&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Company was also a defendant in an arbitration proceeding at the International Court of Arbitration - ICC that discussed potential damages suffered by the plaintiff due to a breach of contract in the estimated amount of R$84 million.&nbsp; The parties settled the case over the course of 2012 and it is currently closed.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In July 2012, the Minist&#233;rio P&#250;blico Estadual do Rio de Janeiro (Environmental Public Prosecutor of the State of Rio de Janeiro) filed a judicial proceeding against us claiming that we must (i) remove all waste disposed in two areas used as an industrial waste disposal site in the city of Volta Redonda and (ii) relocate 750&nbsp; residences located in the adjacent neighborhood Volta Grande IV Residential, also in the city of Volta Redonda. This case is classified as having a risk of probable loss, but we have not yet recorded any provision since, at this moment, it is not possible to quantify the amounts involved in the case.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, we received notices for lawsuits brought by certain home owners at Volta Grande IV Residential claiming indemnification for alleged moral and material damages. At this point, it is not possible to quantify the amounts involved in this claim. Such lawsuits are classified as having a risk of possible loss and, therefore, we recorded no provision. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On April 8, 2013, the Rio de Janeiro State environmental authority (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Instituto Estadual do Ambiente</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), or INEA, fined us R$35 million in connection with the matters involving Volta Grande IV Residential and requested we perform the same actions already under discussion in the July 2012 public prosecutor lawsuit. We plan to dispute this fine and the other requests made by INEA.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 17.85pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For further information on our legal proceedings and contingencies, see Notes 16 and 17 to our consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Dividend Policy </FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Subject to certain exceptions set forth in Brazilian Corporate Law, our bylaws require that we pay a yearly minimum dividend equal to 25% of our adjusted net profits, calculated in accordance with Brazilian Corporate Law.&nbsp; Proposals to declare and pay dividends in excess of the statutory minimum dividend requirement are generally made at the recommendation of our Board of Directors and approved by the vote of our shareholders. Any such proposal will be dependent upon our results of operations, financial condition, cash requirements for our business, future </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>prospects and other factors deemed relevant by our Board of Directors. Until December&nbsp;2000, it had been our policy to pay dividends on our outstanding common shares not less than the amount of our required distributions for any particular fiscal year, subject to a determination by our Board of Directors that such distributions would be inadvisable in view of our financial condition.&nbsp; In December&nbsp;2000, our Board of Directors decided to adopt a policy of paying dividends equal to all legally available net profits, after taking into consideration the following priorities:&nbsp; (i)&nbsp;our business strategy; (ii)&nbsp;the performance of our obligations; (iii)&nbsp;the accomplishment of our required investments; and (iv)&nbsp;the maintenance of our good financial status.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pursuant to a change in Brazilian tax law effective January&nbsp;1, 1996, Brazilian companies are also permitted to pay limited amounts of interest on stockholders&#8217; equity to holders of equity securities and to treat these payments as an expense for Brazilian income tax purposes. These payments may be counted in determining if the statutory minimum dividend requirement has been met, subject to shareholder approval.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For dividends declared during the past four years, see &#8220;Item 3A.&nbsp; Selected Financial Data.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>At our Annual Shareholders&#8217; Meeting of April 30, 2013, our shareholders approved the payment of R$300 million as dividends and R$560 million as interest on shareholders&#8217; equity relating to 2012.&nbsp;&nbsp;</FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Amounts Available for Distribution</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>At each Annual Shareholders&#8217; Meeting, our Board of Directors is required to recommend how our earnings for the preceding fiscal year are to be allocated.&nbsp; For purposes of Brazilian Corporate Law, a company&#8217;s income net of&nbsp; income tax and social contribution for any one fiscal year, any accumulated losses from prior fiscal years and amounts allocated to employees&#8217; and management&#8217;s participation in earnings, represents its &#8220;net profits&#8221; for that fiscal year.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In accordance with Brazilian Corporate Law, an amount equal to 50% of our net profits as further (i)&nbsp;reduced by amounts allocated to the legal reserve; (ii)&nbsp;reduced by amounts allocated to the contingency reserve and the tax incentive reserve, if any; and (iii)&nbsp;increased by the eventual reversion of any contingency reserves constituted in prior years, will be available for distribution to shareholders in any particular year (&#8220;Distributable Amount&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Legal Reserve</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; Under Brazilian Corporate Law, we are required to maintain a &#8220;legal reserve&#8221; to which we must allocate 5% of our &#8220;net profits&#8221; for each fiscal year until the amount of the reserve equals 20% of our paid-in capital.&nbsp; However, we are not required to make any allocations to our legal reserve in a year in which the legal reserve, when added to our other established capital reserves, exceeds 30% of our capital stock. The amounts allocated to such reserve must be approved by our shareholders in the Annual Shareholders&#8217; Meeting, and may be used to increase our capital stock or to offset losses and, therefore, are not available for the payment of dividends.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Discretionary (or Statutory) Reserves. </FONT></I><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Under Brazilian Corporate Law, any corporation may provide in its by-laws for the creation of additional reserves, provided that the maximum amount that may be allocated to such reserves, the purpose of such reserves and the allocation criteria of such reserves are specified.&nbsp; There cannot be any allocation to such reserves if it affects payment of the Mandatory Dividend (as defined below).&nbsp; Our by-laws currently provide that our Board of Directors may propose to our shareholders the deduction of at least 1% from our net profits to be allocated to a Working Capital and Investments Reserve.&nbsp; Constitution of such reserve will not affect payment of the Mandatory Dividend.&nbsp; Our by-laws do not provide for any other discretionary reserve.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Contingency Reserve.&nbsp; </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Under Brazilian Corporate Law, a percentage of our &#8220;net profits&#8221; may be allocated to a contingency reserve for estimable losses that are considered probable in future years.&nbsp; Any amount so allocated in a prior year must either be reserved in the fiscal year in which the loss had been anticipated if the loss does not occur as projected or be written off in the event that the anticipated loss occurs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tax Incentive Reserve. </FONT></I><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;</FONT></I></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our shareholders in a shareholders&#8217; meeting may, following a management&#8217;s proposal, allocate to a tax incentive reserve the portion of our &#8220;net profits&#8221; resulting from donations or governmental grants </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>for investments, which may be excluded from the taxable basis of the Mandatory Dividend.&nbsp; Our by-laws currently do not provide for such reserve.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Unrealized Profits Reserve</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; Under Brazilian Corporate Law, the amount by which the Mandatory Dividend exceeds our realized net profits in a given fiscal year may be allocated to an unrealized profits reserve.&nbsp; Brazilian Corporate Law defines &#8220;realized net profits&#8221; for the period as the amount by which our &#8220;net profits&#8221; exceeds the sum of (i)&nbsp;positive equity net results and (ii)&nbsp;the net profits, gains or returns that will be realized after the end of the subsequent fiscal year.&nbsp; &#8220;Net profits&#8221; allocated to the unrealized profits reserve must be added to the next Mandatory Dividend distribution after those profits have been realized, if they have not been used to absorb losses in subsequent periods.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Retained Earnings Reserve</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; Under Brazilian Corporate Law, our shareholders may decide at a general shareholders&#8217; meeting to retain a portion of our net profits as provided for in a previously approved capital expenditure budget.&nbsp; No allocation of net profits may be made to the retained earnings reserve in case such allocation affects payment of the Mandatory Dividend.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The balance of our profit reserves, except those for contingencies, tax incentives and unrealized profits, shall not be greater than our capital stock.&nbsp; If such reserves reach this limit, the manner in which such surplus is used will be decided at a shareholders&#8217; meeting.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For purposes of determining reserve amounts, the calculation of &#8220;net profits&#8221; and allocations to reserves for any fiscal year are determined on the basis of financial statements prepared in accordance with Brazilian Corporate Law.&nbsp; The consolidated financial statements included herein have been prepared in accordance with IFRS and, although our allocations to reserves and dividends will be reflected in the financial statements, investors will not be able to calculate the allocations or required dividend amounts from the consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Capital Reserve. </FONT></I><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Under Brazilian Corporate Law, the capital reserve consists of premiums from the issuance of shares, goodwill reserves from mergers, sales of founders' shares, and sales of warrants.&nbsp; Amounts allocated to our capital reserve are not taken into consideration for purposes of determining Mandatory Dividends.&nbsp; Our capital stock is not currently represented by founders' shares.&nbsp; In our case, any amounts allocated to the capital reserve may only be used to increase our capital stock, to absorb losses that surpass accumulated profits and profit reserves, or to redeem, reimburse or purchase shares.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Mandatory Dividend</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Under our bylaws, we are required to distribute to shareholders as dividends in respect of each fiscal year ending on December&nbsp;31, to the extent profits are available for distribution, an amount equal to at least 25% of the Distributable Amount (the &#8220;Mandatory Dividend&#8221;) in any particular year, which amount shall include any interest paid on capital during that year.&nbsp; See &#8220;Additional Payments on Shareholders&#8217; Equity&#8221; below.&nbsp; In addition to the Mandatory Dividend, our Board of Directors may recommend that shareholders receive an additional payment of dividends from other funds legally available.&nbsp; Any payment of interim dividends may be netted against the amount of the Mandatory Dividend for that fiscal year.&nbsp; Under Brazilian Corporate Law, if the Board of Directors determines prior to the Annual Shareholders&#8217; Meeting that payment of the Mandatory Dividend for the preceding fiscal year would be inadvisable in view of our financial condition, the Mandatory Dividend does not need to be paid.&nbsp; That type of determination must be reviewed by the Fiscal Committee, if one exists, and reported, together with the appropriate explanations, to the shareholders and to the CVM. Mandatory dividends not distributed as described above shall be registered as a special reserve and, if not absorbed by losses in subsequent fiscal years, shall be paid as a dividend as soon as our financial condition allows for it. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Payment of Dividends</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are required to hold Annual Shareholders&#8217; Meetings within the first four months after the end of our fiscal year at which an annual dividend may be declared. Additionally, our Board of Directors may declare interim dividends.&nbsp; Under Brazilian Corporate Law, dividends are generally required to be paid to the holder of record on a dividend declaration date within 60&nbsp;days following the date the dividend was declared, unless a shareholders&#8217; resolution sets forth another date of payment, which, in either case, must occur prior to the end of the fiscal year in which the dividend was declared. A shareholder has a three-year period from the dividend payment date to claim </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>dividends (or interest on shareholders&#8217; equity as described under &#8220;Additional Payments on Shareholders&#8217; Equity&#8221; below) in respect of its shares, after which we will no longer be liable for the dividend payments.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our payments of cash distributions on common shares underlying the ADSs will be made in Brazilian currency to our ADR custodian on behalf of our ADR depositary. Our ADR custodian will then convert the proceeds into U.S. dollars and will cause the U.S. dollars to be delivered to our ADR depositary for distribution to holders of ADSs.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Additional Payments on Shareholders&#8217; Equity</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Since January&nbsp;1, 1996, Brazilian companies have been permitted to pay interest on shareholders&#8217; equity to holders of equity securities and to treat those payments as a deductible expense for Brazilian income tax purposes.&nbsp; The amount of interest payable on capital is calculated based on the TJLP &#8211; Long Term Interest Rate, as determined by the Central Bank, and applied to each shareholder&#8217;s portion of net equity.&nbsp; Brazilian Corporate Law establishes that current earnings are not included as part of the net equity.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The TJLP is determined by the Central Bank on a quarterly basis.&nbsp; The TJLP is based on the annual profitability average of Brazilian public internal and external debt.&nbsp; The TJLP rate for the fourth quarter of 2012 was 5.5%</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Interest on shareholders&#8217; equity is deductible up to the greater of the following amounts: (i) 50% of the&nbsp;net profits, as determined for accounting purposes, for the current period of interest payment after the deduction of the social contribution on net profits and before the provision for income tax and the deduction of the amount of such interest; and (ii)&nbsp;50% of the balance of accumulated earnings and profits reserves from prior years.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>8B. Significant Changes</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>None</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 9. The Offer and Listing</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>9A. Offer and Listing Details </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our capital stock is comprised of common shares without par value (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>a&#231;&#245;es ordin&#225;rias</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>).&nbsp; On January&nbsp;22, 2008, our shareholders approved a one-for-three split of our common shares.&nbsp; As a result of this stock split, each common share of our capital stock as of January&nbsp;22, 2008 became represented by three common shares after the split.&nbsp; The same ratio of one common share for each ADS was maintained.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On March&nbsp;25, 2010, our shareholders approved a two-for-one split of our common shares.&nbsp; As a result of this stock split, each common share of our capital stock as of March&nbsp;25, 2010 became represented by two common shares after the split.&nbsp; The same ratio of one common share for each ADS was maintained. See &#8220;Item 10.B. Memorandum and Articles of Association.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table sets forth information concerning the high and low closing sale prices and the average daily trading volume of our common shares on the BM&amp;FBOVESPA (per common share) and the ADSs on the NYSE for the periods indicated.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Common Shares<SUP>(1)</SUP></FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>American Depositary Shares</FONT></B><SUP><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(1)</FONT></SUP></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>US$ per Share<SUP>(2)</SUP></FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Volume</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'> &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>US$ per ADS</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'> &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Volume</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'> &nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>High</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'> &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Low</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'> &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(In</FONT></I></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'> </FONT><B><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>thousands)&nbsp;</FONT></I></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>High</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'> &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Low</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'> &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(In</FONT></I></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'> </FONT><B><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>thousands)&nbsp;</FONT></I></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2007</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>: &nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Year end </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>14.90</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.67</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,330</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>15.28</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.71</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,980</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2008</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>: &nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Year end </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>25.63</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,761</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>25.51</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.94</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>9,219</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2009</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>: &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Year end </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>18.45</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.03</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4,930</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>18.61</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.00</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7,214</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2010</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>: &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Year end</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>20.81</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>13.37</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,637</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>20.76</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>13.38</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>5,360</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>First quarter</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>17.98</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>15.24</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>3,036</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>18.33</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>15.41</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,377</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Second quarter</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>16.81</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>11.60</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,169</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>17.22</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>11.81</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,453 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Third quarter</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>12.55</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7.89</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,780</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>12.62</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>7.94</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>5,932 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Fourth quarter</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>9.66</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7.23</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,683</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>9.89</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>7.31</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,573 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Year End</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>17.98</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7.23</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,422</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>18.33</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>7.31</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8.5pt" color=black face='Times New Roman'>4,840 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>First quarter</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>10.83</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>8.09</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,958</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>10.88</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>8.53</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,486 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Second quarter</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>9.58</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.23</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,914</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>9.63</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.24</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,078 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Third quarter</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.80</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.56</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,435</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.78</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.55</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7,331 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Fourth quarter</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.84</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.75</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4,940</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.90</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.72</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,695 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Year End</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>10.83</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.56</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4,817</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>10.88</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.55</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,148</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2013</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="21%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>First quarter</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.25</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.49</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,561</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.23</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.48</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,213 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD width="21%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD>
     <TD width="12%">&nbsp;</TD>
     <TD width="1%">&nbsp;</TD></TR></TABLE>
<DIV align=left>&nbsp;</DIV></DIV></DIV>
<P style="TEXT-ALIGN: center">107</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<P>
<A name=page_112></A></P>
<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face='Times New Roman'>Month Ended:</FONT></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>October 31, 2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.82</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.34</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4,263</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.78</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,963 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>November 30, 2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.82</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.75</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,186</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.75</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.72</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7,295 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December 31, 2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.84</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.93</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,509</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.90</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.84</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,784 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>January 31, 2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.25</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.41</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,314</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.23</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.43</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,409 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>February 28, 2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.62</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.93</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4,876</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.54</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%" align=right>
<P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.90</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4,065 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="22%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>March 31, 2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.45</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.49</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,437</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.44</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.48</FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,097</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Source: Econom&#225;tica.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(1)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>Prices and volumes of our common shares and ADSs have been adjusted to reflect the two-for-one stock split occurred in March&nbsp;2010 whereby each common share of our capital stock on March&nbsp;25, 2010 became represented by two common shares. See &#8220;Item 10.B. Memorandum and Articles of Association.&#8221; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>(2)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>U.S. dollar amounts have been translated from </FONT><I><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>reais </FONT></I><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>at the exchange rates in effect on the respective dates of the quotations for the common shares set forth above. These U.S. dollar amounts may reflect exchange rate fluctuations and may not correspond to changes in nominal </FONT><I><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>reais </FONT></I><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>prices over time.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of April&nbsp;29,</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> 2013, the closing sale price (i)&nbsp;per common share on the BM&amp;FBOVESPA was of R$7.87</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> and (ii)&nbsp;per ADS on the NYSE was of US$3.93</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; The ADSs are issued under a deposit agreement and JP Morgan Bank</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face='Times New Roman'> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>serves as depositary under that agreement.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of December&nbsp;31, 2012, approximately 343&nbsp;million, or approximately 23.5%, of our outstanding common shares were held through ADSs. Substantially all of these ADSs were held of record by The Depository Trust Company. In addition, our records indicate that on that date there were approximately 155 record holders (other than our ADR depositary) with addresses in the U.S., holding an aggregate of approximately 66&nbsp;million common shares, representing 4.5% of our outstanding common shares.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>9B. Plan of Distribution</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>9C. Markets</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The principal trading market for our common shares is BM&amp;FBOVESPA.&nbsp; Our ADSs trade on the NYSE under the symbol &#8220;SID.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Trading on the BM&amp;FBOVESPA and NYSE</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CSN shares traded in the market are comprised of ordinary shares without nominal value. Ordinary shares are traded on the Brazilian Stock Exchange, BM&amp;FBOVESPA, under the code CSNA3. Our ADSs, each one representing an ordinary share, are traded on the New York Stock Exchange, NYSE, under the code SID.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2000, the BM&amp;FBOVESPA was reorganized through the execution of a memoranda of understanding by the Brazilian stock exchanges. Under the memoranda, all securities in Brazil are now traded only on the BM&amp;FBOVESPA. When shareholders trade in common and preferred shares on the BM&amp;FBOVESPA, the trade is settled in three business days after the trade date without adjustment of the purchase price for inflation.&nbsp; The seller is ordinarily required to deliver the shares to the exchange on the third business day following the trade date.&nbsp; Delivery of and payment for shares are made through the facilities of BM&amp;FBOVESPA&#8217;s clearinghouse.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The BM&amp;FBOVESPA is significantly less liquid than the NYSE or other major exchanges in the world.&nbsp; As of December&nbsp;2012, the aggregate market capitalization of the BM&amp;FBOVESPA was equivalent to R$2.5 trillion (or US$1.2 trillion).&nbsp; In contrast, as of December&nbsp;2012, the aggregate market capitalization of the NYSE was US$14.1 trillion.&nbsp; The average daily trading volume of the BM&amp;FBOVESPA and NYSE for December&nbsp;2012 was of </FONT>

<a name="page_113"></a>
<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>approximately R$7.5&nbsp;billion (or US$3.7&nbsp;billion) and US$51.2&nbsp;billion, respectively.&nbsp; Although any of the outstanding shares of a listed company may trade on the BM&amp;FBOVESPA, in most cases fewer than half of the listed shares are actually available for trading by the public, since the remaining shares are generally being held by small groups of controlling persons, by government entities or by one principal shareholder.&nbsp; See &#8220;Item 3. Risk Factors&#8212;Risks Relating to the ADSs and Our Common Shares&#8212; The relative volatility and illiquidity of the Brazilian securities markets may substantially limit your ability to sell the common shares underlying the ADSs at the price and time you desire.&#8221;</FONT></P>
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<P style="TEXT-ALIGN: center">108</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As of December&nbsp;31, 2012, we accounted for approximately 0.69% of the market capitalization of all listed companies on the BM&amp;FBOVESPA.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table reflects the fluctuations in the Ibovespa index during the periods indicated:</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Ibovespa Index</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>High</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Low</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Close</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2007&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>65,790&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp;41,179&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;63,886&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2008&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>73,516&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp;29,435&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp;37,550&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2009&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>69,349</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>36,234</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>68,588</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2010</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>72,995</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>58,192</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>69,304</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2011</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>71,632</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>48,668</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>56,754</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>68,394</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>52,481</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>60,952</FONT></P>
</TD></TR></TABLE><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></FONT></DIV>
<DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="55%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2013 (through March 31)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>63,312</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>54,873</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>56,352</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The IBOVESPA index closed at 56,352 on March&nbsp;31, 2013. Trading on the BM&amp;FBOVESPA by nonresidents of Brazil is subject to certain limitations under Brazilian foreign investment legislation.&nbsp; See &#8220;Item 10D.&nbsp; Exchange Controls.&#8221;</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Regulation of the Brazilian Securities Markets</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Brazilian securities markets are regulated by CVM, which has authority over stock exchanges and the securities markets in general, and by the Central Bank, which has, among other powers, licensing authority over brokerage firms and regulates foreign investment and foreign exchange transactions.&nbsp; The Brazilian securities market is governed by Law No. 6,385 dated December&nbsp;7, 1976, as amended, or the Brazilian Securities Law, Brazilian Corporate Law and regulations issued by CVM.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Under Brazilian Corporate Law, a company is either public, a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>companhia aberta</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, such as CSN, or private, a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>companhia fechada</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; All public companies are registered with CVM and are subject to reporting and regulatory requirements.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Trading in securities on the BM&amp;FBOVESPA may be suspended at the request of a company in anticipation of a material announcement.&nbsp; The company should also suspend its trading on international stock exchanges where its securities are traded. Trading may also be suspended on the initiative of the BM&amp;FBOVESPA or CVM, among other reasons, based on or due to a belief that a company has provided inadequate information regarding a material event or has provided inadequate responses to the inquires by CVM or the BM&amp;FBOVESPA.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Brazilian Securities Law and the regulations issued by CVM provide for, among other things, disclosure requirements, restrictions on insider trading and price manipulation, as well as protection of minority shareholders.&nbsp; However, the Brazilian securities markets are not as highly regulated and supervised as the United States securities markets or markets in certain other jurisdictions. </FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Disclosure Requirements</FONT></B></P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">109</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to Law No 6,385, a publicly held company must submit to CVM and BM&amp;FBOVESPA certain periodic information, including annual and quarterly reports prepared by management and independent auditors.&nbsp; This legislation also requires companies to file with CVM shareholder agreements, notices of shareholders&#8217; meetings and copies of the related minutes.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pursuant to CVM Resolution No. 358, of January&nbsp;3, 2002, CVM revised and consolidated the requirements regarding the disclosure and use of information related to material facts and acts of publicly held companies, including the disclosure of information in the trading and acquisition of securities issued by publicly held companies.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Such requirements include provisions that:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Establish the concept of a material fact that gives rise to reporting requirements.&nbsp; Material facts include decisions made by the controlling shareholders, resolutions of the shareholders at a shareholders&#8217; meeting and of management of the company, or any other facts related to a company&#8217;s business (whether occurring within the company or otherwise somehow related thereto) that may influence the price of its publicly traded securities, or the decision of investors to trade such securities or to exercise any of such securities&#8217; underlying rights;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Specify examples of facts that are considered to be material, which include, among others, the execution of agreements providing for the transfer of control of the company, the entry or withdrawal of shareholders that maintain any managing, financial, technological or administrative function with or contribution to the company, and any corporate restructuring undertaken among related companies;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Oblige the investor relations officer, controlling shareholders, other officers, directors, members of the audit committee and other advisory boards to disclose material facts;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Require simultaneous disclosure of material facts to all markets in which the corporation&#8217;s securities are admitted for trading;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Require the acquirer of a controlling stake in a corporation to disclose material facts, including its intentions as to whether or not to de-list the corporation&#8217;s shares within one year from the acquisition of such controlling stake;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Establish rules regarding disclosure requirements in the acquisition and disposal of a material ownership interest; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Forbid trading on the basis of material non-public information.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pursuant to CVM Rule No. 480, of December&nbsp;7, 2009, CVM expanded the quantity and improves the quality of information reported by issuers in Brazil.&nbsp; This Rule represents a significant step forward in providing the market with greater transparency over securities issuers and provides for issuers to file annually a comprehensive and opinative reference form (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Formul&#225;rio de Refer&#234;ncia</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>).The reference form (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Formul&#225;rio de Refer&#234;ncia</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>) is in line with the Shelf Registration System recommended by the International Organization Securities Commission (IOSCO)&nbsp;and adopted in other countries (England and the United States, among others), by means of which the information regarding an specific issuer is consolidated into one document and is subject to periodic update (the &#8220;Shelf Document&#8221;).&nbsp; This mechanism offers the investor the possibility to analyze one single document for relevant information about the issuer.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CVM Rule No. 480 also created two groups of issuers per type of securities traded.&nbsp; Group A issuers are authorized to trade in any securities, whereas Group B issuers must not trade in stocks, depositary receipts (BDRs, Units) and securities convertible or exchangeable into stocks or depositary receipts.&nbsp; The greater extend of Group A authorization is followed by more stringent disclosure and reporting requirements.&nbsp; We, as issuers of stocks, are part of Group A and, as such, are subject to more stringent disclosure and reporting requirements.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CVM has also enacted Rule No. 481, of December&nbsp;17, 2009 to regulate two key issues involving general meetings of shareholders in publicly held companies:&nbsp; (i)&nbsp;the extent of information and documents to be provided in </FONT>

<a name="page_115"></a>
<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>support of call notices (subject to prior disclosure to shareholders); and (ii)&nbsp;proxy solicitation for exercise of voting rights.</FONT></P>
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<P style="TEXT-ALIGN: center">110</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CVM Rule No. 481 is intended to (i)&nbsp;improve the quality of information disclosed by publicly held companies to shareholders and to the market in general, favoring the use of Internet as a vehicle to that end; (ii)&nbsp;make the exercise of voting rights less costly and foster the participation of shareholders in general meetings, specially for companies with widely dispersed capital; and, consequently (iii)&nbsp;facilitate the oversight of corporate businesses.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>9D. Selling Shareholders</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>9E. Dilution</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>9F. Expenses of the Issue</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 10. Additional Information</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>10A. Share Capital</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P>
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<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>10B. Memorandum and Articles of Association</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Registration and Corporate Purpose</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are registered with the Department of Trade Registration under number 15,910.&nbsp; Our corporate purpose, as set forth in Article 2 of our bylaws, is to manufacture, transform, market, import and export steel products and steel derived by-products, as well as to explore other activities that are directly or indirectly related to our corporate purpose, including:&nbsp; mining, cement and carbochemical business activities, the manufacture and assembly of metallic structures, construction, transportation, navigation and port activities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Directors&#8217; Powers</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pursuant to our bylaws, a director may not vote on a proposal, arrangement or contract in which the director&#8217;s interests conflict with our interests. In addition, our shareholders must approve the compensation of our management and, in case a global amount is fixed, our Board of Directors is responsible for allocating individual amounts of management compensation. There is no mandatory retirement age for our directors.&nbsp; A detailed description of the general duties and powers of our Board of Directors may be found in &#8220;Item 6A.&nbsp; Directors and Senior Management.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Description of Capital Stock</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Set forth below is certain information concerning our capital stock and a brief summary of certain significant provisions of our bylaws and Brazilian Corporate Law applicable to our capital stock.&nbsp; This description does not purport to be complete and is qualified by reference to our bylaws and to Brazilian law.&nbsp; For further information, see our bylaws, which have been filed as an exhibit to this annual report.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Capital Stock</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>On December 31, 2012 our capital stock was composed of 1,457,970,108 common shares.&nbsp; Our bylaws authorize the Board of Directors to increase the capital stock up to 2,400,000,000 common shares without an amendment to our bylaws.&nbsp; There are currently no classes or series of preferred shares issued or outstanding.&nbsp; We may purchase our own shares for purposes of cancellation or to hold them in treasury subject to certain limits and </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>conditions established by the CVM and Brazilian Corporate Law.&nbsp; See &#8220;Item 16E.&nbsp; Purchases of Equity Securities by the Issuer and Affiliated Purchasers.&#8221;</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Liability for Further Capital Calls</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pursuant to Brazilian Corporate Law, a shareholder&#8217;s liability is generally limited to the issue price of the subscribed or purchased shares.&nbsp; There is no obligation of a shareholder to participate in additional capital calls.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Voting Rights</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Each common share entitles the holder to one vote at our shareholders&#8217; meetings. According to CVM regulations, shareholders that represent at least 5% of our common shares may request cumulative voting in an election of our Board of Directors.&nbsp; Pursuant to Brazilian Corporate Law, shareholders holding at least 15% of our common shares have the right to appoint a member of our Board of Directors.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Shareholders&#8217; Meetings</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pursuant to Brazilian Corporate Law, the shareholders present at an annual or extraordinary shareholders&#8217; meeting, convened and held in accordance with Brazilian Corporate Law and our bylaws are empowered to decide all matters relating to our corporate purpose and to pass any resolutions they deem necessary for our protection and well-being.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In order to participate in a shareholders&#8217; meeting, a shareholder must be a record owner of the share on the day the meeting is held, and may be represented by a proxy.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Shareholders&#8217; meetings are called, convened and presided over by the Chairman of our Board of Directors or, in his absence, by whom he appoints.&nbsp; Brazilian Corporate Law requires that our shareholders&#8217; meeting be convened by publication of a notice in the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Di&#225;rio Oficial do Estado de S&#227;o Paulo</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, the official government publication of the State of S&#227;o Paulo, and in a newspaper of general circulation in Brazil and in the city in which our principal place of business is located, currently the Jornal Valor Econ&#244;mico, at least 15&nbsp;days prior to the scheduled meeting date and no fewer than three times.&nbsp; Both notices must contain the agenda for the meeting and, in the case of an amendment to our bylaws, an indication of the subject matter.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In order for a shareholders&#8217; meeting to be held, shareholders representing a quorum of at least one-fourth of the voting capital must be present, except for meetings convened to amend our bylaws, where shareholders representing at least two-thirds of the voting capital must be present.&nbsp; A shareholder may be represented at a shareholders&#8217; meeting by means of a proxy, appointed not more than one year before the meeting, who must be either a shareholder, a company officer or a lawyer.&nbsp; For public companies, such as we are, the proxy may also be a financial institution.&nbsp; If no quorum is present, notice must be given in the manner described above, no fewer than eight days prior to the scheduled meeting date.&nbsp; On second notice, the meeting may be convened without a specific quorum requirement, subject to the minimum quorum and voting requirements for certain matters, as described below.&nbsp; A holder of shares with no voting rights may attend a shareholders&#8217; meeting and take part in the discussion of matters submitted for consideration.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Except as otherwise provided by law, resolutions passed at a shareholders&#8217; meeting require a simple majority vote, abstentions not considered.&nbsp; Pursuant to Brazilian Corporate Law, the approval of shareholders representing at least one-half of the issued and outstanding voting shares is required for the following actions:&nbsp; (i)&nbsp;to create a new class of preferred shares or disproportionately increase an existing class of preferred shares relative to the other classes of preferred shares, to change a priority, preference, right, privilege or condition of redemption or amortization of any class of preferred shares or to create any class of non-voting preferred shares that has a priority, preference, right, condition or redemption or amortization superior to an existing class of shares (in these cases, a majority of the issued and outstanding shares of the affected class is also required); (ii)&nbsp;to reduce the Mandatory Dividend; (iii)&nbsp;to change our corporate purpose; (iv)&nbsp;to merge into or consolidate with another company or to spin-off our assets; (v)&nbsp;to dissolve or liquidate our Company; (vi)&nbsp;to cancel any liquidation procedure; (vii)&nbsp;to authorize the issuance of founders&#8217; shares; and (viii)&nbsp;to participate in a centralized group of companies as defined under Brazilian Corporate Law.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pursuant to Brazilian Corporate Law, shareholders voting at a shareholders&#8217; meeting have the power to:&nbsp; (i)&nbsp;amend our bylaws; (ii)&nbsp;elect or dismiss members of our Board of Directors (and members of the Fiscal Committee) at any time; (iii)&nbsp;receive and approve the annual management accounts, including the allocation of net profits and the distributable amounts for payment of the mandatory dividends and allocation to the various reserve accounts; (iv)&nbsp;authorize the issuance of debentures in general; (v)&nbsp;suspend the rights of a shareholder who has violated Brazilian Corporate Law or our bylaws; (vi)&nbsp;accept or reject the valuation of assets contributed by a shareholder in consideration of the subscription of shares in our capital stock; (vii)&nbsp;authorize the issuance of founders&#8217; shares; (viii)&nbsp;pass resolutions authorizing reorganization of our legal form, a merger, consolidation or split of the company, dissolution&nbsp; and liquidation of the company, election and dismissal of our liquidators and to examine their accounts; and (ix)&nbsp;authorize management to declare the company insolvent and to request a </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>recupera&#231;&#227;o judicial</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> or </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>recupera&#231;&#227;o extrajudicial</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> (a procedure involving protection from creditors similar in nature to a reorganization under the U.S. Bankruptcy Code), among others.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Redemption Rights</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our common shares are not redeemable, except that a dissenting and adversely affected shareholder is entitled, under Brazilian Corporate Law, to obtain redemption upon a decision made at a shareholders&#8217; meeting by shareholders representing at least one-half of the issued and outstanding voting shares to:&nbsp; (i)&nbsp;create a new class of preferred shares or to disproportionately increase an existing class of preferred shares relative to the other classes of preferred shares (unless these actions are provided for or authorized by our bylaws); (ii)&nbsp;modify a preference, privilege or condition of redemption or amortization conferred on one or more classes of preferred shares, or to create a new class with greater privileges than an existing class of preferred shares; (iii)&nbsp;reduce the mandatory distribution of dividends; (iv)&nbsp;change our corporate purpose; (v)&nbsp;merge us with another company or consolidate us; (vi)&nbsp;transfer all of our shares to another company in order to make us a wholly-owned subsidiary of that company (</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>incorpora&#231;&#227;o</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>); (vii)&nbsp;approve the acquisition of control of another company at a price that exceeds certain limits set forth under Brazilian Corporate Law; (viii)&nbsp;approve our participation in a centralized group of companies as defined under Brazilian Corporate Law; (ix)&nbsp;conduct a spin-off that results in (a)&nbsp;a change of corporate purpose, (b)&nbsp;a reduction of the Mandatory Dividend or (c)&nbsp;any participation in a group of companies as defined under Brazilian Corporate Law; or (x)&nbsp;in the event that the entity resulting from (a)&nbsp;a merger or consolidation, (b)&nbsp;an </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>incorpora&#231;&#227;o&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> as described above or (c)&nbsp;a spin-off of a listed company fails to become a listed company within 120&nbsp;days of the shareholders&#8217; meeting at which the decision was taken.&nbsp; The right o f redemption lapses 30&nbsp;days after publication of the minutes of the relevant shareholders&#8217; meeting.&nbsp; We would be entitled to reconsider any action giving rise to redemption rights within 10&nbsp;days following the expiration of those rights, if the redemption of shares of dissenting shareholders would jeopardize our financial stability.&nbsp; Law No. 9,457 dated May&nbsp;5, 1997, which amended Brazilian Corporate Law, contains provisions which, among others, restrict redemption rights in certain cases and allow companies to redeem their shares at their market value, subject to certain requirements.&nbsp; According to Brazilian Corporate Law, the reimbursement value of the common shares must equal the book value, which is determined by dividing our net assets by the total number of shares issued by us, excluding treasury shares (if any).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Preemptive Rights</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Except as provided for in Brazilian Corporate Law (such as in the case of mergers and public offerings), our bylaws allow each of our shareholders a general preemptive right to subscribe to shares in any capital increase, in proportion to his or her ownership interest.&nbsp; A minimum period of 30&nbsp;days following the publication of notice of a capital increase is allowed for the exercise of the right and the right is transferable.&nbsp; In the event of a capital increase that would maintain or increase the proportion of capital represented by common shares, holders of ADSs will have preemptive rights to subscribe only to newly issued common shares.&nbsp; In the event of a capital increase that would reduce the proportion of capital represented by common shares, holders of ADSs will have preemptive rights to subscribe for common shares, in proportion to their ownership interest, only to the extent necessary to prevent dilution of their interest in us.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Form and Transfer</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As our common shares are in registered form, the transfer of shares is governed by the rules of Article 31, paragraph 3, of Brazilian Corporate Law, which provides that a transfer of shares is effected by a transfer recorded in a company&#8217;s share transfer records upon presentation of valid share transfer instructions to the company by a transferor or its representative.&nbsp; When common shares are acquired or sold on a Brazilian stock exchange, the </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>transfer is effected on our records by a representative of a brokerage firm or the stock exchange&#8217;s clearing system.&nbsp; Transfers of shares by a non-Brazilian shareholder are made in the same way and are executed by such shareholders&#8217; local agent.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The BM&amp;FBOVESPA operates a central clearing system.&nbsp; A holder of our common shares may choose, at its discretion, to participate in this system and, in that case, all shares elected to be put into this system will be deposited in the custody of the BM&amp;FBOVESPA (through a Brazilian institution duly authorized to operate by the Central Bank and having a clearing account with the BM&amp;FBOVESPA).&nbsp; The fact that those common shares are held in the custody of the BM&amp;FBOVESPA will be reflected in our register of shareholders.&nbsp; Each participating shareholder will, in turn, be registered in our register of beneficial shareholders maintained by the BM&amp;FBOVESPA and will be treated in the same way as registered shareholders.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Limitations on Ownership and Voting Rights by non-Brazilians Shareholders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>There are no restrictions on ownership or voting of our common shares by individuals or legal entities domiciled outside Brazil.&nbsp; However, the right to convert dividend payments and proceeds from the sale of common shares into foreign currency and to remit those amounts outside Brazil is subject to exchange control restrictions and foreign investment legislation which generally require, among other things, obtaining a Certificate of Registration under the Brazilian National Monetary Council&#8217;s Resolution No. 2,689 or its direct foreign investment regulations.&nbsp; See &#8220;Item 10D.&nbsp; Exchange Controls.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Share Ownership Disclosure</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>There are no provisions in our bylaws governing the ownership threshold above which shareholder ownership must be disclosed.&nbsp; CVM regulations require the disclosure of (i) the acquisition of 5% of any class of capital stock of a listed company and any subsequent acquisition or disposition of at least 5% of any such class of capital stock, (ii)&nbsp; acquisition of control of a listed company and (iii) the ownership of shares of capital stock of a listed company by members of such company&#8217;s Board of Executive Officers, Board of Directors, Audit Committee, Fiscal Committee (if any) and any other consulting or technical body (if any) and certain relatives of those persons.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;</FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 10pt" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>10C. Material Contracts</FONT></B></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;None.&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>There are no restrictions on ownership or voting of our common shares by individuals or legal entities domiciled outside Brazil.&nbsp; However, the right to convert dividend payments and proceeds from the sale of common shares into foreign currency and to remit those amounts outside Brazil is subject to exchange control restrictions and foreign investment legislation which generally require, among other things, obtaining a Certificate of Registration under the Brazilian National Monetary Council&#8217;s Resolution No. 2,689 or its direct foreign investment regulations. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Resolution No. 2,689 dated March&nbsp;31, 2000, introduced new rules to facilitate foreign investment in Brazil.&nbsp; The principal changes for foreign investors entering the Brazilian market include:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the removal of restrictions on investments by portfolio composition (e.g., equities, fixed income and derivatives); and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>permission for foreign individuals and corporations to invest in the Brazilian market, in addition to foreign institutional investors.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Prior to Resolution No. 2,689, foreign investors had to leave and reenter the country in order to switch their investments from equity to fixed income.&nbsp; Now foreign investors can freely switch their investments without leaving the local market.&nbsp; Foreign investors registered with the CVM and acting through authorized custody accounts and a legal representative may buy and sell any local financial product traded on the local exchanges and registered on the local clearing systems, including shares on the BM&amp;FBOVESPA, without obtaining separate Certificates of </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Registration for each transaction.&nbsp; Pursuant to Resolution No. 2,689, as amended, investors are also generally entitled to favorable tax treatment.&nbsp; See &#8220;Item 10E.&nbsp; Taxation&#8212;Brazilian Tax Considerations.&#8221;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A Certificate of Registration has been issued in the name of JP Morgan Chase Bank N.A., as our ADR depositary, and is maintained by the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Ita&#250; Corretora de Valores S.A</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>., our ADR custodian, on behalf of our ADR depositary.&nbsp; Pursuant to the Certificate, our ADR custodian and our ADR depositary are able to convert dividends and other distributions with respect to the common shares represented by ADSs into foreign currency and remit the proceeds outside Brazil.&nbsp; In the event that a holder of ADSs surrenders its ADSs for common shares, that holder will be entitled to continue to rely on our ADR depositary&#8217;s Certificate of Registration for only five business days after the surrender, following which the holder must obtain its own Certificate of Registration.&nbsp; Thereafter, unless the common shares are held pursuant to Resolution No. 2,689 or direct foreign investment regulations, the holder may not be able to convert into foreign currency and remit outside Brazil the proceeds from the disposition of, or distributions with respect to, those common shares, and the holder generally will be subject to less favorable Brazilian tax treatment than a holder of ADSs.&nbsp; See &#8220;Item 10E.&nbsp; Taxation&#8212;Brazilian Tax Considerations.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A non-Brazilian holder of common shares may experience delays in obtaining a Certificate of Registration, which may delay remittances abroad.&nbsp; This kind of delay may adversely affect the amount, in U.S. dollars, received by the non-Brazilian holder.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Under current Brazilian legislation, the Brazilian government may impose temporary restrictions on remittances of foreign capital abroad in the event of a serious imbalance or an anticipated serious imbalance of Brazil&#8217;s balance of payments.&nbsp; For approximately nine months in 1989 and early 1990, the Brazilian government froze all dividend and capital repatriations held by the Central Bank that were owed to foreign equity investors in order to conserve Brazil&#8217;s foreign currency reserves.&nbsp; These amounts were subsequently released in accordance with Brazilian government directives.&nbsp; See &#8220;Item 3D.&nbsp; Risk Factors&#8212;Risks Relating to our Common Shares and ADSs&#8212;If you surrender your ADSs and withdraw common shares, you risk losing the ability to remit foreign currency abroad and certain Brazilian tax advantages.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For a description of the foreign exchange markets in Brazil, see &#8220;Item 3A.&nbsp; Selected Financial Data&#8211; Exchange Rates.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>10E.&nbsp; Taxation</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following is a summary of certain U.S. federal income and Brazilian tax consequences of the acquisition, ownership and disposition of our common shares or ADSs by an investor that holds such common shares or ADSs.&nbsp; This summary does not purport to address all material tax consequences of the acquisition, ownership and disposition of our common shares or ADSs, does not take into account the specific circumstances of any particular investor and does not address certain investors that may be subject to special tax rules.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>This summary is based on the tax laws of the United States (including the Internal Revenue Code of 1986, as amended, or the Code, its legislative history, existing and proposed Treasury regulations thereunder, published rulings and court decisions) and Brazil, as in effect on the date hereof, which are subject to change (or changes in interpretation), possibly with retroactive effect.&nbsp; In addition, this summary is based in part upon the representations of our ADSs depositary and the assumption that each obligation in our deposit agreement and any related agreement will be performed in accordance with its terms.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Although there is, at present, no income tax treaty between Brazil and the United States, the tax authorities of the two countries have had discussions that may result in such a treaty.&nbsp; Both countries have been accepting the offset of income taxes paid in one country against the income tax due in the other based on reciprocity.&nbsp; No assurance can be given, however, as to whether or when an income tax treaty will enter into force or how it will affect the U.S. Holders, as defined below, of our common shares or ADSs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>This discussion does not address any aspects of U.S. taxation (such as estate tax, gift tax and Medicare tax on net investment income) other than federal income taxation or any aspects of Brazilian taxation other than income, gift, inheritance and capital taxation.&nbsp; Prospective investors are urged to consult their own tax advisors regarding the Brazilian and U.S. federal, state and local tax consequences of the acquisition, ownership and disposition of our common shares and ADSs.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following discussion summarizes the principal Brazilian tax consequences of the acquisition, ownership and disposition of common shares or ADSs by a holder that is not domiciled in Brazil for purposes of Brazilian taxation (a &#8220;Non-Resident Holder&#8221;).&nbsp; It is based on Brazilian law as currently in effect.&nbsp; Any change in such law may change the consequences described below, possibly with retroactive effect.&nbsp; This discussion does not specifically address all of the Brazilian tax considerations applicable to any particular Non-Resident Holder.&nbsp; Each Non-Resident Holder of common shares or ADSs should consult their own tax advisor concerning the Brazilian tax consequences of an investment in our common shares or ADSs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A Non-Resident Holder of ADSs may withdraw them in exchange for common shares in Brazil.&nbsp; Pursuant to Brazilian law, the Non-Resident Holder may invest in common shares under Resolution 2,689, of January&nbsp;26, 2000, of the National Monetary Council (a &#8220;2,689 Holder&#8221;).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Taxation of Dividends and Interest on Shareholders&#8217; Equity</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Dividends, including stock dividends and other dividends, paid by us (i)&nbsp;to our ADSs depositary in respect of the common shares underlying the ADSs or (ii)&nbsp;to a Non-Resident Holder in respect of common shares, are currently not subject to Brazilian withholding income tax, as far as such amounts are related to profits generated on or after January&nbsp;1, 1996.&nbsp; Dividends relating to profits generated prior to January&nbsp;1, 1996 may be subject to Brazilian withholding income tax at varying rates, depending on the year such profits have been generated.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Since 1996, Brazilian companies have been permitted to pay limited amounts of interest on shareholders' equity to holders of equity securities and to treat those payments as a deductible expense for purposes of its Brazilian income tax and social contribution on net profits tax basis.&nbsp; For tax purposes, this interest is limited to the daily pro rata variation of the Brazilian Federal Government's Long-Term Interest Rate (&#8220;TJLP&#8221;), as determined by the Central Bank from time to time, multiplied by the net equity value of the Brazilian company, and the amount of the deduction may not exceed the greater of (i) 50% of the net income (before taking into account the amounts attributable to shareholders as interest on shareholders' equity and the provision of corporate income tax but after the deduction of the provision of the social contribution on net profits) related to the period in respect of which the payment is made; or (ii) 50% of the sum of retained profits and profits reserves as of the date of the beginning of the fiscal year in respect of which the payment is made.&nbsp; Payments of interest on shareholders' equity are decided by the shareholders on the basis of the recommendations of our Board of Directors.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Payment of interest on shareholders' equity to a Non-Resident Holder is subject to withholding income tax at the rate of 15%, or 25% if the Non-Resident Holder is domiciled in a tax haven.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For this purpose, a &#8220;tax haven&#8221; or &#8220;low-tax regime&#8221; is a country or location (1)&nbsp;that does not impose income tax, (2)&nbsp;where the income tax rate is lower than 20% or (3)&nbsp;where the local legislation imposes restrictions on disclosing the shareholding composition or ownership of the investment (&#8220;Tax Haven Jurisdiction&#8221;).&nbsp; These payments of interest on shareholders' equity may be included, at their net value, as part of any mandatory dividend.&nbsp; To the extent payment of interest on shareholders' equity is so included, the corporation is required to distribute to shareholders an additional amount to ensure that the net amount received by them, after payment of the applicable Brazilian withholding income tax, plus the amount of declared dividends is at least equal to the mandatory dividend.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>No assurance can be given that our board of directors will not recommend that future distributions of income should be made by means of interest on shareholders' equity instead of dividends.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Taxation of Gains</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Capital gains realized by Non-Resident Holders on the disposition of common shares sold on the Brazilian stock exchange (which includes the transactions carried out on the organized over-the-counter market):</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>are exempt, when realized by a Non-Resident Holder that (i)&nbsp;is a 2,689 Holder and (ii)&nbsp;is not resident or domiciled in a Tax Haven Jurisdiction; </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>are subject to income tax at a rate of 15% in case of gains realized by (A)&nbsp;a Non-Resident Holder that (i)&nbsp;is not a 2,689 Holder and (ii)&nbsp;is not resident or domiciled in a Tax Haven Jurisdiction; or (B)&nbsp;a Non-Resident Holder that (i)&nbsp;is a 2,689 Holder and (ii)&nbsp;is resident or domiciled in a Tax Haven Jurisdiction; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>are subject to income tax at a rate of up to 25% in case of gains realized by a Non-Resident Holder that (i)&nbsp;is not a 2,689 Holder and (ii)&nbsp;is resident or domiciled in a Tax Haven Jurisdiction. &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As a general rule, capital gains realized as a result of a disposition transaction are the positive difference between the amount realized on the disposition of the common shares and the respective acquisition cost. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>According to Law No. 10,833/03, the gains recognized on a disposition of assets located in Brazil, such as our common shares, by a Non-Resident Holder, are subject to withholding income tax in Brazil.&nbsp; This rule is applicable regardless of whether the disposition is conducted in Brazil or abroad and/or if the disposition is or is not made to an individual or entity resident or domiciled in Brazil.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A withholding income tax of 0.005% will apply and can be offset against any income tax due on the capital gain.&nbsp; Such withholding does not apply to a 2,689 Holder that is not resident or domiciled in a Tax Haven Jurisdiction.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Any other gains realized on the disposition of common shares that are not carried out on the Brazilian stock exchange:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>are subject to income tax at a rate of 15% when realized by any Non-Resident Holder that is not resident or domiciled in a Tax Haven Jurisdiction, whether or not such holder is a 2,689 Holder; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>are subject to income tax at a rate of up to 25% when realized by a Non-Resident Holder that is resident or domiciled in a Tax Haven Jurisdiction, whether or not such holder is a 2,689 Holder.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In the cases described above, if the gains are related to transactions conducted on the Brazilian non-organized over-the-counter market with intermediation, the withholding income tax of 0.005% will also apply and can be offset against any income tax due on the capital gain.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Any exercise of preemptive rights relating to common shares will not be subject to Brazilian withholding income tax.&nbsp; Gains realized by a Non-Resident Holder on the disposition of preemptive rights will be subject to Brazilian income tax according to the same rules applicable to disposition of common shares.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In the case of a redemption of common shares or a capital reduction, the positive difference between the amount received by the Non-Resident Holder and the acquisition cost of the common shares redeemed in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> is treated as capital gain derived from the sale or exchange of shares not carried out on a Brazilian stock exchange market and is therefore subject to income tax at the rate of 15%, or 25%, as the case may be.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sale of ADSs by U.S. Holders to Other Non-Residents in Brazil</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>As discussed above, pursuant to Law No. 10,833, the sale of assets located in Brazil involving Non-Resident Holders is subject to Brazilian withholding income tax.&nbsp; We believe that the ADSs do not fall within the definition of assets located in Brazil for the purposes of Law No. 10,833, and, thus, should not be subject to the Brazilian withholding tax.&nbsp; However, due to the lack of any administrative or judicial guidance, there is no assurance that such position would prevail.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gains on the Exchange of ADSs for Common Shares</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The withdrawal of ADSs in exchange for common shares is not subject to Brazilian income tax, assuming compliance with applicable regulation regarding the registration of the investment with Central Bank.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Gains on the Exchange of Common Shares for ADSs</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The deposit of common shares in exchange for the ADSs may be subject to Brazilian withholding income tax on capital gains if the amount previously registered with the Central Bank as a foreign investment in common shares </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>or, in the case of other market investors under Resolution No. 2,689, the acquisition cost of the common shares, as the case may be, is lower than:</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the average price per common share on the Brazilian stock exchange on which the greatest number of such common shares were sold on the day of deposit; or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>if no common shares were sold on that day, the average price on the Brazilian stock exchange on which the greatest number of common shares were sold during the 15 preceding trading sessions.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The difference between the amount previously registered, or the acquisition cost, as the case may be, and the average price of the common shares, calculated as set forth above, is considered a capital gain subject to income tax at a rate of 15%, or 25% if the Non-Resident Holder is resident or domiciled in a Tax Haven Jurisdiction.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tax on Financial Transactions</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Tax on Financial Transactions</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> </FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>(</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Imposto sobre Opera&#231;&#245;es de Cr&#233;dito, C&#226;mbio e Seguro ou relativas a T&#237;tulos ou Valores Mobili&#225;rios</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>), or &#8220;IOF&#8221;, is imposed on foreign exchange, securities, credit and insurance transactions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>IOF on Foreign Exchange Transactions</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tax on foreign exchange transactions, or &#8220;IOF/Exchange&#8221;, may be levied on foreign exchange transactions (conversion of foreign currency in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> and conversion of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reais&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> into foreign currency), affecting either or both the inflow or outflow of investments.&nbsp; Currently, the general IOF/Exchange rate applicable to foreign currency exchange transactions is 0.38%.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Brazilian Government may increase the rate of the IOF/Exchange to a maximum rate of 25% of the amount of the foreign exchange transactions at any time, but such an increase will only apply in respect to future foreign exchange transactions.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Currently, for most foreign exchange transactions related to this type of investment, the IOF/Exchange rate is zero.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>IOF on Bonds and Securities Transactions</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>IOF may also be levied on transactions involving bonds and securities, or &#8220;IOF/Securities&#8221;, including those carried out on a Brazilian stock, futures or commodities exchanges.&nbsp; The rate of the IOF/Securities applicable to most transactions involving common shares is currently zero percent.&nbsp; Since November 19, 2009, the IOF/Securities levies at a rate of 1.5% on transfer of shares traded on the Brazilian stock exchange with the specific purpose of enabling the issuance of depositary receipts to be traded outside Brazil.&nbsp; The Brazilian Government may increase the rate of the IOF/Exchange up to 1.5% per day at any time, but such an increase will only apply in respect of future transactions.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Other Brazilian Taxes</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>There are no Brazilian inheritance, gift or succession taxes applicable to the ownership, transfer or disposition of common shares or ADSs by a non-Brazilian holder, except for gift and inheritance taxes which are levied by some states of Brazil on gifts made or inheritances bestowed by individuals or entities not resident or domiciled in Brazil to individuals or entities resident or domiciled within that state in Brazil.&nbsp; There are no Brazilian stamp, issue, registration or similar taxes or duties payable by holders of common shares or ADSs.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>U.S. Federal Income Tax Considerations </FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The summary discussion below is applicable to you only if you are a &#8220;U.S. Holder&#8221; (as defined below) that is not domiciled in Brazil (or domiciled or resident in a tax haven jurisdiction) for purposes of Brazilian taxation and, in the case of a holder of common shares, that has registered its investment in common shares with the Central Bank as a U.S. dollar investment.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For purposes of this discussion, a U.S. Holder is any beneficial owner of common shares or ADSs that is (i)&nbsp;an individual who is a citizen or resident of the United States, (ii)&nbsp;a corporation (or other entity taxable as a corporation for U.S. federal income tax purposes) organized under the laws of the United States, any state thereof or the District of Columbia, (iii)&nbsp;an estate the income of which is subject to U.S. federal income tax without regard to its source, or (iv)&nbsp;a trust if a U.S. court is able to exercise primary supervision over administration of the trust and one or more U.S. persons have authority to control all substantial decisions of the trust or if the trust validly elects under applicable Treasury regulations to be taxed as a U.S. person.&nbsp; A &#8220;Non-U.S. Holder&#8221; is any beneficial owner of common shares or ADSs that is an individual, corporation, estate or trust who is neither a U.S. Holder nor a partnership for U.S. federal income tax purposes.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If a partnership holds our common shares or ADSs, the tax treatment of a partner will generally depend upon the status of the partner and upon the activities of the partnership.&nbsp; A prospective investor who is a partner of a partnership holding our shares should consult its own tax advisor.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In general, and taking into account the earlier assumptions, for U.S. federal income tax purposes, holders of ADRs evidencing ADSs will be treated as the owners of the common shares represented by those ADSs, and exchanges of common shares for ADSs, and ADSs for common shares, will not be subject to U.S. federal income tax.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Taxation of Dividends </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>U.S. Holders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Under the U.S. federal income tax laws, and subject to the passive foreign investment company (&#8220;PFIC&#8221;) rules discussed below, U.S. Holders will include in gross income, as dividend income, the gross amount of any distribution paid by us (including payments considered &#8220;interest&#8221; in respect of stockholders&#8217; equity under Brazilian law) (before reduction for Brazilian withholding taxes) out of our current or accumulated earnings and profits (as determined for U.S. federal income tax purposes) when the distribution is actually or constructively received by the U.S. Holder, in the case of common shares, or by our ADSs depositary, in the case of ADSs.&nbsp; Distributions in excess of current and accumulated earnings and profits, as determined under U.S. federal income tax principles, will be treated as a return of capital to the extent of the U.S. Holder&#8217;s adjusted tax basis in the common shares or ADSs and thereafter as capital gain, which will be either long-term or short-term capital gain depending on whether the U.S. holder held the common shares or ADSs for more than one year.&nbsp; We do not intend to maintain calculations of our earnings and profits under U.S. federal income tax principles and, unless and until such calculations are made, U.S. Holders should assume all distributions are made out of earnings and profits and constitute dividend income.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The dividend income will not be eligible for the dividends-received deduction generally allowed to U.S. corporations in respect of dividends received from other U.S. corporations.&nbsp; Subject to certain exceptions for short-term and hedged positions certain non-corporate U.S. Holders (including individuals) may qualify for a maximum 20% rate of tax in respect of &#8220;qualified dividend income&#8221; received after December 31, 2012.&nbsp; Dividend income with respect to the ADSs will be qualified dividend income, provided that, in the year that a non-corporate U.S. Holder receives the dividend, the ADSs are readily tradable on an established securities market in the United States, and we were not in the year prior to the year in which the dividend was paid, and are not in the year in which the dividend is paid, a PFIC.&nbsp; Based on existing Internal Revenue Service (&#8220;IRS&#8221;)&nbsp;guidance, it is not entirely clear whether dividends received with respect to the common shares not held through ADSs will be treated as qualified dividend income, because the common shares are not themselves listed on a U.S. exchange.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The amount of the dividend distribution includible in gross income of a U.S. Holder will be the U.S. dollar value of the </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> payments made, determined at the spot </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>/U.S. dollar rate on the date such dividend distribution is includible in the gross income of the U.S. Holder, regardless of whether the payment is in fact converted into U.S. dollars.&nbsp; Generally, any gain or loss resulting from currency exchange fluctuations during the period from the date the dividend payment is includible in gross income to the date such payment is converted into U.S. dollars will be treated as ordinary income or loss from sources within the United States and will not be eligible for the special tax rate applicable to qualified dividend income.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Dividends received by most U.S. holders will constitute foreign source &#8220;passive income&#8221; for foreign tax credit purposes.&nbsp; Subject to limitations under U.S. federal income tax law concerning credits or deductions for foreign </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>income taxes and certain exceptions for short-term and hedged positions, any Brazilian income tax withheld from dividends paid by us would be treated as a foreign income tax eligible for credit against a U.S. Holder&#8217;s U.S. federal income tax liability (or at a U.S. Holder&#8217;s election, may be deducted in computing taxable income if the U.S. Holder has elected to deduct all foreign income taxes paid or accrued for the relevant taxable year).&nbsp; The rules with respect to foreign tax credits are complex and U.S. Holders are urged to consult their own tax advisors regarding the availability of the foreign tax credit under their particular circumstances.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The U.S. Treasury Department has expressed concern that intermediaries in connection with depositary arrangements may be taking actions that are inconsistent with the claiming of foreign tax credits by U.S. persons who are holders of depositary shares.&nbsp; Accordingly, investors should be aware that the discussion above regarding the availability of foreign tax credits for Brazilian income tax withheld from dividends paid with respect to common shares represented by ADSs could be affected by future action taken by the U.S. Treasury Department.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Distributions of additional common shares to U.S. Holders with respect to their common shares or ADSs that are made as part of a pro rata distribution to all our stockholders generally will not be subject to U.S. federal income tax.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Non-U.S. Holders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Dividends paid to a Non-U.S. Holder in respect of common shares or ADSs will not be subject to U.S. federal income tax unless those dividends are effectively connected with the conduct of a trade or business within the United States by the Non-U.S. Holder (and are attributable to a permanent establishment maintained in the United States by the Non-U.S. Holder, if an applicable income tax treaty so requires as a condition for the Non-U.S. Holder to be subject to U.S. taxation on a net income basis in respect of income from common shares or ADSs), in which case the Non-U.S. Holder generally will be subject to U.S. federal income tax in respect of the dividends in the same manner as a U.S. Holder.&nbsp; Any such effectively connected dividends received by a corporate Non-U.S. Holder may also, under certain circumstances, be subject to an additional &#8220;branch profits tax&#8221; (at a 30% rate or at a reduced rate as may be specified by an applicable income tax treaty).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Taxation of Capital Gains</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>U.S. Holders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Subject to the PFIC rules discussed below, upon a sale, redemption or other taxable disposition of common shares or ADSs, a U.S. Holder will recognize gain or loss for U.S. federal income tax purposes in an amount equal to the difference between the U.S. dollar value of the amount realized (before deduction of any Brazilian tax) and the U.S. Holder&#8217;s adjusted tax basis (determined in U.S. dollars) in the common shares or ADSs.&nbsp; Generally, the U.S. Holder&#8217;s gain or loss will be capital gain or loss.&nbsp; Capital gain of a non-corporate U.S. Holder that is recognized after December 31, 2012 is generally taxed at a maximum rate of 20% where the property is held for more than one year.&nbsp; The deductibility of capital losses is subject to limitations under the Code.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If a Brazilian income tax is withheld on the sale, exchange or other taxable disposition of common shares or ADSs, the amount realized by a U.S. Holder will include the gross amount of the proceeds of that sale, exchange or other taxable disposition before deduction of the Brazilian tax.&nbsp; Capital gain or loss, if any realized by a U.S. Holder on the sale, exchange or other taxable disposition of common shares or ADSs generally will be treated as U.S. source gain or loss for U.S. foreign tax credit purposes.&nbsp; Consequently, in the case of a gain from the disposition of a share or ADS that is subject to Brazilian income tax (see &#8220;Taxation &#8211; Brazilian Tax Considerations &#8211; Taxation of Gains&#8221;), the U.S. Holder may not be able to benefit from the foreign tax credit for that Brazilian income tax (i.e., because the gain from the disposition would be U.S. source income), unless the U.S. Holder can apply the credit against U.S. federal income tax payable on other income from foreign sources.&nbsp; Alternatively, the U.S. Holder may take a deduction for the Brazilian income tax if it does not elect to claim a foreign income tax credit for any foreign taxes paid or accrued during the taxable year.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Non-U.S. Holders</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>.&nbsp; A Non-U.S. Holder will not be subject to U.S. federal income tax in respect of gain recognized on a sale, exchange or other taxable disposition of common shares or ADSs unless:</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>the gain is effectively connected with a trade or business of the Non-U.S. Holder in the United States (and is attributable to a permanent establishment maintained in the United States by that Non-U.S. Holder, if an applicable income tax treaty so requires as a condition for that Non-U.S. Holder to be subject to U.S. taxation on a net income basis in respect of gain from the sale or other disposition of the common shares or ADSs); or</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>in the case of a Non-U.S. Holder who is an individual, that Non-U.S. Holder is present in the United States for 183 or more days in the taxable year of the sale and certain other conditions apply.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Effectively connected gains realized by a corporate Non-U.S. Holder may also, under certain circumstances, be subject to an additional branch profits tax (at a 30% rate or at a reduced rate as may be specified by an applicable income tax treaty).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Passive Foreign Investment Companies</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Based on current estimates of our gross income, gross assets and the nature of our business, we believe that our common shares and ADSs should not be treated as stock of a PFIC for U.S. federal income tax purposes.&nbsp; There can be no assurances in this regard, however, because the application of the relevant rules is complex and involves some uncertainty.&nbsp; The PFIC determination is made annually and is based on the portion of our assets and income that is characterized as passive under the PFIC rules.&nbsp; Moreover, our business plans may change, which may affect the PFIC determination in future years.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In general, we will be a PFIC with respect to a U.S. Holder if, for any taxable year in which the U.S. Holder held our ADSs or common shares, either (i)&nbsp;at least 75% of our gross income for the taxable year is passive income or (ii)&nbsp;at least 50% of the value (determined on the basis of a quarterly average) of our assets is attributable to assets that produce or are held for the production of passive income.&nbsp; For this purpose, passive income generally includes, among other things, dividends, interest, royalties, rents (other than certain rents and royalties derived in the active conduct of a trade or business), annuities and gains from assets that produce passive income.&nbsp; If a foreign corporation owns at least 25% by value of the stock of another corporation, the foreign corporation is treated for purposes of the PFIC tests as owning its proportionate share of the assets of the other corporation, and as receiving directly its proportionate share of the other corporation&#8217;s income.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If we are treated as a PFIC, a U.S. Holder that did not make a &#8220;mark-to-market election&#8221; or &#8220;QEF election,&#8221; each as described below, would be subject to special rules with respect to (a)&nbsp;any gain realized on the sale or other disposition of common shares or ADSs and (b)&nbsp;any &#8220;excess distribution&#8221; by CSN to the U.S. Holder (generally, any distributions to the U.S. Holder in respect of the common shares or ADSs during a single taxable year that are greater than 125% of the average annual distributions received by the U.S. Holder with respect to the common shares or ADSs during the three preceding taxable years or, if shorter, the U.S. Holder&#8217;s holding period for the common shares or ADSs).&nbsp; Under these rules, (i)&nbsp;the gain or excess distribution would be allocated ratably over the U.S. Holder&#8217;s holding period for the common shares or ADSs, (ii)&nbsp;the amount allocated to the taxable year in which the gain or excess distribution was realized would be taxable as ordinary income, (iii)&nbsp;the amount allocated to each prior year, with certain exceptions, would be subject to tax at the highest tax rate in effect for that year and (iv)&nbsp;the interest charge generally applicable to underpayments of tax would be imposed in respect of the tax attributable to each such prior year.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If we are treated as a PFIC and, at any time, we invest in non-U.S. corporations that are classified as PFICs (each, a &#8220;Subsidiary PFIC&#8221;), U.S. Holders generally will be deemed to own, and also would be subject to the PFIC rules with respect to, their indirect ownership interest in that Subsidiary PFIC.&nbsp; If we are treated as a PFIC, a U.S. Holder could incur liability for the deferred tax and interest charge described above if either (1)&nbsp;we receive a distribution from, or dispose of all or part of our interest in, the Subsidiary PFIC or (2)&nbsp;the U.S. Holder disposes of all or part of its common shares or ADSs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The special PFIC tax rules described above will not apply to a U.S. Holder if the U.S. Holder makes an election (i)&nbsp;to &#8220;mark-to-market&#8221; with respect to the common shares or ADSs (a &#8220;mark-to-market election&#8221;) or (ii)&nbsp;to have us treated as a &#8220;qualified electing fund&#8221; (a &#8220;QEF election&#8221;).&nbsp; The QEF election is not available to holders unless we agree to comply with certain reporting requirements and provide the required annual information statements.&nbsp; The QEF and mark-to-market elections only apply to taxable years in which the U.S. Holder&#8217;s common shares or ADSs </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>are treated as stock of a PFIC.&nbsp; Our ADR Depositary has agreed to distribute the necessary information to registered holders of ADSs.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A U.S. Holder may make a mark-to-market election, if the common shares or ADSs are regularly traded on a &#8220;qualified exchange.&#8221;&nbsp; Under applicable U.S. Treasury regulations, a &#8220;qualified exchange&#8221; includes a national securities exchange, such as the New York Stock Exchange, that is registered with the SEC or the national market system established under the Exchange Act.&nbsp; Also, under applicable Treasury Regulations, PFIC securities traded on a qualified exchange are regularly traded on such exchange for any calendar year during which such stock is traded, other than in </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>de minimis</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> quantities, on at least 15&nbsp;days during each calendar quarter.&nbsp; We cannot assure you that the common shares or ADSs will be eligible for a mark-to-market election.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A U.S. Holder that makes a mark-to-market election must include for each taxable year in which the U.S. Holder&#8217;s common shares or ADSs are treated as shares of a PFIC, as ordinary income, an amount equal to the excess of the fair market value of the common shares or ADSs at the close of the taxable year over the U.S. Holder&#8217;s adjusted tax basis in the common shares or ADSs, and is allowed an ordinary loss for the excess, if any, of the adjusted tax basis over the fair market value of the common shares or ADSs at the close of the taxable year, but only to the extent of the amount of previously included mark-to-market inclusions (not offset by prior mark-to-market losses).&nbsp; These amounts of ordinary income will not be eligible for the favorable tax rates applicable to qualified dividend income or long-term capital gains.&nbsp; A U.S. Holder&#8217;s tax basis in the common shares or ADSs will be adjusted to reflect any such income or loss amounts.&nbsp; Although a U.S. Holder may be eligible to make a mark-to-market election with respect to its common shares or ADSs, no such election may be made with respect to the stock of any Subsidiary PFIC that such U.S. Holder is treated as owning, because such Subsidiary PFIC stock is not marketable.&nbsp; Thus, the mark-to-market election will not be effective to avoid all of the adverse tax consequences described above with respect to any Subsidiary PFICs.&nbsp; U.S. Holders should consult their own tax advisors regarding the availability and advisability of making a mark-to-market election with respect to their common shares of ADSs based on their particular circumstances.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A U.S. Holder that makes a QEF election will be currently taxable on its pro rata share of our ordinary earnings and net capital gain (at ordinary income and capital gain rates, respectively) for each of our taxable years, regardless of whether we distributed the income and gain.&nbsp; The U.S. Holder&#8217;s basis in the common shares or ADSs will be increased to reflect taxed but undistributed income.&nbsp; Distributions of income that had previously been taxed will result in a corresponding reduction of tax basis in the common shares or ADSs and will not be taxed again as a distribution to the U.S. Holder.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In addition, notwithstanding any election that a U.S. Holder makes with regard to the common shares or ADSs, dividends that a non-corporate U.S. Holder receives from us will not constitute qualified dividend income if we are a PFIC either in the taxable year of the distribution or the preceding taxable year.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Special rules apply with respect to the calculation of the amount of the foreign tax credit with respect to excess distributions by a PFIC or, in certain cases, QEF inclusions.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>A U.S. Holder who owns common shares or ADSs during any year that we are a PFIC must file IRS Form 8621.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Backup Withholding and Information Reporting</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>U.S. Holders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Dividends paid on, and proceeds from the sale, redemption or other taxable disposition of common shares or ADSs to a U.S. Holder generally will be subject to information reporting and backup withholding, unless, in the case of backup withholding, the U.S. Holder provides an accurate taxpayer identification number or in either case otherwise establishes an exemption.&nbsp; The amount of any backup withholding collected from a payment to a U.S. Holder will be allowed as a credit against the U.S. Holder&#8217;s U.S. federal income tax liability and may entitle the U.S. Holder to a refund, provided that certain required information is timely furnished to the IRS.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Recently enacted legislation requires certain U.S. Holders to report information with respect to their investment in certain &#8220;foreign financial assets,&#8221; which would include an investment in our common shares, not held through a </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>custodial account with a U.S. financial institution to the IRS.&nbsp; Investors who fail to report required information could become subject to substantial penalties.&nbsp; Prospective investors are encouraged to consult with their own tax advisors regarding the possible implications of this new legislation on their investment in our common shares.</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Non-U.S. Holders</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>If common shares are held by a Non-U.S. Holder through the non-U.S. office of a non-U.S. related broker or financial institution, backup withholding and information reporting generally would not be required.&nbsp; Information reporting, and possibly backup withholding, may apply if the common shares are held by a Non-U.S. Holder through a U.S., or U.S.-related, broker or financial institution, or the U.S. office of a non-U.S. broker or financial institution and the Non-U.S. Holder fails to provide appropriate information.&nbsp; Information reporting and backup withholding generally will apply with respect to ADSs if the Non-U.S. Holder fails to timely provide appropriate information.&nbsp; Non-U.S. Holders should consult their tax advisors regarding the application of these rules.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>10F. Dividends and Paying Agents</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>10G. Statement by Experts</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>10H. Documents on Display</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are subject to the information requirements of the Exchange Act and accordingly file reports and other information with the SEC.&nbsp; Reports and other information filed by us with the SEC may be inspected and copied at the public reference facilities maintained by the SEC at 100 F Street, N.E., Washington, D.C. 20549.&nbsp; You can obtain further information about the operation of the Public Reference Room by calling the SEC at 1-800-SEC-0330.&nbsp; Our SEC filings are also available to the public from the SEC&#8217;s website at http://www.sec.gov.&nbsp; You may also inspect our reports and other information at the offices of the NYSE, 11 Wall Street , New York, New York 10005, on which our ADSs are listed.&nbsp; For further information on obtaining copies of our public filings at the NYSE, you should call (212) 656-5060.&nbsp; We also file financial statements and other periodic reports with the CVM.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>10I. Subsidiary Information</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 11.&nbsp; Quantitative and Qualitative Disclosures About Market Risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are exposed to a number of different market risks arising from our normal business activities.&nbsp; Market risk is the possibility that changes in interest rates, currency exchange rates, commodities prices will adversely affect the value of financial assets, liabilities, expected future cash flows or earnings. We developed policies aimed at managing the volatility inherent to certain of these natural business </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>exposures</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>. We use financial instruments, such as derivatives, in order to achieve the main goals established by our Board of Directors to minimize the cost of capital and maximize the returns on financial assets, while observing, as determined by our Board of Directors, parameters of credit and risk.&nbsp; Derivatives are contracts whose value is derived from one or more underlying financial instruments, indices or prices defined in the contract.&nbsp; Only well-understood, conventional derivative instruments are used for these purposes. These include futures and options traded on regulated exchanges and &#8220;over-the-counter&#8221; swaps, options and forward contracts.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Market Risk Exposures and Market Risk Management</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our treasury department is responsible for managing our market risk exposures.&nbsp; We use some internal controls in order to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>help us understand market risks;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>reduce the likelihood of financial losses; and</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>diminish the volatility of financial results.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The principal tools used by our treasury department are:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;Sensitivity Analysis,&#8221; which measures the impact that movements in the price of different market variables such as interest rates and exchange rates will have in our earnings and cash flows; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&#8220;Stress Testing,&#8221; which measures the worst possible loss from a set of consistent scenarios to which probabilities are not assigned.&nbsp; The scenarios are deliberately chosen to include extreme changes in interest and currency exchange rates.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Following is a discussion of the primary market risk exposures that we face together with an analysis of the exposure to each one of them.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Interest Rate Risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are exposed to interest rate risk on short- and long-term instruments and as a result of refinancing of fixed-rate instruments included in our consolidated debt. Consequently, as well as managing the currency and maturity of debt, we manage interest costs through a balance between lower-cost floating rate debt, which has inherently higher risk, and more expensive, but lower risk, fixed-rate debt. We can use swaps, options and other derivatives to achieve the desired ratio between floating-rate debt and fixed-rate debt. The desired ratio varies according to market conditions:&nbsp; if interest rates are relatively low, we will shift towards fixed rate debt.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are basically exposed to the following floating interest rates:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>U.S. dollar LIBOR, due to our floating rate U.S. dollar-denominated debt (usually trade-finance related), to our cash position held offshore in U.S. dollars, which is invested in short-term instruments, </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>TJLP (Long Term Interest Rate), due to </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>-denominated debt indexed to this interest rate, and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>CDI (benchmark Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> overnight rate), due to our cash held in Brazil (onshore cash) and to our CDI indexed debt.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Maturities</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Exposure as of December&nbsp;2012*&nbsp;(amortization)</FONT></B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'> &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2013</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2014</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2015</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2016</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2017</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Thereafter</FONT></B></P>
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<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>US dollar LIBOR</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,190</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>194</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>367</FONT></P>
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</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>467</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>626</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>536</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>-</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>US dollar fixed rate</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>8,135</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,168</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>31</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>837</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>57</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>6,036</FONT></P>
</TD></TR>
<TR style="HEIGHT: 3.3pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; HEIGHT: 3.3pt; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>CDI</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>15,061</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,228</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,257</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,174</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,595</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5,694</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Euro fixed rate</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>323</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>65</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>65</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>194</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>TJLP</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,350</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>415</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>215</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>235</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>249</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>243</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,994</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Other</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>646</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>57</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>59</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>71</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>84</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>59</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>317</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="61%" colSpan=11>
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Maturities</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Exposure as of December&nbsp;2011*&nbsp;(amortization)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Notional amount&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2014</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2016</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Thereafter&nbsp;</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>US dollar LIBOR</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,444</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>547</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>178</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>308</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>400</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>547</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>464</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>US dollar fixed rate</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>7,362</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>298</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,071</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>14</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>756</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>52</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>5,171</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>CDI</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>14,008</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,045</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>546</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,446</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,041</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>1,707</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>8,223</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>TJLP</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>3,231</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>382</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>335</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>101</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>90</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>95</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>2,228</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>Other</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>495</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>26</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>43</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>65</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>60</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>43</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'>258</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="29%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><B><FONT style="FONT-SIZE: 8pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR></TABLE></DIV></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>&nbsp;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>*All figures in R$ million. </FONT></P>
<P style="TEXT-ALIGN: center">124</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_129></A>
<P></P>
<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our cash and cash equivalent were as follows: </FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="34%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December 31,&nbsp;2012</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December 31,&nbsp;2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Exposure</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="34%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Cash in </FONT><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>reais</FONT></I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>: &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,956&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,690</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>CDI&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="34%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Cash in U.S. dollars: &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,111&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,784</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>LIBOR&nbsp;</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The table below shows the average interest rate and the average life of our debt.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="41%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;2012</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="41%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average rate %</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average life</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average rate %</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average life</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>U.S. dollar LIBOR&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.72&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.99&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.14&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.20&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>U.S. dollar fixed rate&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7.52&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>13.83 (with perpetual bond)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6.37&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>14.37 (with perpetual bond)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Euro fixed rate&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.88&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.16&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>N/A&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>UMBNDES&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>N/A&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>N/A&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>C</FONT><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>DI&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>110,69 of CDI&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4.38&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>111.21 of CDI&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.19&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="18%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>TJLP</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.68&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7.65&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1.70&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="26%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5.58&nbsp;</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; We entered into cross-currency swap agreements to hedge liabilities indexed to the U.S. dollar from Brazilian </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> fluctuations, which are affected by market, economic, political, regulatory and geopolitical conditions, among others. The gains and losses from these contracts are directly related to exchange (dollar) and CDI fluctuations. For the duration of our U.S. dollar fixed-rate derivatives, see tables below. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Notional</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average interest rate</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average maturity</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>As of December&nbsp;31, 2012</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(in U.S. dollar million,</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(U.S. dollar)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(days)</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>unless otherwise indicated)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Swaps (U.S. dollar fixed - rate versus CDI)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>732</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="45%" colSpan=4>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Notional</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average interest rate</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Average maturity</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>As of December 31, 2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(in U.S. dollar million,</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(U.S. dollar)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(days)</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>unless otherwise indicated)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Swaps (U.S. dollar fixed - rate versus CDI)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>293</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.45%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>782</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Swaps (U.S. dollar fixed - rate versus CDI)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>75</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3.23%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>691</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="37%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Swaps (U.S. dollar fixed - rate versus CDI)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;(100)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="1%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="19%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2.39%&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;32</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Foreign Currency Exchange Rate Risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Fluctuations in exchange rates can have significant effects on our operating results.&nbsp; Therefore, exchange rate fluctuations affect the values of our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>-denominated assets, the carrying and repayment costs of our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>-denominated financial liabilities, our </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>-denominated production costs, the cost of </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>-denominated capital items and the prices we receive in the Brazilian market for our finished steel products. We attempt to manage our net foreign exchange rate exposures, trying to balance our non-</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> denominated assets with our non-</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> denominated liabilities. We use derivative instruments to match our non-</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> denominated assets to our non-</FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> denominated liabilities, but at any given time we may still have significant foreign currency exchange rate risk exposure.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our exposure to the U.S. dollar is due to the following contract categories:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>U.S. dollar-denominated debt;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>offshore cash;</FONT></P>
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<P style="TEXT-ALIGN: center">125</P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>currency derivatives (in the case of options, we use the delta as a measure of exposure);</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>U.S. dollar indexed accounts payable and receivable (usually related to international trade, i.e., imports and exports); and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>offshore investments: assets that we bought offshore and that are denominated in U.S. dollars on our balance sheet.</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2012</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>U.S. dollar Liabilities</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;loans and financing&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,103</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,300</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;trade accounts payable&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>267</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>11</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany loans&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>14</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>14</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>37</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>43</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,421</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,367</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>U.S. dollar Assets</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;offshore cash and cash equivalents&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,106</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>5,613</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;guarantee margin</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>200</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>217</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;trade accounts receivable&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>348</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>288</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt 14.1pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>advances to suppliers</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>61</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt 14.1pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Intercompany loans</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>62</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>62</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt 14.1pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>16</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt 14.1pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total Assets</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,731&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>6,257</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total U.S. dollar Exposure</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,310</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>890</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Derivative notional</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>67</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>268</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total U.S. dollar Net Exposure</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,377</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,158</FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our exposure to the Euro is due to the following contract categories:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Euro-denominated debt;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>offshore cash;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>U.S. dollar indexed accounts payable and receivable (usually related to international trade, i.e., imports and exports); and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>offshore investments: assets that we bought offshore and that are denominated in Euros on our balance sheet</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2012</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Euro Liabilities</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;loans and financing&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>121</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;trade accounts payable&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intercompany loans&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Others</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Total Liabilities</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>121</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="100%" colSpan=5>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Euro Assets</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; offshore cash and cash equivalents&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>-</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt 14.1pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>guarantee margin</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt 14.1pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>trade accounts receivable&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>32</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>8</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt 14.1pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Intercompany loans </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>92</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt 14.1pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>advances to suppliers</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt 14.1pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>37</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
</TD></TR>
<TR>
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<P style="MARGIN: 0in 0in 0pt 14.1pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total Assets</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>165&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>8</FONT></B></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="56%">
<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total Euro Exposure</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>44</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>7</FONT></B></P>
</TD></TR>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Derivative notional</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(90)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(90)</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total Euro Net Exposure</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(46)</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(83)</FONT></B></P>
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<P style="TEXT-ALIGN: center">126</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our exposure to the Australian Dollar is due to the following contract categories:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>offshore cash.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2012</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31, 2011</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>AUD Liabilities</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>AUD Assets</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp; &nbsp; &nbsp; &nbsp; &nbsp;offshore cash and cash equivalents&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>303&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>303</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total AUD Exposure</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>-</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>303</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Offshore investments</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We have capitalized our offshore subsidiaries domiciled in U.S. dollar-based countries with equity investments, and those investments are accounted as U.S. dollar investments. The result is that they work as assets indexed to the U.S. dollar from an earnings perspective.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Commodity Price Risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Fluctuations in the price of steel and some of the commodities used in producing steel, such as zinc, aluminum, tin, coal, coke and energy, can have an impact on our earnings. Currently, we are not hedging our exposure to commodity prices. Our biggest commodity price exposure is the price of steel and coal, but there are no liquid instruments that provide an effective hedge against their price fluctuations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sensitivity analysis</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The economic environment in which we operate determines the main factors taken into consideration to establish risk scenarios.&nbsp; In the Brazilian economic environment, exchange rate variation is the most notable market risk.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The </FONT><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>real&nbsp;</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> exchange rate is significantly volatile. Between 2003 and 2012 the exchange rate had an average annual volatility of 14.79%.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sensitivity analysis of the US dollar-to-real exchange swap</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For the consolidated foreign exchange operations with US Dollar Fluctuation risk, the sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values &#8203;&#8203;as of 31 December, 2012 recorded as assets in the amount of R$9,046 million. </FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>To develop our sensitivity analysis we analyze four different scenarios of exchange rate variation.&nbsp; Based on the foreign exchange rate of December&nbsp;31, 2012 of R$2.0435 per US$1.00, adjustments were estimated for four scenarios: scenario 1: (25% of Real appreciation) rate of R$1.5326 per US$1.00; scenario 2: (50% of Real appreciation) rate of R$1.0218 per US$1.00; scenario 3: (25% of Real devaluation) rate of R$ 2.5544; scenario 4: (50% of Real devaluation) rate of R$ 3.0653.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December 31, 2012<BR>
(In millions of US$, except for exchange rates) </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Risk &nbsp;</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Scenario </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Reference Value </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Exchange Rates </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Additional Results </FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Net current swap </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>US Dollar fluctuation </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>67</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.0435</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>&nbsp;-</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.5326</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(34)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.0218</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(68)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.5544</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>34</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3.0653</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>68</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Exchange position functional currency BRL </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="18%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>US Dollar fluctuation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1,310</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.0435</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>-</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.5326</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(669)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.0218</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(1,339)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.5544</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>669</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3.0653</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1,339</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="22%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Consolidated exchange position </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="18%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>US Dollar fluctuation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1,377</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.0435</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>-&nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.5326</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(703)</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.0218</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(1,407)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="22%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.5544</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>703</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="22%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3.0653</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfeef9; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1,407</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" 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: 10pt" lang=EN-US face='Times New Roman'>Sensitivity analysis of the euro-to-dollar exchange swap</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For the consolidated foreign exchange operations with Euro fluctuation risk, the sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="cambria math">&#8203;&#8203;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>as of 31 December, 2012 recorded as liabilities in the amount of R$2,441 million. </FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For consolidated exchange transactions with Euro fluctuation risk, based on the foreign exchange rate on December 31, 2012, of R$ 2.6954 per &#8364;$ 1.00, adjustments were estimated for four scenarios: scenario 1: (25% of Real appreciation) rate of R$2.0216 per &#8364;$ 1.00; scenario 2: (50% of Real appreciation) rate of R$1.3477 per &#8364;$ 1.00; scenario 3: (25% of Real devaluation) rate of R$ 3.3693; scenario 4: (50% of Real devaluation) rate of R$ 4.0431.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 14.2pt; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 19.5pt">
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December 31, 2012<BR>
(In millions of EUR, except for exchange rates) </FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.5pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.5pt; PADDING-TOP: 0in" width="11%">&nbsp;</TD>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.5pt; PADDING-TOP: 0in" width="11%">&nbsp;</TD></TR>
<TR style="HEIGHT: 27pt">
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27pt; PADDING-TOP: 0in" width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Risk &nbsp;</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Scenario </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Reference Value </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Exchange Rates </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Additional Results </FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Net current swap </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>EURO fluctuation </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="10%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(90)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.6954</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="23%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="17%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.0216</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>61</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="17%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.3477</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>121</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="23%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="17%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3.3693</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(61)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4.0431</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(121)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="23%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="17%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Exchange position functional currency BRL </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>EURO fluctuation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>44</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.6954</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="23%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.0216</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(30)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.3477</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(59)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="23%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3.3693</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>30</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="23%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4.0431</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>59</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Consolidated exchange position</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>EURO fluctuation</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(46)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.6954</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2.0216</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>31</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.3477</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>62</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3.3693</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(31)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4.0431</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(62)</FONT></P>
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<P style="TEXT-ALIGN: center">128</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sensitivity analysis of exchange dollar-to-euro swap</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values &#8203;&#8203;as of December 31, 2012 recognized in liabilities, amounting to R$4,241 million.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>To develop our sensitivity analysis we analyze four different scenarios for the real-euro parity volatility.&nbsp; Based on the foreign exchange rate of December&nbsp;31, 2012 of R$1.3190 per US$1.00, adjustments were estimated for four scenarios: scenario 1: (25% of Real appreciation) rate of R$0.9893 per US$1.00; scenario 2: (50% of Real appreciation) rate of R$0.6595 per US$1.00; scenario 3: (25% of Real devaluation) rate of R$ 1.6488; scenario 4: (50% of Real devaluation) rate of R$ 1.9785.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December 31, 2012<BR>
(In millions of US$, except for exchange rates) </FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; PADDING-TOP: 0in" width="12%">&nbsp;</TD></TR>
<TR style="HEIGHT: 24.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT></B><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Risk &nbsp;</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Scenario </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Reference Value </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Exchange Rates </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Additional Results </FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Net current swap </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>US Dollar fluctuation </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="11%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>44</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.3190</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="18%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>0.9893</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(15)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="18%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>0.6595</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(29)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="18%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.6488</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>15</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.9785</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>29</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="18%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 33.75pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Exchange position functional currency EURO </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="18%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>US Dollar fluctuation </FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 33.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(6)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.3190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 33.75pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>0.9893</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>0.6595</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.6488</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(2)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.9785</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(4)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 18.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; PADDING-TOP: 0in" width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 22.5pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=middle width="20%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Consolidated exchange position </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="18%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>US Dollar fluctuation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 22.5pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>38</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.3190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 22.5pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>0.9893</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(13)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>0.6595</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(25)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3</FONT></P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.6488</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>13</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>4</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1.9785</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>25</FONT></P>
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<P style="TEXT-ALIGN: center">129</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sensitivity analysis of interest rate swaps</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>In millions of R$, except for notional amount</FONT></I></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Notional </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Million US$ </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Risk </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>25%</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>50%</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>25%</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>50%</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Swap of interest rate libor vs CDI </FONT></P>
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<P style="MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'></FONT><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>64&nbsp;&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(Libor) US$ </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(8)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(10)</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>8</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>10</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT></I>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.25in"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sensitivity analysis of changes in interest rate</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Company considers the effects of a 5% increase or decrease in interest rates on its outstanding borrowings, financing and debentures as of December 31, 2012 in the consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>In millions of R$</FONT></I></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Impact on profit or loss</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>% p.a</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>2011</FONT></B></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Changes in interest</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>TJLP</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>5.50</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>9,667</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1,372</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Libor</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccffff; HEIGHT: 15pt; PADDING-TOP: 0in" width="17%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>0.51</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccffff; HEIGHT: 15pt; PADDING-TOP: 0in" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ccffff; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>6,607</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>7,941</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR color=black face='Times New Roman'>CDI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="17%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>6.90</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>50,391</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="18%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>72,607</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Share market price risk</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 0.25in"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Company is exposed to the risk of changes in equity prices due to the investments made and classified as available-for-sale.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The Company considers as probable scenario the amounts recognized at market prices as of December 31, 2012. Sensitivity analysis is based on the assumption of maintaining as probable scenario the market values as of December 31, 2012. Therefore, there is no impact on the financial instruments classified as available for sale already presented above. The Company considered the following scenarios for volatility of the shares.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>- Scenario 1: (25% appreciation of shares);</FONT></P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>- Scenario 2: (50% appreciation of shares);</FONT></P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>- Scenario 3: (25% devaluation of shares);</FONT></P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>- Scenario 4: (50% devaluation of shares). </FONT></P>
<P style="TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0in" width="75%" colSpan=9 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Impact on profit or loss</FONT></B></P>
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<TR style="HEIGHT: 15pt">
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Companies</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Probable</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>25%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>50%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>25%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>50%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Usiminas</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>731</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>200</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>401</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(200)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(401)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>Panatl&#226;ntica</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>1</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>3</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>5</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(3)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #cdfdff; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(5)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" vAlign=bottom width="25%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>732</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>203</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>406</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(203)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0in" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8.5pt" lang=PT-BR face='Times New Roman'>(406)</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt">&nbsp;</P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">130</P>
<HR align=center SIZE=2 width="100%" noShade>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 12.&nbsp; Description of Securities Other Than Equity Securities</FONT></B></P>
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<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>American Depositary Shares</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>JP Morgan Chase Bank, N.A. serves as the depositary for our ADSs.&nbsp; ADR holders are required to pay various fees to the depositary, and the depositary may refuse to provide any service for which a fee is assessed until the applicable fee has been paid.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>ADR holders are required to pay the depositary amounts in respect of expenses incurred by the depositary or its agents on behalf of ADR holders, including expenses arising from compliance with applicable law, taxes or other governmental charges, facsimile transmission or conversion of foreign currency into U.S. dollars.&nbsp; In this case, the depositary may decide at its sole discretion to seek payment by either billing holders or by deducting the fee from one or more cash dividends or other cash distributions.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>ADR holders are also required to pay additional fees for certain services provided by the depositary, as set forth in the table below.</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'> &nbsp;</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0.1pt" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in"> <H3 style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Depositary service</FONT></B></H3></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in">
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Fee payable by ADR holders</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Issuance and delivery of ADRs, including in connection with share distributions, stock splits </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: center; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>US$5.00 for each 100 ADSs (or portion thereof)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Distribution of dividends </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>US$5.00 for each 100 ADSs</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Deposit of securities, including in respect of share, rights and other distributions </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>US$5.00 for each 100 ADSs (or portion thereof)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Withdrawal of deposited securities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="TEXT-ALIGN: right; MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in" align=right><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom>
<P style="MARGIN-LEFT: 0in; MARGIN-RIGHT: 0in"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>US$5.00 for each 100 ADSs (or portion thereof)</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Direct and indirect payments by the depositary</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The depositary reimburses us for certain expenses we incur in connection with the ADR program, subject to a ceiling agreed between us and the depositary from time to time.&nbsp; These reimbursable expenses currently include legal and accounting fees, listing fees, investor relations expenses and fees payable to service providers for the distribution of material to ADR holders.&nbsp; For the year ended December&nbsp;31, 2012, such reimbursements totaled US$0.7 million.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 13.&nbsp; Defaults, Dividend Arrearages and Delinquencies</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>None.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 14.&nbsp; Material Modification to the Rights of Security Holders and Use of Proceeds</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>None.</FONT></P>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>PART II</FONT></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 15.&nbsp; Controls and Procedures</FONT></B></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Disclosure Controls and Procedures</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We have carried out an evaluation under the supervision of our management, including our Chief Executive Officer and Principal Financial Officer, of the effectiveness of the design and operation of our disclosure controls and procedures, as defined in Rule 13a-15(e) of the Securities Exchange Act of 1934.&nbsp; Based on that evaluation, our Chief Executive Officer and our Principal Financial Officer concluded that the design and operation of our disclosure controls and procedures are effective to ensure that information required to be disclosed in the reports that we file and submit under the Exchange Act is (i)&nbsp;recorded, processed, summarized and reported within the time </FONT>

<a name="page_136"></a>
<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>periods specified in SEC rules and forms, and (ii)&nbsp;collected and communicated to management, including the Chief Executive Officer and the Principal Financial Officer, to allow timely decisions regarding required disclosure as of the end of our most recent fiscal year.</FONT></P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">131</P>
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<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>MANAGEMENT&#8217;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our management is responsible for establishing and maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our internal control over financial reporting is a process designed by, or under the supervision of, our Audit Committee, principal executive and principal financial officers, and effected by our board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with IFRS.&nbsp; Our internal control over financial reporting includes those policies and procedures that (1)&nbsp;pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of our assets; (2)&nbsp;provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that our receipts and expenditures are being made only in accordance with authorizations of our management and directors; and (3)&nbsp;provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of our assets that could have a material effect on the consolidated financial statements.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Because of its inherent limitations, internal control over financial reporting may not prevent or detect material misstatements on a timely basis.&nbsp; Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Management assessed the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2012 based on the criteria established in &#8220;Internal Control &#8211; Integrated Framework&#8221; issued by the Committee of Sponsoring Organizations &#8211; COSO &#8211; of the Treadway Commission.&nbsp; Based on the assessment, management has concluded that, as of December&nbsp;31, 2012, our internal control over financial reporting is effective.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Attestation Report of the Independent Registered Public Accounting Firm</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>For the report of Deloitte Touche Tohmatsu Auditores Independentes, our independent registered public accounting firm, dated April 23, 2013</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>, on the effectiveness of our internal control over financial reporting as of December&nbsp;31, 2012, see &#8220;Item 18.&nbsp; Financial Statements&#8221;.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Changes in internal control over financial reporting</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>There have been no changes in our internal control over financial reporting that occurred during the period covered by this annual report that has materially affected, or is reasonably likely to materially affect, our internal control over financial reporting.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 16.&nbsp; [Reserved]</FONT></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>16A. Audit Committee Financial Expert</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>After reviewing the qualifications of the members of our Audit Committee, our Board of Directors has determined that all three members of our Audit Committee qualify as an &#8220;audit committee financial expert,&#8221; as defined by the SEC.&nbsp; In addition, all of the members of our Audit Committee meet the applicable independence requirements both under Brazilian Corporate Law and under the NYSE rules.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Audit Committee is permanently assisted by a consultant, who renders financial and consulting services, among others, to the members of our Audit Committee.</FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>16B. Code of Ethics</FONT></B></P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">132</P>
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<P align=right>
<A href="#page_3"><FONT style="FONT-SIZE: 9pt" lang=EN-US face='Times New Roman'>Table Of Contents</FONT></A></P>
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<DIV>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We have adopted a Code of Ethics in 1998, reinforcing our ethical standards and values that apply to all of our employees, including executive officers and directors.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Given its importance, the Code of Ethics was updated during year 2011 and copies of the Code of Ethics were distributed to each employee of the organization, to our Board of Directors and our Audit Committee members, who have signed a Commitment Letter, which reinforces the dedication to the established values.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>There was no amendment to or waiver from any provision of our Code of Ethics in 2012.&nbsp; Our Code of Ethics is in compliance with the SEC requirements for codes of ethics for senior financial officers.&nbsp; A copy of our Code of Ethics is available on our websites www.csn.com.br or www.csn.com.br/ir.</FONT></P>
</DIV>
<DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>16C.&nbsp; Principal Accountant Fees and Services</FONT></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our interaction with our independent auditors with respect to the contracting of services unrelated to the external audit is based on principles that preserve the independence of the auditors and are otherwise permissible under applicable rules and regulations.&nbsp; For the fiscal year ended December 31, 2012, Deloitte Touche Tohmatsu Auditores Independentes acted as our independent auditor, while for the fiscal year ended December 31, 2011, our independent auditor was KPMG Auditores Independentes.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following table describes the services rendered and the related fees.</FONT></P>
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="28%" colSpan=3>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Year Ended</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>December&nbsp;31,</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2012</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2011</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="28%" colSpan=3>
<P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><I><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>(In thousands of R$)</FONT></I></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Audit fees&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,992&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>2,654&nbsp;</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Audit &#8211; related fees&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>1,899 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>285 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="70%">
<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Tax fees&nbsp;</FONT></P>
</TD>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>0</FONT></P>
</TD>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; BACKGROUND-COLOR: #cceeff; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>142</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>Total</FONT></B><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>4,891&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face='Times New Roman'>3,081&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="POSITION: relative"></FONT><FONT style="POSITION: relative"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Audit fees</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Audit fees in 2012 and 2011 consisted of the aggregate fees billed and billable by our independent auditors in connection with the audit of our consolidated financial statements, reviews of interim financial statements and attestation services that are provided in connection with statutory and regulatory filings or engagements.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Audit-related fees</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Audit-related fees in the above table are fees billed by our independent auditors for services that are reasonably related to the performance of the audit or review of our financial statements. In 2012 and 2011 these fees refer mainly to comfort letters for offering of bonds and due diligence processes.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Tax Fees</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Fees billed in 2011 for professional services rendered by our independent auditors are for tax compliance services. In 2012 there are no fees for tax services provided by our independent auditors.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Pre-approval Policies and Procedures</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Our Board of Directors and Audit Committee must approve before we engage independent auditors to provide any audit or permitted non-audit services to us or our subsidiaries.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>16D. Exemptions from the Listing Standards for Audit Committees</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are in full compliance with the listing standards for audit committee pursuant to Exchange Act Rule 10A- 3. For a discussion on our audit committee, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Committee and Audit Committee.&#8221;</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Since the beginning of 2004, in accordance with the limits and provisions of CVM Instruction No. 10/80, our Board of Directors approved a number of share buyback programs.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>In 2012, we did not carry out any form of share buyback, either through publicly announced plans or programs or otherwise. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>16F. Change in Registrant&#8217;s Certifying Accountant</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Not Applicable</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>16G. Corporate Governance</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Significant Differences between our Corporate Governance Practice and NYSE Corporate Governance Standards</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We are subject to the NYSE corporate governance listing standards.&nbsp; As a foreign private issuer, the standards applicable to us are considerably different than the standards applied to U.S. listed companies.&nbsp; Under the NYSE rules, we are required only to:&nbsp; (i)&nbsp;have an audit committee or audit board, pursuant to an applicable exemption available to foreign private issuers, that meets certain requirements, as discussed below, (ii)&nbsp;provide prompt certification by our Chief Executive Officer of any material non-compliance with any corporate governance rules, and (iii)&nbsp;provide a brief description of the significant differences between our corporate governance practices and the NYSE corporate governance practice required to be followed by U.S. listed companies.&nbsp; The discussion of the significant differences between our corporate governance practices and those required of U.S. listed companies follows below.</FONT></P>
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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Majority of Independent Directors</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The NYSE rules require that a majority of the board of directors must consist of independent directors.&nbsp; Independence is defined by various criteria, including the absence of a material relationship between the director and the listed company.&nbsp; Brazilian law does not have a similar requirement.&nbsp; Under Brazilian law, neither our board of directors nor our management is required to test the independence of directors before their election to the board.&nbsp; However, both Brazilian Corporate Law and the CVM have established rules that require directors to meet certain qualification requirements and that address the compensation and duties and responsibilities of, as well as the restrictions applicable to, a company&#8217;s executive officers and directors.&nbsp; While our directors meet the qualification requirements of Brazilian Corporate Law and the CVM, we do not believe that a majority of our directors would be considered independent under the NYSE test for director independence.&nbsp; Brazilian Corporate Law requires that our directors be elected by our shareholders at an annual shareholders&#8217; meeting.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Executive Sessions</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>NYSE rules require that the non-management directors must meet at regularly scheduled executive sessions without management present.&nbsp; Brazilian Corporate Law does not have a similar provision.&nbsp; According to Brazilian Corporate Law, up to one-third of the members of the board of directors can be elected from management.&nbsp; Mr. Benjamin Steinbruch, our Chief Executive Officer, is also the Chairman of our Board of Directors.&nbsp; There is no requirement that non-management directors meet regularly without management.&nbsp; As a result, the non-management directors on our Board of Directors do not typically meet in executive sessions without management present.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Nominating and Corporate Governance Committee</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>NYSE rules require that listed companies have a nominating and corporate governance committee composed entirely of independent directors and governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities, which include, among other things, identifying and selecting qualified board member nominees and developing a set of corporate governance principles applicable to the company.&nbsp; We are not required under Brazilian Corporate Law to have, and currently we do not have, a nominating and a corporate governance committee.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Compensation Committee</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>NYSE rules require that listed companies have a compensation committee composed entirely of independent directors and governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities, which include, among other things, reviewing corporate goals relevant to the chief executive officer&#8217;s compensation, evaluating the chief executive officer&#8217;s performance, approving the chief executive officer&#8217;s compensation levels and recommending to the board non-chief executive officer compensation, incentive-compensation and equity-based plans.&nbsp; We are not required under applicable Brazilian law to have, and currently do not have, a compensation committee.&nbsp; Under Brazilian Corporate Law, the total amount available for compensation of our directors and executive officers and for profit-sharing payments to our executive officers is established by our shareholders at the annual shareholders&#8217; meeting.&nbsp; The board of directors is then responsible for determining the individual compensation and profit-sharing of each executive officer, as well as the compensation of our board and committee members.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Audit Committee</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>NYSE rules require that listed companies have an audit committee that (i)&nbsp;is composed of a minimum of three independent directors who are all financially literate, (ii)&nbsp;meets the SEC rules regarding audit committees for listed companies, (iii)&nbsp;has at least one member who has accounting or financial management expertise and (iv)&nbsp;is governed by a written charter addressing the committee&#8217;s required purpose and detailing its required responsibilities.&nbsp; However, as a foreign private issuer, we need only to comply with the requirement that the audit committee meet the SEC rules regarding audit committees for listed companies to the extent compatible with Brazilian corporate law.&nbsp; We have established an Audit Committee, which is equivalent to a U.S. audit committee, and provides assistance to our Board of Directors in matters involving our accounting, internal controls, financial reporting and compliance.&nbsp; Our Audit Committee recommends the appointment of our independent auditors to our Board of Directors and reviews the compensation of, and coordinates with, our independent auditors.&nbsp; They also report on our auditing </FONT>

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<FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>policies and our annual audit plan prepared by our internal auditing team. Our Audit Committee also evaluates the effectiveness of our internal financial and legal compliance controls, and is comprised of up to three independent directors elected by our Board of Directors for a one-year term of office.&nbsp; The current members of our Audit Committee are Fernando Perrone, Yoshiaki Nakano and Antonio Francisco dos Santos. All members of our Audit Committee satisfy the audit committee membership independence requirements set forth by the SEC and the NYSE.&nbsp; All members of our Audit Committee have been determined by our Board of Directors to qualify as an &#8220;audit committee financial expert&#8221; within the meaning of the rules adopted by the SEC relating to the disclosure of financial experts on audit committees in periodic filings pursuant to the Exchange Act.&nbsp; For further information on our Audit Committee, see &#8220;Item 6. Directors, Senior Management and Employees&#8212;Board Practices&#8212;Fiscal Committee and Audit Committee.&#8221;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Code of Business Conduct and Ethics</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>NYSE rules require that listed companies adopt and disclose a code of business conduct and ethics for directors, officers and employees, and promptly disclose any waivers of the code for directors or executive officers.&nbsp; Applicable Brazilian law does not have a similar requirement.&nbsp; We have adopted a Code of Ethics applicable to all our employees, including our executive officers and directors.&nbsp; We believe this code addresses the matters required to be addressed pursuant to the NYSE rules.&nbsp; For a further discussion of our Code of Ethics, see &#8220;Item 16B.&nbsp; Code of Ethics.&#8221;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Shareholder Approval of Equity Compensation Plans</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>NYSE rules require that shareholders be given the opportunity to vote on all equity compensation plans and material revisions thereto, with limited exceptions.&nbsp; We currently do not have any such plan and, pursuant to our bylaws, we would require shareholder approval to adopt an equity compensation plan.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Corporate Governance Guidelines</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>NYSE rules require that listed companies adopt and disclose corporate governance guidelines.&nbsp; We have adopted the following corporate governance guidelines, either based on Brazilian law, our Code of Ethics or institutional handbook:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>insider trading policy for securities issued by us;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>disclosure of material facts;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>disclosure of annual financial reports;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>confidential policies and procedures; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.15pt; MARGIN: 0in 0in 10pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Sarbanes-Oxley Disclosure Committee&#8217;s duties and activities.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 16H.&nbsp;&nbsp;&nbsp; Mine Safety Disclosure</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face='Times New Roman'>Not applicable as none of our mines are located in the United States and as such are not subject to the Federal Mine Safety and Health Act of 1977 or the Mine Safety and Health Administration.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 17.&nbsp; Financial Statements</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>We have responded to Item 18 in lieu of responding to this item.&nbsp; See &#8220;Item 18.&nbsp; Financial Statements.&#8221;</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>PART III</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 18.&nbsp; Financial Statements</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.25in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The following consolidated financial statements of the Registrant, together with the reports of Deloitte Touche Tohmatsu Auditores Independentes and KPMG Auditores Independentes thereon, are filed as part of this annual report.</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>FS-R2</FONT></P>
</TD></TR>
<TR height=20>
     <TD vAlign=bottom width="90%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Report of Independent Registered Public Accounting Firm </FONT></P>
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     <TD vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT></P>
</TD>
     <TD vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>FS-R3</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="90%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Consolidated financial statements:&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="90%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Balance sheets as of December&nbsp;31, 2012 and 2011</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>FS- 1</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="90%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of income for the years ended December&nbsp;31, 2012, 2011 and 2010 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>FS- 3</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="90%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of cash flows for the years ended December&nbsp;31, 2012, 2011 and 2010</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>FS- 4</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="90%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of changes in shareholders&#8217; equity for the years ended December&nbsp;31, 2012, 2011 and 2010</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>FS-5 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="90%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Statements of comprehensive income for the years ended December 31, 2012, 2011 and 2010. </FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Notes to consolidated financial statements </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>FS-6</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>FS-7</FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>Item 19.&nbsp; Exhibits</FONT></B></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="13%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Exhibit</FONT></B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Description</FONT></B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Number</FONT></B><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>
<A href="exhibit1_1.htm">1.1+</A></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>
<A href="exhibit1_1.htm">Bylaws of CSN, as amended to date.</A></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>2.1</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Form of Amended and Restated Deposit Agreement dated as of November 1, 1997 as amended and restated as of November 13, 1997, among Companhia Sider&#250;rgica Nacional, JP Morgan Chase Bank, N.A. (as successor to Morgan Guaranty Trust Company of New York), as successor depositary, and all holders from time to time of American Depositary Receipts issued thereunder (incorporated by reference from the Registration Statement on Form F-6 (333-7818) filed with the SEC).</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>2.2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Form of Amendment No. 1 to the Deposit Agreement (incorporated by reference from the Registration Statement on Form F-6EF (333-115078) filed with the SEC on April&nbsp;30, 2004).</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>2.3</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Form of Amendment No. 2 to Deposit Agreement, including the form of American Depositary Receipt (corporate by reference from the Registration Statement on Form F-6POS filed with the SEC on January 5, 2011)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<A href="exhibit8_1.htm">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>8.1+&nbsp;</FONT></P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<A href="exhibit8_1.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<A href="exhibit8_1.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>List of subsidiaries&nbsp;</FONT></P>
</A></TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>10.1*&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Share Purchase Agreement, dated October 21, 2008, among CSN, Big Jump Energy Participa&#231;&#245;es S.A., Itochu Corporation, JFE Steel Corporation, Nippon Steel Corporation, Sumitomo Metal Industries, Ltd., Kobe Steel, Ltd., Nishin Steel Co., Ltd., and Posco. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>10.2*+&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Amendment to the Share Purchase Agreement, dated June 30, 2011. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2011, filed with the SEC on February 14, 2013)</FONT><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>.</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>10.3*&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Shareholders Agreement of Nacional Min&#233;rios S.A., dated October 21, 2008, between CSN and Big Jump Energy Participa&#231;&#245;es S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>10.4*+&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Amendment to the Shareholders&#8217; Agreement of Nacional Min&#233;rios S.A., dated June 30, 2011. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2011, filed with the SEC on February 14, 2013)</FONT><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>.</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>10.5*&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>High Silica ROM Iron Ore Supply Contract, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>10.6*&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Low Silica ROM Iron Ore Supply Contract, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>10.7*&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Iron Ore Supply Contract, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>10.8*&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Port Operating Services Agreement, dated October 21, 2008, between CSN and Nacional Min&#233;rios S.A. (incorporated by reference from Amendment No. 1 to the Annual Report on Form 20-F for the year ended December 31, 2008, filed with the SEC on March 18, 2010)</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<A href="exhibit12_1.htm">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>12.1+&nbsp;</FONT></P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<A href="exhibit12_1.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<A href="exhibit12_1.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Section&nbsp;302 Certification of Chief Executive Officer. &nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<A href="exhibit12_2.htm">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>12.2+&nbsp;</FONT></P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<A href="exhibit12_2.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<A href="exhibit12_2.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Section&nbsp;302 Certification of Principal Financial Officer. &nbsp;</FONT></P>
</A></TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<A href="exhibit13_1.htm">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>13.1+&nbsp;</FONT></P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<A href="exhibit13_1.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<A href="exhibit13_1.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Section&nbsp;906 Certification of Chief Executive Officer. &nbsp;</FONT></P>
</A></TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<A href="exhibit13_2.htm">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>13.2+&nbsp;</FONT></P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<A href="exhibit13_2.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<A href="exhibit13_2.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Section&nbsp;906 Certification of Principal Financial Officer. &nbsp;</FONT></P>
</A></TD></TR>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=top width="13%">
<A href="exhibit15_1.htm">
<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>15.1+&nbsp;</FONT></P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="2%">
<A href="exhibit15_1.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</A></TD>
     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="85%">
<A href="exhibit15_1.htm">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Management&#8217;s report dated April 23</FONT><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>, 2013, on the effectiveness of our internal control over&nbsp;financial reporting as of December&nbsp;31, 2012.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>*&nbsp; &nbsp; &nbsp; Portions of this exhibit have been omitted and filed separately with the Securities and Exchange Commission as part of an application for confidential treatment pursuant to the Securities Exchange Act of 1934, as amended.</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 7pt" face='Times New Roman'>+&nbsp; &nbsp; &nbsp; Filed herewith.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV></DIV></DIV>
<P style="TEXT-ALIGN: center">137</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 10pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>SIGNATURE</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0.5in; MARGIN: 0in 0in 10pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>The registrant hereby certifies that it meets all the requirements for filing on Form 20-F and that it has duly caused and authorized the undersigned to sign this annual report on its behalf.</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; April 30, 2012</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Companhia Sider&#250;rgica Nacional </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>By: </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>/s/ </FONT><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;</FONT></P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="42%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Benjamin Steinbruch </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Title: </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Chief Executive Officer </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>By: </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in; PADDING-TOP: 0in" vAlign=bottom width="6%">
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>/s/ </FONT><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>&nbsp;</FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'>Rog&#233;rio Leme Borges dos Santos </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Title: </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face='Times New Roman'>Controller / Principal Financial Officer </FONT></P>
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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 0.5pt" face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0in 0in 10pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center">138</P>
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<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>To the Board of Directors and Shareholders of</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>Companhia Siderurgica Nacional</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>S&#227;o Paulo &#8211; SP, Brazil</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>We have audited the internal control over financial reporting of Companhia Siderurgica Nacional and subsidiaries (the "Company") as of December 31, 2012, based on the criteria established in Internal Control &#8212; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission - COSO. As described in Management&#8217;s Report on Internal Control over Financial Reporting, management excluded from its assessment the internal control over financial reporting at Stahlwerk Th&#252;ringen GmbH, which was acquired on January 31, 2012 and whose financial statements constitute 3.5% of total assets,&nbsp;and 6.6%&nbsp;of net revenues from sales and/or services, of the consolidated financial statement amounts as of and for the year ended December 31, 2012. Accordingly, our audit did not include the internal control over financial reporting at Stahlwerk Th&#252;ringen GmbH. The Company's management is responsible for maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting, included in the accompanying Management&#8217;s Report on Internal Control over Financial Reporting. Our responsibility is to express an opinion on the Company's internal control over financial reporting based on our audit.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>We conducted our audit in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether effective internal control over financial reporting was maintained in all material respects. Our audit included obtaining an understanding of internal control over financial reporting, assessing the risk that a material weakness exists, testing and evaluating the design and operating effectiveness of internal control based on the assessed risk, and performing such other procedures as we considered necessary in the circumstances. We believe that our audit provides a reasonable basis for our opinion.</FONT></P>

<P style="MARGIN: 0cm 0cm 10pt" align=justify><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>A company's internal control over financial reporting is a process designed by, or under the supervision of, the company's principal executive and principal financial officers, or persons performing similar functions, and effected by the company's board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with International Financial Reporting Standards&nbsp; as issued by the International Accounting Standards Board - IASB. A company's internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with International Financial Reporting Standards as issued by the International Accounting Standards Board - IASB, and that receipts and expenditures of the company are being made only in accordance with authorizations of management and directors of the company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the company's assets that could have a material effect on the financial statements.</FONT></P></DIV>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: center; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face='Times New Roman'>FS-R1</FONT></P></DIV>

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<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>Because of the inherent limitations of internal control over financial reporting, including the possibility of collusion or improper management override of controls, material misstatements due to error or fraud may not be prevented or detected on a timely basis. Also, projections of any evaluation of the effectiveness of the internal control over financial reporting to future periods are subject to the risk that the controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>In our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2012, based on the criteria established in Internal Control &#8212; Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the consolidated financial statements as of and for the year ended December 31, 2012 of the Company and our report dated April 23, 2013 expressed an unqualified opinion on those financial statements.</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>/s/ Deloitte Touche Tohmatsu Auditores Independentes</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>DELOITTE TOUCHE TOHMATSU AUDITORES INDEPENDENTES</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>S&#227;o Paulo &#8211; SP, Brazil</FONT></P>

<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>April 23, &nbsp;2013</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>To the Board of Directors and Shareholders of</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>Companhia Siderurgica Nacional</FONT></P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>S&#227;o Paulo &#8211; SP, Brazil</FONT></P>
<P style="MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>We have audited the accompanying consolidated balance sheet of Companhia Siderurgica Nacional and subsidiaries (the "Company") as of December 31, 2012, and the related consolidated statements of income, comprehensive income, shareholders' equity, and cash flows for the year ended December 31, 2012. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these consolidated financial statements based on our audits.</FONT></P>
<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States) - PCAOB. Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the consolidated financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the consolidated financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>In our opinion, such consolidated financial statements present fairly, in all material respects, the financial position of Companhia Siderurgica Nacional and subsidiaries as of December 31, 2012, and the results of their operations and their cash flows for the year ended December 31, 2012, in conformity with International Financial Reporting Standards as issued by the International Accounting Standards Board - IASB.</FONT></P>
<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>We have also audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States) - PCAOB, the Company's internal control over financial reporting as of December 31, 2012, based on the criteria established in Internal Control&#8212;Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission - COSO and our report dated April 23, 2013 expressed an unqualified opinion on the Company's internal control over financial reporting.</FONT></P>
<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>/s/ Deloitte Touche Tohmatsu Auditores Independentes</FONT></P>
<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>DELOITTE TOUCHE TOHMATSU AUDITORES INDEPENDENTES</FONT></P>
<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>S&#227;o Paulo &#8211; SP, Brasil</FONT></P>
<P style="TEXT-JUSTIFY: inter-ideograph; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>April 23, &nbsp;2013</FONT></P>
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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 24pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>Report of Independent Registered Public Accounting Firm</FONT></B></P>
<P style="MARGIN: 0in 0in 11pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>The Board of Directors and Shareholders</FONT></P>
<P style="MARGIN: 0in 0in 11pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>Companhia Sider&#250;rgica Nacional:</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 11pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>We have audited the accompanying consolidated balance sheet of Companhia Sider&#250;rgica Nacional </FONT><I><FONT style="FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>&nbsp;</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>and subsidiaries (the &#8220;Company&#8221;) as of December&nbsp;31, 2011, and the related consolidated statements of income, changes in shareholders&#8217; equity and comprehensive income, and cash flows for each of the years in the two-year period ended December&nbsp;31, 2011. These consolidated financial statements are the responsibility of the Company&#8217;s management.&nbsp; Our responsibility is to express an opinion on these consolidated financial statements based on our audits.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 8pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. &nbsp;An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 11pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face='Times New Roman'>In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of Companhia Sider&#250;rgica Nacional and subsidiaries as of December&nbsp;31, 2011, and the results of their operations and their cash flows for each of the years in the two-year period ended December&nbsp;31, 2011, in conformity with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). </FONT></P>
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<P style="MARGIN: 0in 0in 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>/s/ KPMG Auditores Independentes</FONT></P>
<P style="MARGIN: 0in 0in 30pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR face='Times New Roman'>S&#227;o Paulo, Brazil<BR>
April 27, 2012</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Consolidated Balance Sheet </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Thousands of Brazilian reais </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Assets </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CURRENT ASSETS </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Cash and cash equivalents </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14,444,875</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>15,417,393</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Trade receivables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,794,566</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,616,206</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Inventories </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,580,025</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,734,984</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Other current assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,302,479</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,175,723</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 5pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total current assets </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>21,121,945</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>21,944,306</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>NON-CURRENT ASSETS </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 5pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Long-term receivables </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face=arial,sans-serif>Short-term investments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>116,753</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>139,679</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Deferred income taxes </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,372,501</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,840,773</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Other non-current assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,648,056</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,876,269</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,137,310</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,856,721</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,351,774</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,088,225</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>20,408,747</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>17,377,076</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Intangible assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,275,452</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>603,374</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total non-current assets </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>28,173,283</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>24,925,396</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>TOTAL ASSETS </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>49,295,228</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>46,869,702</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="56%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR height=20>
     <TD width="100%" colSpan=6 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="100%" colSpan=6 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US 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>
</DIV></DIV>
<P style="TEXT-ALIGN: center">FS-1</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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<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Consolidated Balance Sheet </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Thousands of Brazilian reais </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Liabilities and shareholders&#180; equity </FONT></B></P>
</TD>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Note </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>SHAREHOLDERS' EQUITY AND LIABILITIES </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CURRENT LIABILITIES </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Payroll and related taxes </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>241,291</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>202,469</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Trade payables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,957,789</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,232,075</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Taxes payable </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>336,348</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>325,132</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Borrowings and financing </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,295,409</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,702,083</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Other payables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,221,350</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,728,445</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provisions for tax, social security, labor and civil risks </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>355,889</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>292,178</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Other provisions </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14,565</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total current liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,408,076</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,496,947</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>NON-CURRENT LIABILITIES </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Borrowings and financing </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>27,856,350</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>25,186,505</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Other payables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,388,451</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,593,520</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Deferred income taxes </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>284,110</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>37,851</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Provisions for tax, social security, labor and civil risks </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>371,697</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>346,285</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Employee Benefits </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>565,591</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>469,050</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Other provisions </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>413,440</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>322,374</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total non-current liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>33,879,639</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>31,955,585</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Equity </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Issued capital </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,540,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,680,947</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" color=#000000 face=arial,sans-serif>Capital reserves </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>30</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Earnings reserves </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,690,543</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>7,671,620</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive income/(loss) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>386,324</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,366,776</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Total equity attributable to owners of the Company </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8,616,897</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>7,985,821</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Non-controlling interests </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>390,616</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>431,349</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Total equity </FONT></B></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>9,007,513</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8,417,170</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>TOTAL EQUITY AND LIABILITIES </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>49,295,228</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>46,869,702</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="58%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="100%" colSpan=6 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>
</TD></TR></TABLE></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></FONT>&nbsp;</P>
<a name="_bclFooter148"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">FS-2</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_145></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader149"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="58%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Consolidated Statements of Income </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Thousands of Brazilian reais </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="10%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="48%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Note </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2010</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Net Revenue from sales and/or services </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>16,896,264</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>16,519,584</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14,450,510</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Cost of sales and/or services </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-12,072,206</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-9,800,844</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-7,882,726</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Gross profit </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,824,058</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,718,740</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,567,784</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Operating expenses </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-4,182,361</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-961,818</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,569,438</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Selling expenses </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-931,525</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-604,108</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-481,978</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>General and administrative expenses </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-576,514</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-575,585</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-536,857</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other operating income </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>46,003</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>719,177</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>48,821</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other operating expenses </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,719,373</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-501,302</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-599,424</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Share of profits of investees </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>-952</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="58%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Profit before finance income (costs) and taxes </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>641,697</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,756,922</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,998,346</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance income </FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>416,781</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>717,450</FONT></P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 0.75pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>643,140</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Finance costs </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,409,186</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,723,253</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,554,598</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(Loss) profit before income taxes </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,350,708</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,751,119</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,086,888</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>870,134</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-83,885</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-570,697</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(Loss) profit from continuing operations </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-480,574</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,667,234</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,516,191</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(Loss) profit for the year attributed to: </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Companhia Sider&#250;rgica Nacional </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-420,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,706,033</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,516,376</FONT></P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Non-controlling interests </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-60,461</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-38,799</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-185</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>(Losses) Earnings per common share - (reais/share) </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Basic &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-0.28815</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.54191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.72594</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Diluted </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-0.28815</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2.54191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1.72594</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0.75pt; PADDING-RIGHT: 0.75pt; HEIGHT: 12.75pt; PADDING-TOP: 0.75pt" vAlign=bottom width="48%" noWrap>&nbsp;</TD>
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<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The accompanying notes are an integral part of these consolidated financial statements. </FONT></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;</FONT></P>
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<P style="TEXT-ALIGN: center">FS-3</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Consolidated Statements of Comprehensive Income </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Thousands of Brazilian reais </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 15pt; PADDING-TOP: 1.05pt" width="53%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 15pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 15pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 15pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 15pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 15pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" vAlign=bottom width="53%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2010</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face=arial,sans-serif>(Loss) profit </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>for the year </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-480,574</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,667,234</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,516,191</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Other comprehensive income </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,753,100</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,198,761</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>417,700</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face=arial,sans-serif>Exchange differences arising on translation of foreign operations, net of taxes ((R$425,510) in 2012 and (R$425,510) in 2011)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>147,735</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>195,046</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-69,270</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face=arial,sans-serif>Actuarial gains/(losses) on defined benefit plan, net of taxes (R$66,155 in 2012 and R$54,714 in 2011) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>106,209</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-74,331</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-28,603</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face=arial,sans-serif>Net change in fair value of available-for-sale financial assets, net of taxes ((R$377,164) in 2012 and R$241,484 in 2011)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-8,329</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-621,312</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>515,573</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face=arial,sans-serif>Net change in fair value of available-for-sale financial assets transferred to profit or loss </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-698,164</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Impairment of available-for-sale assets, net of taxes </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,507,485</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face=arial,sans-serif>Comprehensive income for the year </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,272,526</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,468,473</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,933,891</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="53%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Attributable to: </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" vAlign=bottom width="53%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Companhia Sider&#250;rgica Nacional </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,332,987</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,507,272</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,934,076</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Non-controlling interests </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-60,461</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-38,799</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" width="1%" noWrap>&nbsp;</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-185</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 1.05pt; PADDING-RIGHT: 1.05pt; HEIGHT: 12.75pt; PADDING-TOP: 1.05pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>
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<P style="TEXT-ALIGN: center">FS-4</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Consolidated Statement of Cash Flow </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Thousands of Brazilian reais </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Note </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2012</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2010</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Profit for the year</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-480,574</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,667,234</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,516,191</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Accrued charges on borrowings and financing</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,249,123</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,650,622</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,489,191</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Depreciation/ depletion / amortization </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10.b)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,230,651</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>948,251</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>814,034</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Proceeds from write-off and disposal of assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,246</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>54,727</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,827</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Impairment of available-for-sale assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,022,793</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Realization of available-for-sale investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>24</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-698,164</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Deferred income tax and social contribution</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,075,156</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-52,542</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>207,268</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Provision of swaps/forwards transactions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,975</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>110,009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>126,492</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Share of profits of investees </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>952</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Provision for actuarial liabilities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-30,655</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-11,412</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,393</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Provision for tax, social security, labor and civil risks</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>252,432</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>62,746</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>199,558</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Inflation adjustment and exchange differences</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>996,810</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-250,083</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>57,119</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Allowance for doubtful debts</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>189</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-46,675</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Other provisions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>70,252</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-19,651</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-80,570</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Cash generated from operations</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,246,849</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>6,461,926</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,290,828</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trade receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-237,873</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-339,427</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>143,250</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Inventories</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>200,893</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-410,264</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-794,331</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Receivables from related parties</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,774</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>471,666</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Recoverable taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>139,823</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>16,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>297,424</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Trade payables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>663,198</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>544,300</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>11,964</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Payroll and related taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-91,447</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-47,072</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-36,757</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Taxes payable</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>74,982</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>135,765</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-101,723</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Taxes in installments - REFIS</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-255,338</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-296,304</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-414,473</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Judicial deposits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>39,023</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-20,253</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-33,822</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Payables to related parties </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,322</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Contingent liabilities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-10,539</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>120,951</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>16,868</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Interest paid</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,297,833</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,145,400</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,190,423</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Interest paid on swap transactions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-50,569</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-360,976</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-676,163</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>71,427</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>70,168</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,662</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Increase (decrease) in assets and liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,759,349</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,260,146</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,773,524</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net cash generated by (used in) operating activities</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,487,500</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,201,780</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,517,304</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Receipt/payment in derivative transactions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>57,740</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-57,157</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>395,346</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Disposal of investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,310,171</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Cash from acquisition of subsidiaries </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14,880</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Investments</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-166,915</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,126,493</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,370,016</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Property, plant and equipment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,142,634</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-4,400,825</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,635,911</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Intangible assets</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,532</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-707</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-25,216</FONT></P>
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<P style="TEXT-ALIGN: center">FS-5</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Consolidated Statement of Cash Flow </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Thousands of Brazilian reais </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>Note </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2011</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2010</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
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<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Acquisition of subsidiary</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-301,192</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Net cash used in investing activities</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-3,539,653</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-5,275,011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-4,635,797</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" color=black face=arial,sans-serif>Borrowings and financing</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>3,721,945</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>7,824,012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>8,754,779</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Repayments to financial institutions - principal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,523,828</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,469,206</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-2,706,982</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Dividends and interest on capital</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,199,734</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,856,381</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-1,560,795</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Repayments of principal - acquisition of subsidiaries </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-803,456</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Capital contribution by non-controlling shareholders</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>56,194</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>242,290</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>128,811</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Net cash generated by (used in) financing activities</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-748,879</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,740,715</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>4,615,813</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Exchange rate changes on cash and cash equivalents</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-171,486</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>1,510,631</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-228,833</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" colSpan=2 noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>Increase (decrease) in cash and cash equivalents</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>-972,518</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>5,178,115</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>2,268,487</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="58%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Cash and cash equivalents at the beginning of the year</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>15,417,393</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10,239,278</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>7,970,791</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="58%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=arial,sans-serif>Cash and cash equivalents at the end of the year</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>14,444,875</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>15,417,393</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif>10,239,278</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #ffffff; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The accompanying notes are an integral part of these consolidated financial statements. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt">&nbsp;</P>
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<P style="TEXT-ALIGN: center">FS-6</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated Statement of Changes in Shareholders' Equity </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Thousands of Brazilian reais </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
<TR style="HEIGHT: 38.25pt">
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Paid-in Capital</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital Reserve</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Earnings Reserve</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Retained earnings</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Shareholders&#180;Equity</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Controling interests</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated Equity</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Opening balance at January 1, 2010</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,680,947</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,444,605</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,417)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(585,715)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,506,450</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>83,060</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,589,510</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Approval of prior year&#8217;s proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,178,635)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,178,635)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,178,635)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit for the year</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,516,376</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(185)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,516,191</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allocation of profit for the year </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(272,297)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(272,297)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(272,297)</FONT></P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Declared dividends (R$186.76 per thousand shares)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(356,800)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(356,800)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(356,800)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest on capital (R$244.72 per thousand shares)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,227,703)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,227,703)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,227,703)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Additional dividends proposed (R$842.06 per thousand shares)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,227,703</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,227,703</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,227,703</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investment reserve</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>626,159</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(626,159)</FONT></P>
</TD>
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<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cancelation of treasury shares</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>417,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>417,700</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>417,700</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interests</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>107,053</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>107,053</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balances at December 31, 2010</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,680,947</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,119,798</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(168,015)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,632,760</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>189,928</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,822,688</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Approval of prior year&#8217;s proposed dividends</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,227,703)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,227,703)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,227,703)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit for the year</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,706,033</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,706,033</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(38,799)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,667,234</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Allocation of profit for the year </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Declared dividends (R$635.48 per thousand shared) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(926,508)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(926,508)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(926,508)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Additional dividends proposed (R$187.58 per thousand shares)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>273,492</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(273,492)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,198,761)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,198,761)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(1,198,761)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recognition of rese</FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>rves&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,506,033</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,506,033)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-controlling interests</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>280,220</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>280,220</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balances at December 31, 2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,680,947</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,671,620</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,366,776)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,985,821</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>431,349</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,417,170</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital transactions with shareholders</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,859,053</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,432,545)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(573,492)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(573,492)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital increases</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,859,053</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,859,053)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Declared dividends (R$205.77 per thousand shared) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(300,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(300,000)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(300,000)</FONT></P>
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<P style="TEXT-ALIGN: center">FS-7</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companhia Sider&#250;rgica Nacional and Subsidiaries</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Consolidated Statement of Changes in Shareholders' Equity</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Thousands of Brazilian reais</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT face=arial,sans-serif></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
<TR style="HEIGHT: 38.25pt">
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Paid-in Capital</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capital Reserve</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Earnings Reserve</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Retained earnings</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Shareholders&#180;Equity</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-Controling interests</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 38.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated Equity</FONT></B></P>
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<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Interest on capital (R$384.10 per thousand shares)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(560,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(560,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(560,000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest on capital proposed</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>560,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>560,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>560,000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Approval of prior year&#8217;s proposed dividends </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(273,492)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(273,492)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(273,492)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total comprehensive income</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(548,532)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,753,100</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,204,568</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,461)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,144,107</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit for the year</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(420,113)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(420,113)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,461)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(480,574)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other comprehensive income</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(128,419)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,753,100</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,624,681</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,624,681</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cumulative translation adjustments for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>147,735</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>147,735</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>147,735</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial (losses)/gains on defined benefit pension plan</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(22,210)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(22,210)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(22,210)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Available-for-sale assets, net of taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,499,156</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,499,156</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,499,156</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Acturial losses reclassification</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(128,419)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>128,419</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Losses absorption for the period</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(420,113)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(420,113)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Acturial losses absorption</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(128,419)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(128,419)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="21%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Non-controlling interests in subsidiaries</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,728</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #dbe5f1; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,728</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="21%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balances at December 31, 2012</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,540,000</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>30</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,690,543</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>386,324</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,616,897</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>390,616</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 8pt">&nbsp;</FONT></TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,007,513</FONT></B></P>
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<P style="TEXT-ALIGN: center">FS-8</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'>&nbsp;</FONT><B><FONT style="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>
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<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>
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<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 - "CSN", also</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>referred to as the Company, 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 the "Group&#8221;). The Company&#8217;s registered office is located in S&#227;o Paulo.</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 Group's main operating activities are divided into five (5) operating segments as follows: </FONT></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>
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<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>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>
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<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>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>
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<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>CSN</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> 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>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -14.2pt; MARGIN: 0cm 0cm 0pt 14.2pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>
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<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>
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<P style="TEXT-ALIGN: center">FS-9</P>
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<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 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 Group's strategic investments and segments, see Note 26 - Business Segment Reporting.</FONT></P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>
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<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 style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" 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>
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<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 financial statements have been prepared and are being presented in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB). &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 preparation of 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 financial statements, are disclosed in the notes to this report and refer to the allowance for doubtful debts, allowance for inventories losses, provision for labor, civil, tax, environmental and social security risks, depreciation, amortization, depletion, provision for impairment, deferred taxes, financial instruments and employee benefits. &nbsp;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 financial statements are presented in thousands of reais (R$). Depending on the applicable IFRS standard, the measurement criterion used in preparing the financial statements considers the historical cost, net realizable value, fair value or recoverable amount. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-FAMILY: Arial; COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US>The consolidated financial statements were approved by the Board of Directors and authorized for issue on April 23, 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>
<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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 financial statements</FONT></B></P>
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<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 financial statements for the years ended December 31, 2012 and 2011 include the following direct and indirect subsidiaries and jointly controlled entities, as well as the exclusive funds Diplic, Mugen and V&#233;rtice 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>
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<P style="TEXT-ALIGN: center">FS-10</P>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -0.55pt; MARGIN: 0cm 0cm 0pt 0.55pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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;&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>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity interests (%) </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Companies </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Main activities </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Direct interest in subsidiaries: full consolidation </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Islands VII Corp.</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Islands VIII Corp.</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Islands IX Corp.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Islands X Corp.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>99.99</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Finance (UK) Ltd (1) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Holdings (UK) Ltd </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Handel GmbH </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Companhia Brasileira de Latas </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>59.17 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>59.17 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Sale of cans and containers in general and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Rimet Empreendimentos Industriais e Comerciais S. A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.96 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.08 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of steel containers and forestry </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas MMSA </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of cans and related activities </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Empresa de Embalagens Met&#225;licas - LBM Ltda. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Sales of containers and holding interests in other entities </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Empresa de Embalagens Met&#225;licas - MUD Ltda. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of household appliances and related products </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Empresa de Embalagens Met&#225;licas - MTM do Nordeste </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of cans and related activities </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Companhia de Embalagens Met&#225;licas - MTM </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58.98 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of cans and related activities </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Steel Comercializadora, S.L.U. (2) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Steel Holdings 1, S.L.U. (2) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Steel Holdings 2, S.L.U. (2) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Stalhwerk Th&#252;ringen GmbH (2) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Production and sale of long steel and related activities </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Steel Sections UK Limited (2) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Steel Sections Czech Republic s.r.o. (2) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CSN Steel Sections Polska Sp.Z.o.o (2) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="47%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Direct interest in jointly controlled entities: proportionate consolidation </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%">&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Mining and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>It&#225; Energ&#233;tica S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>48.75 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>48.75 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Electric power generation </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>MRS Log&#237;stica S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>27.27 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>27.27 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Railroad transportation </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>17.92 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>17.92 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Electric power consortium </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Aceros Del Orinoco S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>22.73 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>22.73 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Dormant company </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>50.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>50.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Provision of services </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CGPAR - Constru&#231;&#227;o Pesada S.A. (3) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>50.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Mining support services and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="47%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Indirect interest in jointly controlled entities: proportionate consolidation </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Namisa International Min&#233;rios SLU </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Namisa Europe, Unipessoal Lda. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity interests and sales of products and minerals </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Namisa Handel GmbH (4) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>60.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="41%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Financial transactions, product sales and equity interests </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>MRS Log&#237;stica S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="41%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Railroad transportation </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Aceros Del Orinoco S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9.08 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9.08 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Dormant company </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Direct interest in associates: equity method </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Arvedi Metalfer do Brasil S.A. (5) </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>20.00 </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Metallurgy and equity interests </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
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<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>Companies liquidated in 2012.</FONT></P>
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>Companies acquired on January 31, 2012 (see note 9.e).</FONT></P>
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>Equity interest acquired in July 2012 (see note 9.d).</FONT></P>
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>New corporate name of Aloadus Handel Gmbh, changed on August 13, 2012.</FONT></P>
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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>Equity interest acquired on July 31, 2012 (see note 9.f).</FONT></P>
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<P style="TEXT-ALIGN: center">FS-11</P>
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<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; MARGIN-LEFT: 18pt; BORDER-TOP: yellow 1pt; MARGIN-RIGHT: 0cm; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Exclusive Funds</FONT></P>
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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>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Equity interests (%) </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Exclusive Funds</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>31/12/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>31/12/2011</FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Main activities </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Direct interests: full consolidation </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Diplic - Balanced mutual fund</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investment fund </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Mugen - Balanced mutual fund</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investment fund </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Caixa V&#233;rtice - Balanced mutual fund privite credit</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100.00 </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Investment fund </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
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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: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In preparing the 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 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>
<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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;&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>Subsidiaries &nbsp;</FONT></B></P>
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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: 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>
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<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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;&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>Joint controlled entities</FONT></B></P>
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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: 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>
<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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;&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>Associates&nbsp;</FONT></B></P>
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<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>
<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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;&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>Transactions and non-controlling interests</FONT></B></P>
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<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 shareholders' equity. Gains and losses on disposals to non-controlling interests are also recognized directly in shareholders' 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"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: left; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: -24pt; MARGIN: 0cm 0cm 0pt 24pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=left><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>Foreign currencies</FONT></B></P>
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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>
<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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;&nbsp;&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>
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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>
<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 financial statements of each one of the Company's subsidiaries are measured using the currency of the primary economic environment in which the subsidiary operates (&#8220;functional currency&#8221;). The consolidated financial <FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>statements are presented in Brazilian reais (R$), which is the Company&#8217;s functional currency and the Group&#8217;s presentation currency.</FONT></FONT></P>
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<P style="TEXT-ALIGN: center">FS-12</P>
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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>
<DIV style="BORDER-BOTTOM: yellow 1pt; BORDER-LEFT: yellow 1pt; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: yellow 1pt; BORDER-RIGHT: yellow 1pt; PADDING-TOP: 0cm">
<P style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><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;&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>Balances and transactions</FONT></B></P>
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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>
<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 December 31, 2012 of monetary assets and liabilities denominated in foreign currencies are recognized in the income statement, except when they are recognized in shareholders' equity 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: 115%; 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 December 31, 2012, US$1 is equivalent to</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$2,0435 (R$1,8758 as of December 31, 2011), EUR 1 is equivalent to&nbsp; R$2,6954 (R$2,4342 as of December 31, 2011), JPY 1 is equivalent to R$0.02372 (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 shareholders' equity.</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 shareholders' equity.</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="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;&nbsp;&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>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>
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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>On consolidation, exchange differences resulting from the translation of monetary items with characteristics of net investment in foreign operations are recognized in shareholders' 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>
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<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>(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>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 <FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>subject to an insignificant risk of change in value. Certificates of deposit that can be redeemed at any time without penalties are considered as cash equivalents. </FONT></FONT></P>
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<P style="TEXT-ALIGN: center">FS-13</P>
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<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>Trade receivables</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>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 were 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>
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<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>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> Estimated 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>
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<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>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 jointly controlled entities and associates are accounted for under the equity method of accounting and are initially recognized at cost. 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' equity, are recognized in line item &#8220;Cumulative translation adjustments&#8221;, in the Company&#8217;s shareholders' 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"><FONT style="LINE-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>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>
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<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>(h)</FONT></B><B><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><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>
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<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>(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>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 lives of assets, as mentioned in note 10. The depletion of mines is calculated based on the quantity of ore mined (units of production). Land is not depreciated since their useful life is considered indefinite. However, if the tangible assets are mine-specific, that is, used in the mining activity, they are depreciated over the shorter of the normal useful lives of such assets or the useful life of the mine. 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>
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<P style="TEXT-ALIGN: center">FS-14</P>
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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: 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>
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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>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>
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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>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>
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<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 operation are capitalized and amortized using the produced (extracted) units method based on the probable and proven ore quantities. </FONT></P>
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<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>
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<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>
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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>Stripping costs (the costs associated with the removal of overburdened and other waste materials) incurred during the development of a mine, before production commences, are capitalized as part of the depreciable cost of developing the property. Such costs are subsequently amortized over the useful life of the mine based on proven and probable reserves. </FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 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>
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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 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>
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<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>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 (which represents the useful lives of the assets).</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>
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<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;&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 <FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>tested for impairment. Impairment losses on goodwill are not reversed. Gains and losses on the disposal of a Cash-Generating Unit (CGU) include the carrying amount of goodwill related to the CGU sold.</FONT></FONT></P>
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<P style="TEXT-ALIGN: center">FS-15</P>
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<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 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 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>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>
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<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>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>
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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=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>
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<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>
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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=black face=arial,sans-serif>The Company and some of its subsidiaries offered a postretirement healthcare benefit to its employees. The right to these benefits is usually contingent to their remaining in employment until the retirement age and the completion of the minimum length of service. The expected costs of these benefits are accumulated during the employment period, and were calculated using the same accounting method used for defined benefit pension plans. These obligations are annually evaluated by qualified independent actuaries.</FONT></P>
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<P style="TEXT-ALIGN: center">FS-16</P>
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<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 subsequently are transferred to retained earnings. They are recorded in the income statement only if the plan is extinguished.&nbsp; </FONT></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-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; 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>Provisions&nbsp;</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>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>
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<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>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>
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<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>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' 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' equity as a deduction from the proceeds, net of taxes.</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>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' 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' 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>(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>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 incoterms 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>(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>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 <FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>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></FONT></P>
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<P style="TEXT-ALIGN: center">FS-17</P>
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<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; 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>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 laws 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 recognized directly in shareholders' equity.&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 year 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>(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>Earnings/(loss) 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/loss per share are calculated by means of the profit/loss for the year attributable to owners of the Company and the weighted average number of common shares outstanding in the related period. Diluted earnings/loss per share are calculated by means of the average number of shares outstanding, adjusted by instruments potentially <FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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/loss per share are equal to basic earnings/loss per share.</FONT></FONT></P>
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<P style="TEXT-ALIGN: center">FS-18</P>
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<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>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>
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<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>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. Research and development expenditures recognized as expense for the year ended December 31, 2012, amounted to R$ 6,033 (R$ 6,532 as December 31,2011).</FONT></P>
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<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>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;&nbsp;&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 the following categories: measured at fair value through profit or loss, loans and receivables, held-to-maturity, and available-for- sale. The classification depends on the purpose for which the financial assets were acquired. Management determines the classification of its financial assets at the time of initial recognition.</FONT></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>Financial assets measured 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>
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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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<P style="TEXT-ALIGN: center">FS-19</P>
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<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>Recognition and measurement</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>Regular purchases and sales of financial assets are recognized at the trading date - the date on which the Company undertakes to buy or sell the asset. Investments are initially recognized at their fair value, plus transaction costs for all financial assets not classified as at fair value through profit or loss. Financial assets at fair value through profit or loss are initially recognized at their fair value and the transaction costs are charged to the income statement. Financial assets are derecognized when the rights to receive cash flows from the investments have expired or have been transferred, in the latter case, provided that the Company has transferred significantly all risks and rewards of ownership. Available-for-sale financial assets and financial assets at fair value through profit or loss are subsequently carried at fair value. Loans and receivables are carried at amortized cost using the effective interest method.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 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 financial assets at fair value through profit or loss is recognized in the income statement as part of other finance income when the Company&#8217;s right to receive the dividends has been established.</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 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' 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;&nbsp;&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;&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 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>impaired</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif>.&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -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>
<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>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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 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>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 expedient, the Company may measure impairment on the basis of an instrument&#8217;s fair value using an observable market price.</FONT></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>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 shareholders' equity and recognized in the income statement. Impairment losses recognized in the income statement as available-for-sale instruments are not reversed through the income statement.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 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>CSN tested for impairment its available-for-sale investment in Usiminas shares (see note 13). </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;&nbsp;&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 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 face=arial,sans-serif>Financial liabilities are classified into the following categories: measured at fair value through profit or loss and other financial liabilities.</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#231f20 face=arial,sans-serif> 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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0cm 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-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, and thereby are classified so, 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>
<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=#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;&nbsp;&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>Derivative instruments and hedging activities</FONT></B></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>Derivatives 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 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>
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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>Foreign exchange gains or losses on foreign operations</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>Gains and losses accumulated in shareholders' equity are included in the income statement when the foreign operation is partially disposed of or sold.</FONT></P>
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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -24pt; MARGIN: 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>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>
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<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>(x)</FONT></B><B><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><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Government grants</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 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 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>
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<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="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="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>(y)</FONT></B><B><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><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>
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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=#181619 face=arial,sans-serif>The following standards, amendments to standards and IFRS interpretations issued by the IASB are not yet effective and were not early adopted by the Company for the year ended December 31, 2012:</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Amendment to IAS&nbsp;1</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Presentation of Items of Other Comprehensive Income</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>. Groups in other comprehensive income the items that could be reclassified to profit or loss in the income statement for the year.</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Amendment to IAS 19</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Employee Benefits</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>. Eliminates the corridor approach (applied by the Company in previous years) for recognition of actuarial gains or losses and requires that finance costs be calculated on a net funding basis. Simplifies the presentation of changes in assets and liabilities of defined benefit plans and expands the disclosure requirements.</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRS 10</FONT></P>
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<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>Consolidated Financial Statements</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>. Defines principles and requirements for the preparation and presentation of consolidated financial statements when an entity controls one or more other entities. Establishes the concept of control as the basis for consolidation and sets out how to apply the principle of control to identify whether an investor controls an investee and therefore must consolidate the investee. </FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRS 11</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></FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Joint Arrangements</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>. Establishes principles for disclosure of financial statements of entities that are parties of joint agreements. There are two types of joint arrangement: joint operations and joint ventures. Joint operations arise where a joint operator has rights to the assets and obligations relating to the arrangement and hence accounts for its interest in assets, liabilities, revenues and expenses. Joint ventures arise where the joint operator has rights to the net assets of the arrangement and hence equity accounts for its interest. Proportionate consolidation of joint ventures is no longer allowed. </FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRS 12</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></FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Disclosure of Interests in Other Entities</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>. Consolidates all the requirements of disclosures that an entity should carry out when participating in one or more entities, including joint arrangements, associates, special purpose vehicles and other off balance sheet vehicles.</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRS 13</FONT></P>
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<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>Fair Value Measurement</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>. Provides a more precise definition of fair value, explains how to calculate it (one single source of measurement), and determines what must be disclosed. The requirements do not extend the use of fair value accounting but provide guidance on how it should be applied where its use is already required or permitted by other standards.</FONT></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></FONT></I>&nbsp;</P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Amendment to IAS 7</FONT></P>
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<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>Disclosures &#8211; Offsetting Financial Assets and Financial Liabilities. </FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Establishes disclosure requirements for compensation agreements of financial assets and liabilities.</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=#181619 face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRS 27 </FONT></P>
<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>(revised in 2011)</FONT></P>
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<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>Separate Financial Statements</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>. Includes other considerations on separate financial statements and the control provisions of IAS 27 that have been included in the new IFRS&nbsp;10.</FONT></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></FONT></I>&nbsp;</P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IAS 28 </FONT></P>
<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>(revised in 2011)</FONT></P>
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<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>Investments in Associates and Joint Ventures.</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> Establishes the requirements for joint ventures and associates accounted for under the equity method following the issue of IFRS 11.</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>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IFRIC 20</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Stripping Costs in the Production Phase of a Surface Mine</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>. IFRIC 20 includes clarifications on the recognition of stripping costs in the production phase of a surface mine. Pursuant to IFRIC 20, mining entities that present IFRS financial statements are required to derecognize existing stripping assets to retained earnings if such assets cannot be attributed to an identifiable component of a mineral deposit. </FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2013</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>IAS 32</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 0pt 0cm"><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>Financial Instruments: Presentation"</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=blue face=arial,sans-serif>&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>on the offsetting of assets and liabilities. Provides additional clarifications to the application guidance in IAS 32 on the requirement to set off financial assets and financial liabilities in the balance sheet.</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif>January 1, 2014</FONT></P>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IFRS 9</FONT></P>
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<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>Financial Instruments</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>. IFRS 9 retains but simplifies the mixed measurement model and establishes two primary measurement categories for financial assets: amortized cost and fair value. The basis for classification depends on the entity&#8217;s business model and the contractual cash flow characteristics of the financial asset. The IAS 39 guidance on the impairment of financial assets, and on hedge accounting continues to apply. The amendment postpones the effective date from 2013 to 2015. It also eliminates the requirement for restatement of comparative information and requires additional disclosures on the transition to IFRS 9.</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>
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<P style="MARGIN: 0cm 1.45pt 0pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>January 1, 2015</FONT></P>
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<P style="TEXT-ALIGN: center">FS-23</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>It is expected that some of these new standards will have a material impact on the Group&#8217;s financial statements in 2013 and 2015, such as the IFRS 10, IFRS 11 and IFRS 12, which can affect the recognition and disclosure of the investments in entities currently consolidated and/or proportionately consolidated by the Company, IFRIC 20 Shipping Costs in the Production Phase of a Surface Mine can affect the recognition of stripping costs in non-current assets, and IFRS 9 can change the classification and measurement of the Group&#8217;s financial assets. The impact of adopting these standards has not yet been measured. </FONT></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>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>As for the other new and revised standards listed in the table above, the Company estimates that their adoption will not have material impacts on its financial statements. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#000000 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>
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<P style="TEXT-ALIGN: center">FS-24</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Carrying amounts </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value adjustments </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total fair value </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Assets acquired and liabilities assumed </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="45%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,182</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,465)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54,717</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="45%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,718</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>89,449</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>134,167</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="45%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(144,225)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,522</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(133,703)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="45%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities (**) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(567,469)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>351,035</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(216,434)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="45%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Total assets acquired and liabilities assumed</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(604,794)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>443,541</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(161,253)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="45%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD></TR></TABLE><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B></DIV>
<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>&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 (see note 10).</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>(*</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif>*</FONT><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 payables to CSN amounting to R$388,640.</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-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><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"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill arising on acquisition </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 3pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></U></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(-) Book value of CBL </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(604,794)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(+) Fair value adjustment of assets acquired and liabilities assumed </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>443,541</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(=) Total fair value of assets acquired and liabilities assumed </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(161,253)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchase price </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,316</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill arising on acquisition </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>204,569</FONT></B></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="80%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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="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>Goodwill arising on the acquisition comprises mainly the expected synergies generated by the business combination of packings segments of Companhia Metal&#250;rgica Prada with CBL. </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>On December 31, 2012, 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"><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=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"><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 January 31, 2012, through its wholly-owned subsidiary CSN Steel S.L., CSN completed the acquisition of all the shares (&#8220;Shares&#8221;) of the Spanish companies (a) Dankerena Guip&#250;zcoa, S.L. (currently named CSN Steel Holdings 2, S.L.U.) and Grupo Alfonso Gallardo Th&#252;ringen, S.L.U. (currently named CSN Steel Holdings 1, S.L.U.), holding companies that together hold 100% of the capital of the German company Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;), a producer of long steel located in Unterwellenborn, Germany, specialized in the production of shapes and with installed capacity of 1.1 million metric tons of steel/year; and (b) Gallardo Sections S.L.U.&nbsp; (currently named CSN Steel Comercializadora, S.L.U.), a trader of SWT products, all previously held by Grupo Alfonso Gallardo, S.L.U.&nbsp; (&#8220;AG Group&#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%; 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"><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 and liabilities assumed.</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$301,192 (&#8364;131,790), including the final adjustment to the purchase price of R$1,943 (&#8364;850), was allocated between identified assets acquired and liabilities assumed, measured at fair value. In the purchase price <FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>identification process, the Company considered the adjustments presented below and the starting point was the transaction amount of R$1,104,648 (&#8364;483,350)</FONT></FONT></P>
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<P style="TEXT-ALIGN: center">FS-25</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amounts in R$ </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transaction price </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,104,648</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net debt </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(857,031)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Provisions </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,782)</FONT></P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax credits </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,498</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Working capital </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>51,859</FONT></P>
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     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="80%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(=) Purchase price </FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>301,192</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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%; 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 transaction costs are represented by consulting services and lawyers&#8217; fees totaling R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>20,879</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>, 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"><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 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"><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 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 2012.</FONT></P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Carrying amounts </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value adjustments </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total fair value </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets acquired </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current assets (*) </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>400,387</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>400,387</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="42%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets (**) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>191,956</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>786,988</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>978,944</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="42%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(262,203)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(262,203)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="42%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities (***) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(842,526)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(209,005)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,051,531)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="42%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total assets acquired</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(512,386)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>577,983</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65,597</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="42%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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>(*) Includes R$14,880 in cash and cash equivalents. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(**) Comprising mainly the fair value adjustment to property, plant and equipment amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>392,817</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. Total fair value of property, plant and equipment was measured at R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>582,478&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> (see 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; MARGIN: 0cm 0cm 0pt"><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"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill arising on acquisition </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 3pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" vAlign=bottom width="80%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></U></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(+) Purchase price </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>301,192</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(-) Fair value of assets acquired and liabilities assumed </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65,597</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(=) Goodwill arising on acquisition </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>235,595</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="80%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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>
<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 arising on the acquisition was mainly based on expected future earnings, as described in note 11. </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></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-26</P>
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<a name="_bclHeader173"></a><DIV>
<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: 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>4.</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"><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 align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash and cash equivalents </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 18.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash and banks </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>207,614</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>101,360</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Short-term investments </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 18.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>In Brazil: </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 27pt; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 27pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Government bonds </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>862,299</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>646,594</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 27pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%">
<P style="TEXT-INDENT: 27pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Private securities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>902,159</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,017,019</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,764,458</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,663,613</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 18.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Abroad: </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 27pt; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 27pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Time deposits </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,472,803</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,652,420</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total short-term investments </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14,237,261</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>15,316,033</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="68%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Cash and cash equivalents </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14,444,875</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>15,417,393</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 3.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="68%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=PT-BR 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 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 investment funds, which are considered exclusives and are consolidated with repurchase agreements backed by government and private bonds with immediate liquidity. </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>Private securities are short-term investments in Bank Deposit Certificates (CDBs) and Debentures with yields pegged to the Interbank Deposit Certificate (CDI) fluctuation, and government securities are basically repurchase agreements backed by National Treasury Bills (LTNs) and Financial Treasury Bills (LFTs). </FONT><FONT style="LINE-HEIGHT: 116%; 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. Investments in funds were consolidated.</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 addition, a significant part of the funds of the Company and its foreign subsidiaries is invested in time deposits with leading banks, bearing fixed rates. </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>5.</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>
<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>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade receivables </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Third parties </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Domestic market </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>832,620</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>895,517</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Foreign market </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>876,393</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>701,807</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Allowance for doubtful debts </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(111,532)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(124,939)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,597,481</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,472,385</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Related parties (Note 18 - b and c) </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>117,598</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>86,612</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,715,079</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,558,997</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 4.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other receivables </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other receivables from related parties </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>17,065</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,537</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other receivables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>62,422</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>55,672</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>79,487</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>57,209</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,794,566</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,616,206</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR 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 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-27</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_170></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader174"></a><DIV>
<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: 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 gross trade receivables balance from third parties is comprised as follows:</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></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Falling due</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,436,878</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1,359,540</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Overdue until 180 days</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>123,379</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>89,766</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Overdue above 180 days</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>148,756</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>148,018</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,709,013</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,597,324</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<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>&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>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$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>224,718&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> as of December 31, 2012 (R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>262,367&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> 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"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=#ff3399 face=Arial,sans-serif></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Opening balance </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(124,939)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(117,402)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Allowance for losses on trade receivables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(11,073)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(20,005)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Recovery (reversal) of receivables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>24,480 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,468 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Closing balance </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(111,532)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(124,939)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<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: -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>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></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Finished products </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,133,002</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>997,128</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Work in process </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>668,152</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>776,918</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Raw materials </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>563,533</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>694,383</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Storeroom supplies </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,084,854</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>981,086</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Iron ore </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>174,643</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>215,399</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Advances to suppliers </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>55,068</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>153,215</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(-) Allowance for inventory losses </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(99,227)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(83,145)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,580,025</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,734,984</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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>Changes in the allowance for inventory losses 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Opening balance </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(83,145)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(64,115)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Allowance for obsolete or slow-moving inventories </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(16,082)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(19,030)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Closing balance </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(99,227)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(83,145)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR 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>As of December 31, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>2012</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, the Company has long-term iron ore inventories amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>144,483</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, classified in other non-current assets (R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>144,483&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> as of December 31, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>2011</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>), as described in note </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>7</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; 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; 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="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-28</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_171></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader175"></a><DIV>
<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: 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>7.</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 AND NON-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 and non-current assets is comprised 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="25%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current &nbsp;</FONT></B></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="25%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Judicial deposits (Note 16) </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>732,666</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>954,711</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Credits with the PGFN (*) (Note 15) </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>84,392</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>806,103</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Recoverable taxes (**) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>569,486</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>689,006</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>310,542</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>257,977</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Prepaid taxes </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Prepaid expenses </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>44,332</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>24,135</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100,728</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>115,853</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Actuarial asset - related party </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>93,546</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Unrealized gains on derivatives (Note 13 I) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>239,266</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>55,115</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,665</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>376,344</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Guarantee margin on financial instruments (Note 13 V) </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>435,161</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>407,467</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Iron ore inventory (Note 6) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>144,483</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>144,483</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Northeast Investment Fund - FINOR </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9,914</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>47,754</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade receivables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,983</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10,043</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Receivable from related parties </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>136,077</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>115,549</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14,234</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>18,060</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>47,452</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,302,479</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,175,723</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,648,056</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,876,269</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="49%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=PT-BR 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: 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 15.</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, and income tax and social contribution for offset. </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; 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>8.</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 year 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 14.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution income/(expenses) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(205,022)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(136,427)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Deferred </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,075,156 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>52,542 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>870,134 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(83,885)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=PT-BR 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 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-29</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_172></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader176"></a><DIV>
<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: 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"><FONT style="LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Profit before income tax and social contribution </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,350,708)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,751,119 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax rate </FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>34%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>34%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution at combined statutory rate </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>459,241 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,275,380)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Adjustment to reflect effective rate: </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Income subject to special tax rates or untaxed</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>386,182 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,279,431 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%">
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax incentives</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,115 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>73,134 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="68%">
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Adjustments arising from Law 11,941 and MP 470 installment plans </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>39,256 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(16,060)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="68%">
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Sale of nondeductible securities</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(189,946)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="68%">
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Tax loss carryforwards without recognizing deferred taxes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(42,683)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="68%">
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution credits</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>44,434 &nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%">
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other permanent deductions (additions) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>26,023 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>502 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #e8ebf8; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution in profit (loss) for the year </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #e8ebf8; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>870,134</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #e8ebf8; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #e8ebf8; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(83,885)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%">
<P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Effective rate </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>-64%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2%</FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=PT-BR 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: 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>(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;&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 financial statements. They are presented at net amounts when related to a sole jurisdiction.</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 align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Deferred tax assets </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Income tax loss carryforwards </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>818,705 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>425,406 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Social contribution loss carryforwards </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>242,606 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>157,858 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Temporary differences </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,311,190 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,257,509 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Provision for tax, social security, labor and civil risks</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>269,803 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>211,835 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Allowance for asset impairment losses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>66,062 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>60,930 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Allowance for inventory losses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>50,295 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30,814 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Allowance for gains/(losses) on financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>363,966 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>253,985 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Accrued pension and healthcare plan (actuarial liability)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>157,445 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>144,360 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Provision for interest on capital</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>74 &nbsp;</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>- Accrued supplies and services</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>66,997 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>67,445 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Allowance for doubtful debts </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30,761 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>45,342 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>- Goodwill on acquisitions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>62,042 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>371,153 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>- Unrealized foreign exchange (*)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>206,711 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>- Other</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>37,108 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>71,571 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current assets </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,372,501 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,840,773 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 7.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Deferred tax liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>- Business combination</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>225,965 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>17,960 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>- Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58,145 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>19,891 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 9pt; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>
<P style="TEXT-INDENT: 9.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current liabilities </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>284,110 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>37,851 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 18pt; PADDING-RIGHT: 0cm; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="68%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=PT-BR 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: 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 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>
<a name="_bclFooter176"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">FS-30</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_173></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader177"></a><DIV>
<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: 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 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>The estimate of recovery of the deferred income tax and social contribution assets is 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>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%">&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Up to 1 year </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,473,430</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>From 1 to 2 years </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>424,119</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>From 2 to 3 years </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>462,860</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>From 3 to 5 years </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,092</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="80%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,372,501</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="80%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=PT-BR 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: 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 Group companies have tax assets amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>789,704&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> and R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>259,933</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, related to income tax and social contribution loss carryforwards, for which no deferred taxes were set up, of which R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>10,769 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>expire in 2013, R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>771 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>in 2014, R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>30,978 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>in 2015, and R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>50,225 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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 National Min&#233;rios S.A., which arose on the merger of Big Jump in July 2009, amounted to R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>1,391,858</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. Up to December 31, 2012 a total amount of R$951,104 (R$672,732 up to 2011) had been realized, leaving a remaining amount of R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>440,754</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, which will be realized through 2014. In </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>2013</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, this realization will be R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>278,372&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> and in 2014, the benefit will be R$162,382.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The undistributed profits of the Company&#8217;s foreign subsidiaries have been invested and will continue to be invested in their operations. These undistributed profits of the Company&#8217;s foreign subsidiaries amounted to R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>8,111,394&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> as of December 31, 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>
<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' 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' equity 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>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Gain/(loss) on defined benefit pension plan</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>66,155 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>54,714 </FONT></P>
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<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Changes in the fair value on available-for-sale financial assets </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(377,164)&nbsp;</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>241,484</FONT></P>
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<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Exchange differences on translating foreign operations </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(425,510)&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(425,510)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#333333 face=arial,sans-serif>(736,519)</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#333333 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=#333333 face=arial,sans-serif>(129,312)</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" color=#333333 face=arial,sans-serif></FONT>&nbsp;</P>
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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=PT-BR 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: 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 is granted by Income Tax incentives based on the legislation in effect, such as: Worker Food Program, the Rouanet Law (tax incentives related to cultural activities), Tax Incentives for Audiovisual Activities, and Funds for the Rights of Children and Adolescents. &nbsp;As of December 31, 2012, these tax incentives total R$3,366 (R$1,914 as of December 31, 2011). </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></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; 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="TEXT-ALIGN: center">FS-31</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>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>INVESTMENTS&nbsp;</FONT></B></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 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' equity, and the amounts of profit or loss for the year refer to the equity interests held by CSN in those companies.</FONT></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></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>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; 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>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Panatl&#226;ntica </FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,965 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,030 </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Usiminas </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,323,172 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,077,277 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Arvedi Metalfer do Brasil </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,977 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,660 </FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(1,082)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,351,774 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,088,225 </FONT></B></P>
</TD></TR>
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<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, through its subsidiary CSN Europe Lda., 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>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. </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, 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, 2012, the Company reached holdings of </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>14.13</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>% in common shares and </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>20.69</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>% 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="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>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 S.A., company in pre-operating 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"><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: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><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>Investments in jointly controlled entities</FONT></B></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 below. </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<TR style="HEIGHT: 22.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nacional Min&#233;rios (*) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CBSI </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nacional Min&#233;rios (*) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>It&#225; Energ&#233;tica </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Equity interest (%) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60.00%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48.75%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27.27%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50.00%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60.00%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48.75%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27.27%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance sheet </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,654,420</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>89,370</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>931,922</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,383</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,155,543</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81,729</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>917,291</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,513,580</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>680,621</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,347,154</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,887</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,526,804</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>719,606</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,625,495</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Long-term receivables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,296,673</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,771</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>440,545</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,422,434</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,239</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>336,439</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Investments, PP&amp;E and intangible assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,216,907</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>640,850</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,906,609</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,887</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,104,370</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>675,367</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,289,056</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,168,000</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>769,991</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,279,076</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,270</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,682,347</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>801,335</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,542,786</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 7.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 7.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,889,429</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87,658</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,209,841</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,131</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,260,068</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100,175</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,108,938</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>355,401</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,812</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,555,114</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,364</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>307,352</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,637</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,134,906</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Shareholders' equity </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,923,170</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>676,521</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,514,121</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,775</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,114,927</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>638,523</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,298,942</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total liabilities and shareholders' equity </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,168,000</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>769,991</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,279,076</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,270</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,682,347</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>801,335</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,542,786</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Statements of Income </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">&nbsp;</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net revenue </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,836,415</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>217,493</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,013,158</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,915</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,766,712</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>242,913</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,862,337</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales and services </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,730,077)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(66,162)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,993,927)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(58,245)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,168,655)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(81,692)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,732,552)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,106,338</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>151,331</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,019,231</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,670</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,598,057</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>161,221</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,129,785</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Operating (expenses) income </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(412,091)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(48,688)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(262,777)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,807)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(135,782)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(66,223)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(199,754)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income (costs), net </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,329,707</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,745)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(82,417)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>174</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,040,693</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,327)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(134,272)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Profit before income tax and social contribution </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,023,954</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100,898</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>674,037</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,502,968</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>82,671</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>795,759</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Current and deferred income tax and social contribution </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(407,469)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,962)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(227,497)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(429,624)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(28,103)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(272,714)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit for the year </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,616,485</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,936</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>446,540</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,073,344</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54,568</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>523,045</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The balance sheet and income statement amounts refer to 100% of the companies&#8217; results.</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 the 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: 116%; 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>CSN holds and proportionately consolidates 60% of Namisa&#8217;s capital. </FONT></P>
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<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>IT&#193; ENERG&#201;TICA S.A. - ITASA</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>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>
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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>CSN holds 48.75% of ITASA&#8217;s share capital.</FONT></P>
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<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, 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>As of December 31, 2012 the Company directly held 27.27% and indirectly, through its jointly controlled entity Nacional Min&#233;rios S.A. (Namisa), 6% of MRS&#8217;s 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; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>MRS can also engage in modal transportation services related to railroad transportation and also participate in projects aimed at expanding the railroad services granted on a concession basis.</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 provision of the services covered by the concession agreement obtained for a period of 30 years starting on December 1, 1996, extendable for an equal period by exclusive decision of the concession grantor, MRS leased from RFFSA for the same concession period the assets required for operation and maintenance of the railroad freight transportation activities.&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Upon extinction of the concession, all leased assets will be transferred to the ownership of the railroad transportation operator designated in that same act.</FONT></P>
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<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>
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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 balance of property, plant and equipment less depreciation as of December 31, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>2012 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>is R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>30,584&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> (R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>31,751&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> as of December 31, 2011) and the amount of the expense in 2012 is R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>6,620 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>6,366 in </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2011).&nbsp;</FONT></P>
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<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>CBSI - 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: 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>CGPAR CONSTRU&#199;&#195;O PESADA S.A. </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>On July </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>18, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>2012 CSN subscribed 50,000 common shares, corresponding to 50% of the capital of CGPAR CONSTRU&#199;&#195;O PESADA S.A. (&#8220;CGPAR&#8221;), totaling R$50,000.00. This subscription is the result of a joint venture formed by CSN and GPA Constru&#231;&#227;o Pesada e Minera&#231;&#227;o Ltda. Based in the city of Belo Horizonte, MG, CGPAR is mainly engaged in the provision of services related to the support to the extraction of iron ore, earth leveling, earthmoving, and dam construction.</FONT></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>10.</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>
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<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Land</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Buildings</FONT></B></P>
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     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Machinery, equipment and facilities</FONT></B></P>
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     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Furniture and fixtures</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Construction in progress</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other (*)</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BACKGROUND-IMAGE: none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; HEIGHT: 45pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2010</FONT></B></P>
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<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>175,792</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,213,608</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,974,024</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,427</FONT></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,515,806</FONT></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>868,910</FONT></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,776,567</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect of foreign exchange differences</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,234</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,640</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>16,377</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>135</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(157)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,162</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,391</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisition through business combination</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,325</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,805</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,050</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>562</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,204</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90,572</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>123,518</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisitions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,400,825</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,400,825</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Disposal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,719)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(30,059)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(17)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19,097</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(17,698)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(39,364)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(821,672)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,931)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(65,441)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(931,408)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" colSpan=3 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Reversal of estimated losses on disposal of assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,774</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,774</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Transfers to other asset categories</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,233</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>273,320</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,477,118</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,172</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,848,785)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>74,942</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transfers to intangible assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(11,104)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(383)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(11,487)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(170)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,883)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>54</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,470)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,063</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,594</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2011</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>194,584</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,455,120</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,624,955</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,402</FONT></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,056,319</FONT></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,012,696</FONT></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,377,076</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>194,584</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,700,245</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,138,198</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>139,679</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,056,319</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,459,659</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>21,688,684</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(245,125)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3,513,243)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(106,277)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(446,963)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,311,608)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2011</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>194,584</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,455,120</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,624,955</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,402</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,056,319</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,012,696</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,377,076</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect of foreign exchange differences</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,656</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,322</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>246,204</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>379</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>471</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(148,244)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>126,788</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisition through business combination</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>22,852</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>103,739</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>419,787</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,202</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,079</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>33,819</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>582,478</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisitions</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,142,634</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,142,634</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Capitalized interests (Notes 25 and 32)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>409,498</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>409,498</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Disposal</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,375)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(255)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(10,135)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(159)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(769)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,447</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,246)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Depreciation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(70,509)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,058,081)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(13,474)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(75,464)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,217,528)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Estimated losses on disposal of assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(6,676)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,676)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Transfers to other asset categories</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(32,855)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>101,572</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,001,977</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,076</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,123,481)</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>35,711</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transfers to intangible assets</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(8,808)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(787)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,595)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(74,552)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>62,787</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21,083</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,318</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2012</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>188,862</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,611,989</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,150,155</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,426</FONT></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,539,730</FONT></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>879,585</FONT></B></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,408,747</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>188,862</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,917,814</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,758,762</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>151,008</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,539,730</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,397,841</FONT></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,954,017</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated depreciation</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(305,825)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4,608,607)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(112,582)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap></TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(518,256)</FONT></P>
</TD>
     <TD style="BACKGROUND-COLOR: #dbe5f1" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5,545,270)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2012</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>188,862</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,611,989</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>8,150,155</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>38,426</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,539,730</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>879,585</FONT></B></P>
</TD>
     <TD vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>20,408,747</FONT></B></P>
</TD></TR>
<TR>
     <TD style="BACKGROUND-COLOR: #dbe5f1" width="1%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="30%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="1%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="1%"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="1%"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="1%"></TD>
     <TD style="BACKGROUND-COLOR: #ffffff" width="9%">&nbsp;</TD></TR></TABLE></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></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> &nbsp;</FONT></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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<P style="TEXT-ALIGN: center">FS-35</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_178></A>
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<a name="_bclHeader182"></a><DIV>
<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: 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"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 23.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="39%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Project objective</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Start date</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scheduled</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>completion</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Logistics </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="39%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 33.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Expansion of Transnordestina railroad by 1,728 km to boost the transportation of varied products as iron ore, limestone, soybeans, cotton, sugarcane, fertilizers, oil and fuels.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,642,102</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,489,871</FONT></P>
</TD></TR>
<TR style="HEIGHT: 22.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Expansion of MRS's capacity and current investments for maintenance of current operations.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>232,818</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>290,410</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current investments for maintenance of current operations.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,589</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15,479</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,912,509</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3,795,760</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Expansion of Casa de Pedra Mine capacity production to 42 Mtpa.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2007</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><SUP><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)</FONT></SUP></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,613,130</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,322,433</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Expansion of TECAR to permit an annual exportation of 60 Mtpa.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>714,986</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>425,134</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Expansion of Namisa capacity production.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2008</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2016</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><SUP><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2)</FONT></SUP></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>131,408</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>137,059</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current investments for maintenance of current operations.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>13,080</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>46,421</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,472,604</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,931,047</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 23.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Implementation of the long steel mill in the states of Rio de Janeiro, Minas Gerais and S&#227;o Paulo for production of rebar and wire rod.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2008</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2013</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><SUP><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(3)</FONT></SUP></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,460,694</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>907,521</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current investments for maintenance of current operations.</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>416,855</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>256,718</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,877,549</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,164,239</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cement </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="39%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Construction of integrated cement unit in Arcos, MG.</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2011</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2014/2015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><SUP><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(4)</FONT></SUP></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>241,412</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>132,986</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Construction of clinquer plant in Arcos, MG</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2007</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><SUP><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(5)</FONT></SUP></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10,109</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>27,536</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Current investments for maintenance of current operations.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25,547</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4,751</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="39%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>277,068</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>165,273</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="50%" colSpan=3 noWrap>
<P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total construction in progress</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,539,730</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7,056,319</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="39%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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 Magnetic Concentrators Projects in Pires and B4/B5</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 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>(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>Expected date for completion of new grinding units in Arcos &#8211; MG and new clinker furnace</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>(5)</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 ramp-up</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>.&nbsp;</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></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 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$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>273,339&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> as of December 31, 2012 (R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>654,865 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>as of December 31, 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 at least every financial year, in 2012 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"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="82%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Years &nbsp;</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Buildings </FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>46 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Machinery, equipment and facilities </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Furniture and fixtures </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>11 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30 </FONT></P>
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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>
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<P style="TEXT-ALIGN: center">FS-36</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>
</DIV>
<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;&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>As of December 31, 2012, the Company capitalized borrowing costs amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>409,498&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> (R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>353,156&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> as of December 31, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>2011</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>). 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: both; FONT-SIZE: 9pt" lang=EN-US 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; 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 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>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rates &nbsp;</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Spec&#237;fic projects </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TJLP + 1.3% to 3.2%</FONT></P>
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     <TD style="BACKGROUND-COLOR: #dbe5f1" width="6%" noWrap align=center>&nbsp;&nbsp; </TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="29%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TJLP + 1.3% to 3.2%</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="27%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>UM006 + 2.7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="6%" noWrap align=center>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="29%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>UM006 + 2.7%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="34%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-spec&#237;fic projects </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8.47%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" width="29%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10.56%</FONT></P>
</TD></TR></TABLE></DIV>
<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; 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;&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>Additions to depreciation, amortization and depletion for the year were distributed 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Production cost </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,178,884</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>892,297</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Selling expenses </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,046</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,130</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>General and administrative expenses </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>28,924</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>29,941</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,215,854</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>929,368</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other operating expenses (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14,797</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>18,883</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,230,651</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>948,251</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="68%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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>(*) Refers to the depreciation of unused equipment (see note 24).</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"><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;&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>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 December 31, 2012 the net property, plant and equipment of Casa de Pedra was R$2,892,120 (R$2,485,077 as of December 31, 2011), represented mainly by construction in progress amounting to R$1,612,000 (R$1,123,821 as of December 31, 2011). </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></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></FONT>&nbsp;</P>
<a name="_bclFooter183"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">FS-37</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>
</DIV>
<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>INTANGIBLE ASSETS</FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 33.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goodwill</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Intangibles with finite used lives</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Customer relations</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Software</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2010</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>423,698</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,991</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,765</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,002</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>462,456</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect of foreign exchange differences</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>72</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>78</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisitions through business combination (*)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>204,569</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>204,569</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisitions and expenditures</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>350</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>357</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>707</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Disposals</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(784)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(489)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,273)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impairment losses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(60,861)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,861)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Transfer of property, plant and equipment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,487</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,487</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Transfer of long-term receivables</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,977</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,977</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,991)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,622)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,230)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(16,843)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other movements</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,113)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>77</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2011</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>567,406</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,089</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,879</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>603,374</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>908,576</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,991</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>86,070</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,087</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,005,724</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated amortization</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(280,309)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,991)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(53,981)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,208)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(341,489)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated impairment adjustment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,861)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,861)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2011</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>567,406</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,089</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,879</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>603,374</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Effect of foreign exchange differences</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,501</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>104</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14,045</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>44,650</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisitions through business combination (**)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>235,595</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>316,939</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>77,231</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>629,765</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Acquisitions and expenditures</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>961</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>571</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,532</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Disposals</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(564)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(565)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Transfer of property, plant and equipment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,595</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9,595</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amortization</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,975)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(148)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,123)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other movements</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>210</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>14</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>224</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2012</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>803,001</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>347,440</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,983</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>95,028</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,275,452</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,194,059</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>347,441</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>85,183</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>97,405</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,724,088</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated amortization</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(330,197)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(55,200)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,378)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(387,775)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accumulated impairment adjustment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(60,861)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(60,861)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balance at December 31, 2012</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>803,001</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>347,441</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>29,983</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>95,027</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,275,452</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(*) Goodwill based on expected future earnings, arising on the business combination of Prada Embalagens with CBL on July 12, 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>(**) 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 01 to 05 years and of other intangible assets is </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>13 to 30 years</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"><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"><FONT style="LINE-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 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>Impairment testing for goodwill</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 order to conduct impairment testing, goodwill is allocated to CSN&#8217;s operating divisions that represent the lowest level of </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>assets or group of assets </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>at which goodwill is monitored by the Company's senior management, never above Operating Segments.</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="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center">FS-38</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash generating unit </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Segment </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investor </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>347,098</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>347,098</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Namisa </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Packaging (*) </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>207,217</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>207,217</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Flat steel </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,091</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,091</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Long steel </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>235,595</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Steel S.L. </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>803,001</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>567,406</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 4.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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>(*) Goodwill of the cash-generating unit (CGU) Containers is presented net of an impairment loss recorded in 2011 amounting in line item other operating income and expenses in the income statement for the year, 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="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 recoverable amount of a Cash-Generating Unit (&#8220;CGU&#8221;) is determined based on value-in-use calculations.</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; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>These calculations use cash flow projections, before income tax and social contribution, based on financial budgets approved by management for a three-year period. The amounts related to cash flows subsequent to the three-year period were extrapolated based on the estimated growth rates shown below. The growth rate does not exceed the average long-term growth rate of the industry in which the Cash-Generating Unit (&#8220;CGU&#8221;) 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="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 assumptions used in calculating the values in use as of December 31,&nbsp;2012 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="35%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel containers </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Flat steel </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Long steel </FONT></B></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross margin (i)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Margin was determined taking into consideration the expansion plans already approved in the Company&#8217;s business plan. We took into consideration iron ore prices in the international market based on projections prepared by official mining industry institutions and for the exchange rate we took into consideration a projected curve of the US dollar rate in relation to the Brazilian real through 2018, made available by the Central Bank of Brazil, and exchange fluctuation in 2018 and thereafter is nil; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=top width="23%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Average Gross Margin of each Cash Generating Unit based on the history and projections approved by the Board for the next three years, long-term price and foreign exchange curves obtained in industry reports, and gains from the synergy between the Company&#8217;s packaging units;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Average Gross Margin of each Cash Generating Unit based on the history and projections approved by the Board for the next three years, and long-term price and foreign exchange curves obtained in industry reports;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Based on the projections approved by the Board for the next three years, long-term price and foreign exchange curves, and taking into consideration the production volume ramp up after plant start-up;</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost adjustment</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="35%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost adjustment based on historical data and price and foreign exchange curves obtained in industry reports;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="23%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost adjustment based on historical data and price and foreign exchange curves obtained in industry reports;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost adjustment based on historical data and price and foreign exchange curves obtained in industry reports;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost adjustment based on historical data and price and foreign exchange curves obtained in industry reports;</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Growth rate (ii)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="35%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>The cash flows take into consideration the projection period through 2052 due to the extension of the deadlines for the implementation of some projects, and the maturities of the main contracts for which this business plan was developed, and this it is not necessary to take into account the growth rate since the projection period exceeds 30 years;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=top width="23%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Average growth rate of 2.5% p.a. used to extrapolate the cash flows after the budgeted period;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=top width="18%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Average growth rate of 2.0% p.a. used to extrapolate the cash flows after the budgeted period;</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Average growth rate of 2.0% p.a. used to extrapolate the cash flows after the budgeted period;</FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Discount rate (iii)</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="35%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effective discount rate of 8.2% p.a., before income tax and social contribution.</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="23%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effective discount rate of 8.2% p.a., before income tax and social contribution.</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="18%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effective discount rate of 8.2% p.a., before income tax and social contribution.</FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effective discount rate of 8.2% p.a., before income tax and social contribution.</FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT 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 0pt 14.2pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(i)&nbsp;&nbsp; Budgeted gross margin.</FONT></P>
<P style="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=arial,sans-serif>(ii)&nbsp; Weighted average growth rate, used to extrapolate the cash flows after the budgeted period.</FONT></P>
<P style="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=arial,sans-serif>(iii) Pretax discount rate, applied to cash flow projections. </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="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-39</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_182></A>
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<a name="_bclHeader186"></a><DIV>
<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: 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>12.</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>
<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 balances of borrowings, financing and debentures, which are carried at amortized cost, are 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>
<DIV align=right>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="30%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Rates in (%)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Current liabilities</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%" colSpan=3>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Non-current liabilities</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>FOREIGN CURRENCY </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Prepayment </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1% to 3.50%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>162,290</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>381,333</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,104,271</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>573,388</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Prepayment </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>3.51% to 7.50%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>8,954</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>148,597</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>878,705</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,281,171</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Perpetual bonds </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7.00%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,781</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,553</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,043,500</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,875,800</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Fixed rate notes </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6.50% to 10.00%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,265,330</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>119,030</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4,802,225</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>5,064,660</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Financed imports </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>6.01% to 8.00%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>30,413</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>25,248</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>50,989</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>27,310</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>CCB </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1.54%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>176,440</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>BNDES/FINAME </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Res. 635/87 interest + 1.7% and 2.7%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>32,395</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>25,903</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>10,755</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>36,750</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Intercompany </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1.40% to 8.00% and CDI + 1.2%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>25,262</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>105,442</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>411,274</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>145,438</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,527,425</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>984,546</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>9,301,719</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>9,004,517</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>LOCAL CURRENCY </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>BNDES/FINAME </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>TJLP + 1.5% to 5%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>415,480</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>430,432</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,956,981</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,744,727</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Debentures </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>103.6% to 110.8% CDI and 1% + TJLP</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>144,902</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>672,073</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4,613,634</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,822,424</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Prepayment </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>104.8%, 109.5% and 111% CDI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>163,961</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>537,128</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4,856,557</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>4,523,224</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>CCB </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>112.5% CDI</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>62,072</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>101,280</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7,200,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>7,200,000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Intercompany </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>12,599</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>9,509</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>29,398</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>37,058</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>799,014</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>1,750,422</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>18,656,570</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>16,327,433</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="52%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>Total borrowings and financing </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,326,439</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,734,968</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>27,958,289</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>25,331,950</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="52%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Transaction costs and issue premiums </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(31,030)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(32,885)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(101,939)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>(145,445)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="52%" colSpan=2>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8.5pt" lang=EN-US face=arial,sans-serif>Total borrowings and financing + transaction costs </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,295,409</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>2,702,083</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>27,856,350</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8.5pt" face=arial,sans-serif>25,186,505</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 14.15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.15pt; PADDING-TOP: 0cm" width="11%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>2,339,776&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> as of December 31, 2012 (R$2,244,927 as of December 31, 2011) and the balances of Fixed rate notes and Intercompany bonds total R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>3,545,340&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> (R$3,404,701 as of December 31, 2011), see note </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>18</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: 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: 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; MARGIN: 0cm 0cm 0pt"><B><FONT style="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 December 31, 2012, funding transaction 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 9pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current &nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Non-current </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>TJ (1) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="22%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>TIR (2) </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 9.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="17%" colSpan=2 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Fixed rate notes</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,654</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,717</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>6.5% to 10% </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>6.75% to 10.7% </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>BNDES</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,088</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,606</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1.3% to 3.2% </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>1.44% to 9.75% </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Prepayment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,059</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14,369</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>109.50% and 110.79% CDI </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>10.08% to 12.44% </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Prepayment</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>908</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,969</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>2.37% and 3.24% </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>2.68% to 4.04% </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CCB</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>17,472</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>72,306</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>112.5% CDI </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>11.33% to 14.82%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>849</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,972</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>105.8% and 110.8% CDI </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>12.59% and 13.27%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>31,030</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>101,939</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="22%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 3.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="24%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.75pt; PADDING-TOP: 0cm" width="22%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&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>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;&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>TIR &#8211; Annual internal rate of return</FONT></P>
<a name="_bclFooter186"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">FS-40</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_183></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader187"></a><DIV>
<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: 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 December 31, 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"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2014</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,917,379 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>10%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,886,092 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>14%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2016</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,281,664 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2017</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,530,240 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>13%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2018</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,726,463 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>13%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>After 2018</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>8,572,951 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>31%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Perpetual bonds</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,043,500 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>27,958,289 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>100%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR></TABLE></DIV>
<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 year:</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 align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.75pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Opening balance </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>27,888,588</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>20,089,447</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Funding </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,721,945</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,824,012</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Amortization </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(4,821,661)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>(3,614,606)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,362,887</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,589,735</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Closing balance </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>30,151,759</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>27,888,588</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 4.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="66%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><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: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(*) Includes unrealized foreign exchange 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 December 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; 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$1 billion bonds, maturing in July 2020.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>In September 2012, the Company settled the commercial promissory notes by paying R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>800,000 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>in principal and R$33,277 in interest. </FONT></P>
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<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>
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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>i. Companhia Sider&#250;rgica Nacional</FONT></B></P>
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<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>
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<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>In July 2011 the Company issued 115 nonconvertible, unsecured debentures, in single series, with a unit face value of R$10,000 totaling R$1,150,000 that pay interest equivalent to 110.80% of the CDI Cetip rate per year, and mature in July 2019, with early redemption option. </FONT></P>
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<P style="TEXT-ALIGN: center">FS-41</P>
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<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: 9pt" lang=EN-US face=arial,sans-serif> &nbsp;</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#ff33cc 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 issued 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 totaling R$1,565,000 that pay interest equivalent to 105.80% of the CDI Cetip rate for the 1st series and 106.00% per year for the 2nd series, maturing in March and September 2015, respectively, both with 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>In March 2010 Transnordestina Log&#237;stica S.A. obtained approval from the Northeast Development Fund &#8211; FDNE for its 1st Private Issue of convertible debentures, consisting of eight series in the total amount of R$2,672,400. The first, third, and fourth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Salgueiro &#8211; Trindade and Salgueiro &#8211; Porto de Suape module, which also includes the investments in the Suape Port, and the reconstruction of the Cabo to Porto Real de Col&#233;gio railroad section. The second, fifth and sixth series refer to funds to be invested in the Eliseu Martins &#8211; Trindade module. The seventh and eighth series refer to funds to be invested in the Miss&#227;o Velha &#8211; Pec&#233;m module, which also includes the investments in the Pec&#233;m Port. </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Unit </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Balance (R$) </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Series </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Issued </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>face value </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Issue </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturity </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Charges </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1st </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>336,647,184</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ 1.00</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>03/09/10</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10/03/27</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>TJLP + 0.85% p.a </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>336,647</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2nd </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>350,270,386</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ 1.00</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11/25/10</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10/03/27</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>TJLP + 0.85% p.a </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>350,270</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3rd </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>338,035,512</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ 1.00</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/01/10</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10/03/27</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>TJLP + 0.85% p.a </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>338,036</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4th </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>468,293,037</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ 1.00</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10/04/11</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10/03/27</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>TJLP + 0.85% p.a </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>468,293</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5th </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>121,859,549</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ 1.00</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9/21/12</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10/03/27</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>TJLP + 0.85% p.a </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>121,860</FONT></P>
</TD></TR></TABLE></DIV>
<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></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"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="66%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Property, plant and equipment </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,233</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,383</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Collateral transfer (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87,550</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,233</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>106,933</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="15%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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: 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="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>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>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>
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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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<P style="TEXT-ALIGN: center">FS-42</P>
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<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>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%">&nbsp;</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" colSpan=9 align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notes </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Available-for-sale </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value through profit or loss </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and receivables - effective interest rate </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other liabilities - amortized cost method </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balances&nbsp;&nbsp;</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Available-for-sale </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value through profit or loss </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loans and receivables - effective interest rate </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other liabilities - amortized cost method </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balances &nbsp;</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets </FONT></B></P>
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</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="5%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="34%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current assets </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="5%" align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cash and cash equivalents </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,444,875 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,444,875 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,417,393 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,417,393 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables, net </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,715,079 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,715,079 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,558,997 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,558,997 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Guarantee margin on financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="11%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7 and 13 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>435,161 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>435,161 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>407,467 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>407,467 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7 and 13 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>239,266 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>239,266 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,115 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,115 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other trade receivables (Note 7) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,983 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,983 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57,797 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57,797 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,336,137 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,336,137 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,089,307 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,089,307 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,665 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#4f81bd face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,665 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>376,344 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>376,344 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Short-term investments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>116,753 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>116,753 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>139,679 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>139,679 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,326,439 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,326,439 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,734,968 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,734,968 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="11%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13 and 14 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>245,692 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>245,692 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,971 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,971 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,957,789 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,957,789 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,232,075 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,232,075 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,958,289 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,958,289 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,331,950 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,331,950 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="11%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13 and 14 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>373,430 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="5%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>373,430 </FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT>&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></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 in 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 color=#ff6699 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="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 financial instruments recognized at fair value through profit or loss using a valuation method:</FONT></P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="35%" colSpan=7 align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1 </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 2 </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 3 </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balances </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 1 </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 2 </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Level 3 </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Balances </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="24%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="24%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current assets </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>239,266 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="3%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>239,266 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,115 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,115 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="24%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current assets </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Investments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,336,137 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,336,137 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,089,309 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,089,309 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,665 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,665 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>376,344 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>376,344 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="24%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="24%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>245,692 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>245,692 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,971 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,971 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="24%">
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Non-current liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="3%" align=right>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>373,430 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>373,430 </FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
<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"><EM><B><FONT style="LINE-HEIGHT: 116%; FONT-STYLE: normal; 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></EM></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 involving top ranked companies, which are recognized in non-current assets, and any gains or losses are recognized in shareholders' 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: 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="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-43</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>
</DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><EM><B><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></B></EM></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 the reporting date 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. The historical volatility of a share is calculated and taken into account to identify the expected fluctuation of the related instrument and measure the expected future volatility of the assessed equity instrument, and conclude if an instrument&#8217;s market value decline below its cost should or not be considered significant.</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 table below illustrates this index for a twelve-year period (as from December 31, 2011), a sufficiently long period to eliminate volatility peaks caused by domestic and international economic crises:</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Periods:</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Volatility</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>USIM3</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>USIM5</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>01/03/2000 to 12/31/2011</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>50.42%</FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>48.57%</FONT></P>
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<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>Based on this information, the criteria adopted by management, and the relevant accounting policies and legal rules, management concluded that the decline in the market value as compared to the acquisition cost of the USIM3 and USIM5 shares as of June 30, 2012, of 66.3% and 59.0%, respectively, should be considered a significant decline in the market value of these equity instruments. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 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>Based on the qualitative and quantitative elements presented above, management concluded, in its best judgment, that there was evidence of a significant impairment of the investment in Usiminas shares as of June 30, 2012, and, consequently, reclassified the accumulated losses recorded in other comprehensive income amounting to R$1,599,485, net of income tax and social contribution, to profit for the year, by 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 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>Beginning from that date , pursuant to a Company's policy, gains arising from the positive variation of the quotation of shares during the second six month-period ended December 31, 2012 amounting to R$730,812, net of income tax and social contribution, were recognized in other comprehensive income, net of income tax.</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>In December 2012 there was an additional recognition of R$264,441 related to deferred taxes on accumulated losses due to the annual analysis of the effective income tax and social contribution rate that took into consideration the <FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>temporary differences generated by this investment in CSN subsidiaries resulting from the reclassification of accumulated losses. </FONT></FONT></P>
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<P style="TEXT-ALIGN: center">FS-44</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 Company continues to evaluate strategic alternatives with respect to its investment in Usiminas. These initiatives can impact, for example, the way an investment is recorded in the Company&#8217;s financial statements.</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face='Times New Roman'></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 &#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 financial statements at their carrying amounts, which are substantially similar to those that would be obtained if they were traded in the market. The fair values of other long-term assets and liabilities do not differ significantly from their carrying amounts, except the amounts below.</FONT></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>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Carrying amount </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Carrying amount </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Perpetual bonds </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,046,281 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,102,366 </FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,878,353 </FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,819,903 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed rate notes </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,067,555 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,811,081 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,183,690 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,832,364 </FONT></P>
</TD></TR></TABLE></DIV>
<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: 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;&nbsp;&nbsp;&nbsp;&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. &nbsp;Pursuant to this policy, the nature and general position of financial risks are regularly monitored and managed in order to assess the results and the financial impact on cash flow. The credit limits and the quality of counterparties&#8217; hedge instruments are also periodically reviewed. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 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="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 12.</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><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>as of December 31, 2012.&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#ff6699 face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 21.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At December 31, 2012 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Less than one year </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>From one to two years </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>From two to five years </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Over five years </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings, financing and debentures </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,326,439</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,803,471</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,538,367</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,616,451</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,284,728</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>245,692</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>245,692</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,957,789</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,957,789</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>At December 31, 2011 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings, financing and debentures </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,734,968</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,263,889</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,724,483</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,343,578</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,066,918</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative financial instruments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,971</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>373,430</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>376,401</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,232,075</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,232,075</FONT></P>
</TD></TR></TABLE></DIV>
<a name="_bclFooter191"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">FS-45</P>
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<A name=page_188></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader192"></a><DIV>
<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: 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>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 color=#ff6699 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 color=#ff6699 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>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>
<a name="_bclFooter192"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">FS-46</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_189></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader193"></a><DIV>
<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: 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 December 31, 2012 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<TR style="HEIGHT: 23.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="36%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign Exchange Exposure </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Amounts in US$ thousand) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="27%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Amounts in &#8364; thousand) </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cash and cash equivalents overseas </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,106,055</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,551</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Derivative guarantee margin </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>200,296</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>348,361</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,298</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Intercompany borrowings </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,628</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>92,322</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances to suppliers </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,639</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>592</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,478</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,118</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total assets </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,731,457</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>164,881</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings and financing </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,102,672)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(120,869)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(267,371)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(52)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other liabilities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(36,951)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Intercompany borrowings </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,997)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,420,991)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(120,921)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross exposure </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,310,466</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,960</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Notional amount of derivatives contracted </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,557</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(90,000)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=top width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net exposure </FONT></B></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,377,023</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(46,040)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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>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 December 31, 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 December 31, 2012, the consolidated position of these contracts is as follows:</FONT></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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<P style="TEXT-ALIGN: center">FS-47</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>
</DIV>
<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"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#ff6699 face=Arial,sans-serif></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="35%" colSpan=7 noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="35%" colSpan=7 noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="17%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$) </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="17%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$) </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Counterparties </FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transaction maturity </FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount (US$ thousand) </FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amounts receivable/ (payable) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount (US$ thousand) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amounts receivable/ (payable) </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>HSBC </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6/17/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,327 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,865 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,992)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(127)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101,317 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>192,919 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(176,554)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,365 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Bradesco </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5/13/2013 to 7/1/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,971 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,961 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(31,101)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(140)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,327 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,279 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,743)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>536 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco do Brasil </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1/2/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,327 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,885 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,447)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>438 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,654 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,605 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,413)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>192 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Santander </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10/1/2013 to 1/2/2015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,990 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,115 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(30,061)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,054 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,990 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,900 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(28,416)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>484 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goldman Sachs </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1/2/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,327 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,880 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,457)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>423 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>190,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>371,174 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(352,514)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,660 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco de Tokyo </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/15/2016</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,952 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54,634 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(49,147)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,487 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,952 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,980 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(47,960)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(980)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>JP Morgan </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/16/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,663 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,401 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,490)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(89)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,981 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,127 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,556)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>571 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Soci&#233;t&#233; G&#233;n&#233;rale </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,635 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,554 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(29,362)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,192 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,557 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>142,741 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(133,695)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,046 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>367,856 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>708,538 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(671,518)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>37,020 </FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#ff6699 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=#ff6699 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</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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 22.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" rowSpan=2 width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount (US$ thousand) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="36%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 22.5pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="20%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Counterparties </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="16%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount (payable) </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goldman Sachs </FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(70,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>130,266</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(130,787)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(521)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Santander </FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(30,000)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,704</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(56,030)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(326)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="20%">
<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(100,000)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>185,970</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(186,817)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(847)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="20%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="16%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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: 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 position of outstanding transactions was recorded in the Company&#8217;s assets amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>9,046 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>as of December 31, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>2012 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>37,020 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>in assets and R$847 in liabilities as of December 31, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>2011</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>) and its effects are recognized in the Company&#8217;s finance income (costs) as a gain totaling R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>17,065 for 2012 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(loss of R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>115,490 for 2011</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>), of which R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>8,019 refers to settled transactions</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> (see Note 25).</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: -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: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center">FS-48</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>As at December 31, 2012, the consolidated position of these contracts is as follows:</FONT></P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="27%" colSpan=5 noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" colSpan=5 noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="17%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$) </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="18%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$) </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Counterparties </FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transaction maturity </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount <BR>
(&#8364; thousand) </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount (payable) </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount <BR>
(&#8364; thousand) </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount receivable </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ita&#250; BBA </FONT></I></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10/1/2013</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>51,793 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(52,876)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,083)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="3%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>HSBC </FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10/1/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,373 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,047)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(674)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>51,469 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(48,556)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,913 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Goldman Sachs </FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10/1/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>32,363 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,047)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(684)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="3%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>128,761 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(121,389)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,372 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deutsche Bank </FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>51,521 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(48,556)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,965 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>116,529 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(118,970)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,441)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="3%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>231,751 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(218,501)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,250 </FONT></B></P>
</TD></TR></TABLE></DIV>
<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 position of outstanding transactions was recorded in the Company&#8217;s liabilities amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>2,441&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> as of December 31, 2012 (R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>13,250 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>in assets as of December 31, 2011) and its effects are recognized in the Company&#8217;s finance income (costs) as a loss totaling R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>5,116 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>for 2012 (gain of R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>9,574 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>for 2011), of which R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>2,675&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> refers to transactions already settled (see Note 25).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>US dollar-to-Euro exchange swap</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The subsidiary Lusosider carries out transactions with derivatives to hedge its exposure against the euro-dollar fluctuation. As of December 31, 2012, the gross position was US$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>6,162&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> and the net position was US$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>38,230&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> (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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="38%" colSpan=7 noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="38%" colSpan=7 noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount (US$ thousand) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="18%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount (US$ thousand) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="18%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) </FONT></B></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Counterparties </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transaction maturity </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount receivable </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount receivable </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BES </FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9/28/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,392 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90,687 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(94,928)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,241)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,208 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>38,017 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34,049)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,968 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BNP </FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,219 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(25,453)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,766 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,392 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>90,687 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(94,928)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,241)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>35,208 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,236 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(59,502)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,734 </FONT></B></P>
</TD></TR></TABLE></DIV>
<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 amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>4,241 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>as of December 31, 2012 (R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>6,734&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> in assets as of December 31, 2011) and its consolidated results recognized in the finance income (costs) as a loss totaling R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>8,065&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> for 2012 (gain of R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>16,501&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> for 2011), of which R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>3,824&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> refers to transactions already settled (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>Yen-to-US dollar 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="39%" colSpan=7 noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="38%" colSpan=7 noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount (yen) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="18%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accounting position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount (yen) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="18%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accounting position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) </FONT></B></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Counterparties </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transaction maturity </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount receivable </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount receivable </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deutsche Bank </FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/12/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59,090,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>237,525 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(236,964)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>561 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59,090,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>374,455 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(373,430)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,025 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59,090,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>237,525 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(236,964)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>561 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59,090,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>374,455 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(373,430)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,025 </FONT></B></P>
</TD></TR></TABLE><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&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 net effects were recognized in the finance income (costs) as a gain amounting to R$307 for 2012 (gain of R$1,460 for 2011).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of the US dollar-to-real exchange swap</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of December 31, 2012 recognized in assets, amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>9,046</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. 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>
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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>
</DIV></DIV>
<P style="TEXT-ALIGN: center">FS-49</P>
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<A name=page_192></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader196"></a><DIV>
<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: 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 1.5326;</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 1.0218;</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 2.5544;</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 3.0653.</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 align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="27%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Risk </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount <BR>
(US$ thousand) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;1 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;2 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;3 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;4 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.0435</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.5326 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.0218 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.5544 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.0653 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net currency swap </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>US dollar fluctuation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>66,557 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34,002)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(68,005)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>34,002 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,005 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exchange exposure in functional currency R$ </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>US dollar fluctuation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,310,466 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(669,484)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,338,969)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>669,484 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,338,969 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(not including exchange derivatives above) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated exchange exposure </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>US dollar fluctuation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,377,023 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(703,486)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,406,974)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>703,486 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,406,974 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="100%" colSpan=13 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(including exchange derivatives above)</FONT></P>
</TD></TR></TABLE></DIV>
<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 December 31, 2012 recognized in liabilities, amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>2,441</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. The Company considered the scenarios below for the real-dollar parity volatility.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 1: (25% real appreciation) R$-Euro parity of 2.0216;</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$-Euro parity of 1.3477;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>- Scenario 3: (25% real depreciation) R$-Euro parity of 3.3693;</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 4.0431.</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 align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=center>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=center>
<P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Risk </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount <BR>
(&#8364; thousand) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;1 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;2 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;3 </FONT></B></P>
</TD>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;4 </FONT></B></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.6954</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.0216</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.3477</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.3693</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.0431</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net currency swap </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Euro fluctuation </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(90,000)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60,647 </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>121,293 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,647)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(121,293)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exchange exposure in functional currency R$ </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Euro fluctuation </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,960 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(29,622)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(59,245)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,622 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>59,245 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(not including exchange derivatives above) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated exchange exposure </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Euro fluctuation </FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(46,040)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,025 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,048 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(31,025)</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(62,048)</FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(including exchange derivatives above) </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt">&nbsp;</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 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 </FONT></B><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>swap&nbsp;</FONT></I></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 December 31, 2012 recognized in liabilities, amounting to R$4,241. 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 0.9893;</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 0.6595;</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 1.6488;</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 1.9785.</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>
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<P style="TEXT-ALIGN: center">FS-50</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Risk </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount <BR>
(US$ thousand) </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;1 </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;2 </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;3 </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Scenario&nbsp;4 </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.3190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.9893</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.6595</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.6488</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.9785</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net currency swap </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" colSpan=2 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>US dollar fluctuation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,392 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,638)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(29,277)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,638 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,277 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exchange exposure in functional currency euro </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" colSpan=2 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>US dollar fluctuation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,162)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,032 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,064 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,032)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,064)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(not including exchange derivatives above) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated exchange exposure </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" colSpan=2 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>US dollar fluctuation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>38,230 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,606)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(25,213)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,606 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,213 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="30%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(including exchange derivatives above) </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap align=right>&nbsp;</TD></TR></TABLE><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&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 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 December 31, 2012 is US$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>64,500</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>,000, hedging an export prepayment transaction in the same amount. The gains and losses on these contracts are directly related to fluctuations in exchange rates (US$) and interest rates (LIBOR and CDI). In general, these are transactions conducted in the Brazilian over-the-counter market that have as counterparty a prime financial institution.</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 at December 31, 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="35%" colSpan=7 noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="34%" colSpan=7 noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount (US$ thousand) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="16%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) (R$) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount (US$ thousand) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="16%" colSpan=3>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Appreciation (R$) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fair value (market) (R$) </FONT></B></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Countraparties </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transaction maturity </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount payable </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transaction maturity </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asset position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liability position </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Amount payable </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSFB </FONT></I></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11/13/2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,500 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>109,540 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(110,226)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(686)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2/13/2012</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>107,500 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>182,432 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(184,556)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,124)</FONT></P>
</TD></TR></TABLE><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT></DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=PT-BR face=arial,sans-serif>&nbsp;&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 position of outstanding transactions was recorded in the Company&#8217;s liabilities amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>686&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> as of December 31, 2012 (R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>2,124 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>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$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>9,166&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> for 2012, of which R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>8,480&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> refers to transactions already settled (loss of R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>20,594 for 2011</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>).&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Sensitivity analysis of interest rate swaps (LIBOR to CDI)</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The sensitivity analysis is based on the assumption of maintaining, as a probable scenario, the fair values as of December 31, 2012 recognized in liabilities, amounting to R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>686</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. The Company considered the scenarios below for the LIBOR (US$) and CDI interest rates volatility.</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 align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Notional amount (US$ thousand) </FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Risk </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50%</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50%</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>LIBOR-to-CDI interest rate swap </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,500 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(Libor) US$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,224)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="3%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,717)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,224 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="3%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,717 </FONT></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&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>
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<P style="TEXT-ALIGN: center">FS-51</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>&#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 December 31, 2012 in the consolidated financial statements. </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Impact on profit or loss </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Changes in interest rates </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>% p.a. </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>TJLP </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5.50 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,667 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,372 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Libor </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.51 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,607 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,941 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CDI </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6.90 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>50,391 </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72,607 </FONT></P>
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<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: 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 shareholders' equity, in other comprehensive income. </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net change in available-for-sale assets </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>732.141 &nbsp;</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(767.015)</FONT></P>
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<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="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 as probable scenario the amounts recognized at market values as of December 31, 2012. Sensitivity analysis is based on the assumption of maintaining as probable scenario the market values as of December 31, 2012.</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=blue face=Arial,sans-serif> </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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"><FONT style="LINE-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% appreciation of shares);</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% appreciation of shares);</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% devaluation of shares);</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>- Scenario 4: (50% devaluation of shares);</FONT></P>
<P style="MARGIN: 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>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Impact on equity </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 14.25pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Companies </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Probable</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>25%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>50%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 14.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Usiminas </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>730,812</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>200,536</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>401,072</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(200,536)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(401,072)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 14.25pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Panatl&#226;ntica </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,329</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,738</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,476</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,738)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.25pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,476)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="19%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>732,141</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>203,274</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>406,548</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(203,274)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(406,548)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="19%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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; 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>Credit risks</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 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"><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 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"><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="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-52</P>
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<a name="_bclHeader199"></a><DIV>
<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: 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>Capital management</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 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"><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%; 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"><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 margin deposits totaling R$426,328 (R$407,467 as of December 31, 2011); this amount is invested at Deutsche Bank and Credit Suisse 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$8,833 (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"><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>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>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"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="25%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current &nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="25%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Payables to related parties (Note 18 b and c ) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>284,226</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>185,707</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,103,237</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>3,094,453</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Unrealized losses on derivatives (Note 13 I) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>245,692</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,971</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>373,430</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Dividends payable to Company owners (Note 18 a) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>155,537</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>622,164</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Dividends payable non-controlling shareholders </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>146,081</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>306,760</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Advances from customers </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>32,411</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>23,868</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Taxes in installments (Note 15) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>167,282</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>313,201</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,085,079</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,922,283</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Profit sharing - employees </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12,467</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>131,755</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other payables </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>177,654</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>142,019</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>200,135</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>203,354</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,221,350</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,728,445</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,388,451</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,593,520</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="49%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></DIV>
<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>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>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; MARGIN: 0cm 0cm 0pt"><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 tax installment plans, recorded in taxes in installments in current and non-current liabilities, is as follows:</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 align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="25%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Current&nbsp;&nbsp;</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="25%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Non-current </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Federal REFIS (a) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>120,441</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>276,924</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>998,668</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,817,817</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Other taxes in installments (b) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>46,841</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>36,277</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>86,411</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>104,466</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="49%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>167,282</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>313,201</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,085,079</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>1,922,283</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="49%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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: -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;&nbsp;&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>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 Group companies 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: 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>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 contingences in progress.&nbsp; In July 2010, the Company elected offset income tax and social contribution carryforwads against the last four installments of the installment plan, as allowed by relevant legislation.</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></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center">FS-53</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>
</DIV>
<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 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, administrative appeals or legal proceedings. In the first quarter of 2010, the negative effect before income tax and social contribution of R$42,365 was accounted for in other operating income and expenses and in finance income (costs) (see 24 e 25).</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></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. </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) that allows that part of this excess is used by the Company to partially settle the remaining balance of the tax installment program under Law </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>11,941/09 through offset, with the </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>benefits granted to payments in cash. In light of this PGFN guidance and supported by previous court rulings, the Company carried out this offset. The balance of this excess deposit as of December 31, 2012 after these offsets was R$84,392 (R$806,103 as of December 31, 2011), recognized in line item Credits with the PGFN/RFB, in other non-current assets. The offset generated a net finance income gain net of taxes (pursuant to Law 11,941/09) of R$115,457 (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: -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;&nbsp;&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>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 Group companies 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 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>16.</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>PROVISIONS 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.75pt">
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 22.5pt">
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Accrued liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Judicial deposits </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Accrued liabilities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Judicial deposits </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>178,657</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>101,795</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>94,317</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>353,778</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Social security and labor </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>289,832</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>162,513</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>284,556</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>131,443</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Civil </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>109,915</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>42,562</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>94,183</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>50,909</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Environmental </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>7,056</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>6,906</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Judicial deposits </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>11,401</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>26,928</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>585,460</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>318,271</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>479,962</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>563,058</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Legal obligations challenged in courts: </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Tax &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Salary premium for education </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>24,077</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>46,193</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>33,121</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>36,189</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Income tax on &#8221;Plano Ver&#227;o&#8221; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>20,892</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>348,969</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>20,892</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>345,676</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other provisions </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-INDENT: 9pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>97,157</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>19,233</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>104,488</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>9,788</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>142,126</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>414,395</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>158,501</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>391,653</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="48%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>727,586</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>732,666</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>638,463</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>954,711</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 4.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="48%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-54</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_197></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader201"></a><DIV>
<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: 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 provisions for tax, social security, labor, civil and environmental risks in the period ended December 31, 2012 were 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 color=black face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.25pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="37%" colSpan=5 noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>&nbsp;</FONT><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current + non-current</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Current</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 24.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nature </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Additions </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Inflation adjustment </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Utilization </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tax </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>252,818</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>127,842</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,613</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(65,490)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>320,783</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>220</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Social security </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,541</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,552</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,858</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(22,093)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,858</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Labor </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>223,015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>42,756</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,377</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(49,174)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>245,974</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>245,974</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>204,615</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Civil </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>94,183</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,101</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,347</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(16,716)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>109,915</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>109,915</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87,343</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Environmental </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,906</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>150</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,056</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>638,463</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>201,251</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>41,345</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(153,473)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>727,586</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>355,889</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="9%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>292,178</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 6.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6.75pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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: 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 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 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>a) 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 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> - </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>CSN </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>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 December 31, 2012, there is an amount of R$348,969 (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 color=black face=Arial,sans-serif>CSN</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> 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: 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 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></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 December 31, 2012 the accrued amount totals R$24,077 (R$33,121 as of December 31, 2011) and the judicial deposit amounts to R$46,193 (R$36,189 as of December 31, 2011). </FONT></P>
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<P style="TEXT-ALIGN: center">FS-55</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>III - Other</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>CSN</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> has also recognized provisions for lawsuits relating to INSS, FGTS Complementary Law 110, PIS Law 10,637/02 and PIS/COFINS - Manaus Free Trade Zone, totaling R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>97,157 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>as of December 31, 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 face=Arial,sans-serif>b) Payroll and related taxes</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 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>As of December 31, 2012, the Group is a defendant in 12,080 labor lawsuits, for which a provision has been recorded in the amount of R$245,974 (R$223,015 as of December 31, 2011). Most of the claims relate to subsidiary and/or joint liability, salary equalization, health hazard premiums and hazardous duty premiums, overtime pay, difference in the 40% fine for the severance pay fund (FGTS) as a result of federal government economic plans, health care plan, indemnity claims resulting from alleged occupational diseases or on-the-job accidents, and differences in profit sharing from 1997 to 1999 and from 2001 to 2003.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>c) Civil lawsuits</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Among the civil lawsuits in which the Company is a defendant are claims for compensation. Generally these lawsuits result from on-the-job accidents, occupational diseases and contractual litigation related to the industrial activities of the Group, real estate actions, healthcare plan, and reimbursement of costs incurred in labor courts. For lawsuits involving civil matters, a provision has been recognized in the amount of R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>109,915 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>as of December 31, 2012 (R$102,486 as of December 31, 2011)</FONT></P>
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<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>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. The collection of the R$65,292 fine is suspended by a Court decision, which stays the collection as from the date CSN issued a guarantee letter. This proceeding is classified as risk of possible loss.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=wingdings>&#167;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp; </FONT><U><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Environmental&nbsp;</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The environmental administrative/judicial proceedings filed against the Company include mainly administrative proceedings for alleged environmental irregularities and the regularization of environmental permits; at the judicial level, the Company is a party to actions collecting the fines imposed for such alleged environmental irregularities, and public civil actions claim regularization coupled with compensation, in most cases claiming environmental recovery. In general these proceedings arise from alleged damages to the environment related to the Company&#8217;s industrial activities. The environmental proceedings total R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>7,056 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(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 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 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 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 a result of the lawsuit mentioned in the paragraph above, after August 2012 the Company received legal notices related to some lawsuits 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: 116%; 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>Other Administrative and Judicial Processes</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 Group is a defendant in other administrative and judicial proceedings (tax, social security, labor, civil, and environmental), in the approximate amount of R$14,632,211, of which R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>1,137,412&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> related to labor and social security lawsuits, R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>615,291&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> to civil lawsuits, and R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>30,033&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> to environmental lawsuits. The assessments made by legal counsel <FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>define these administrative and judicial proceedings as entailing risk of possible loss and, therefore, no provision was recorded in conformity with Management&#8217;s judgment and accounting practices adopted in Brazil.</FONT></FONT></P>
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<P style="TEXT-ALIGN: center">FS-56</P>
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<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="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>As for the tax lawsuits these represent R$12,849,475 and are </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>described below:&nbsp; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0cm 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>a)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>1,968,138 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>refers to the assessment notice issued against the Company and its jointly controlled entity Namisa&nbsp; 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%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The total amount of the assessment against Namisa is R$256 million, however, as we only hold a 60% interest in Namisa, when calculating the total amount of these assessments we include only R$154 million, or 60% of the amount for 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; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 0cm 21.25pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>b)</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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$6,079,359 refers to the tax assessment notice issued against the Company for an alleged sale of 40% of the shares of its subsidiary NAMISA to a Japanese-Korean consortium, thus failing to determine and pay taxes on the capital gain resulting from this transaction. In light of the evidence that shows that such sale was not completed, our outside legal counsel classified the possibility of an unfavorable outcome as possible.</FONT></P>
<P style="TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 0cm 21.25pt"><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: -21.25pt; MARGIN: 0cm 0cm 0cm 21.25pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>c)</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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$1,047,950 refers to 60% of the tax assessment notice issued against CSN&#8217;s jointly controlled entity NAMISA, concurrently with the tax assessment notice described in &#8220;b&#8221; above, for having allegedly utilized in an incorrect manner, in 2009 and 2011, goodwill arising on the investment made by the Japanese-Korean consortium in direct subsidiary NAMISA, which was subsequently merged. In light of the arguments that show that the goodwill utilization was legal based on existing previous administrative court rulings, our outside legal counsel classified the possibility of an unfavorable outcome to NAMISA as possible. </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The total amount of this assessment is R$ 1,747 million, however, as we only hold a 60% interest in Namisa, when calculating the amount of this particular assessment we include only 60% of the total amount</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="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="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 0cm 0cm 0cm 21.25pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d)</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; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>R$3,754,028 related to other tax proceedings (federal, state and municipal) and social security.</FONT></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>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>PROVISIONS FOR ENVIRONMENTAL LIABILITIES AND ASSET DECOMMISSIONING</FONT></B></P>
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<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 face=Arial,sans-serif>As of December 31, 2012, a provision is recognized in the amount of R$386,114 (R$312,612 as of December 31, 2011) 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=windowtext 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="LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>The long-term interest rate used to discount to present value and update the provision through December 31, 2012 was 11.00%. The liability recognized is periodically updated based on 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; LINE-HEIGHT: 116%; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US 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 December 31, 2012 is R$27,326 (R$24,327 as of December 31, 2011).</FONT></P>
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<P style="TEXT-ALIGN: center">FS-57</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>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>RELATED-PARTY BALANCES AND TRANSACTIONS</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%; 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"><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: 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"><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=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"><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; 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"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Companies </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Proposed </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="42%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Paid </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 23.25pt">
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="20%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Dividends </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Dividends </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 23.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="20%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Interest on capital </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Vicunha Siderurgia </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>143,563</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>574,267</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%">&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Rio Iaco </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>11,974</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>47,897</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%">&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="34%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total at 12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>155,537</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>622,164</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="34%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total at 12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>622,164</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>777,706</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="20%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>184,987</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="34%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="20%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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%; FONT-SIZE: 9pt" 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 (unaudited information):</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 40% 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 99.99% of Rio Iaco Participa&#231;&#245;es S.A.</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>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 jointly controlled entities and associates</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="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 align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="27%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Companies </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="12%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Trade receivables </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Loans/<BR>
Prepayment <SUP>(1)</SUP></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="17%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Other </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="3%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="18%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 19.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.5pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Joint controlled entities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%">&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Nacional Min&#233;rios S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>72,929</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>125,938</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>2,908</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>201,775</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>MRS Log&#237;stica S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>58</FONT></P>
</TD></TR>
<TR style="HEIGHT: 22.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="59%" colSpan=5 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os e Infraestrutura</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,476</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>4,476</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>CGPAR - Contru&#231;&#227;o Pesada S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>13,854</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>13,854</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Associates </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Arvedi Metalfer do Brasil S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,063</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>5,063</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total at 12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>72,987</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>131,001</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>21,238</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>225,226</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>Total at 12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>31,741</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>117,086</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" face=arial,sans-serif>148,827</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="27%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="17%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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: -14.2pt; MARGIN: 0cm 0cm 0cm 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Nacional Min&#233;rios SA - Refers to Prepayment operations with indirect subsidiary CSN Europe, CSN and CSN Portugal Iberia. Contract in US$: interest of 5.37% pa to 6.8% pa maturing in June, 2015. On December 31, 2012, loans totaling R$125,938 (R$117,086 as of December 31, 2011), of which R$58 classified in short term (R$1,537 as of December 31, 2011) and R$125,880 classified in long term (R$115,549 as of December 31, 2011).</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></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></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-58</P>
<HR align=center SIZE=2 width="100%" noShade>
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<a name="_bclHeader205"></a><DIV>
<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: 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; 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"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#ff3399 face=Arial,sans-serif></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="27%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companies </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other payables </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Borrowings <SUP>(1)</SUP></FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade payables </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="13%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 30pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accounts payables </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Advances from customers <SUP>(4)</SUP></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Joint controlled entities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,728</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,374,528</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,603</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,408,859</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,988</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,060</FONT></P>
</TD></TR>
<TR style="HEIGHT: 21.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="27%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os e Infraestrutura </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,796</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,796</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CGPAR - Contru&#231;&#227;o Pesada S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,454</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,454</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,716</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,374,528</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,603</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,322</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,422,169</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,966</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,270,663</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25,567</FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,085</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,312,281</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="27%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=#333333 face=Arial,sans-serif>Nacional Min&#233;rios S.A. - Refers to loan with indirect subsidiaries Namisa Europe, Lda and CSN Europe Lda Contract in US$: interest of 5.37% pa maturing in June, 2015. On December 31, 2012, the loans amounted to R$28,603 (R$25,567 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; 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"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="28%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companies </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="34%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenue </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="34%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 24.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 24.75pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Jointly controlled entities</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%">&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nacional Min&#233;rios S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>563,203</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,385</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>582,588</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,531</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>397,991</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>404,522</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>252,365</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>252,365</FONT></P>
</TD></TR>
<TR style="HEIGHT: 21.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os e Infraestrutura </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,721</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>33,721</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CGPAR - Contru&#231;&#227;o Pesada S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,972</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,972</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Associates </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Arvedi Metalfer do Brasil S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>87</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total em 12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>563,203</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,472</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>582,675</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>300,589</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>397,991</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>698,580</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total em 12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>378,020</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,300</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>407,320</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>314,108</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>389,059</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>703,167</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD></TR></TABLE></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 main transactions carried out by CSN with its subsidiaries and jointly controlled entities are sales and purchases of products and services, which include the supply of iron ore, steel, 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%; 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>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>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 founding. 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="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-59</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_202></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader206"></a><DIV>
<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: 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>
<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"><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 align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="23%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companies </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="43%" colSpan=7 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Trade receivables</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Loans<SUP> (1)</SUP> / Banks</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial asset </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Accounts payables </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial liability </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CBS Previd&#234;ncia (Nota 28) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>93,546 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>93,546 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,939 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,965 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Funda&#231;&#227;o CSN </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,828 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>903 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,731 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>88 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>88 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Banco Fibra </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Usiminas </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,802 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,802 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Panatl&#226;ntica </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,981 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,981 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="24%" colSpan=2 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companhia de G&#225;s do Cear&#225; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>53 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>53 </FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,611 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>975 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>93,546 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>139,132 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>219 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,939 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,158 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54,871 </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>54,943 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>531 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,673 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,204 </FONT></B></P>
</TD></TR></TABLE></DIV>
<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: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Funda&#231;&#227;o CSN &#8211; R$ contracts: interest equivalent to </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>102</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>% of CDI with final maturity in June </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>2016</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>. As of December 31, 2012, borrowings total R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>903</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, of which R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>154 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>classified in short term and R$</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>749&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> is classified in long term.</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: 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"><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 align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="23%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companies </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="43%" colSpan=7 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%" colSpan=5>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=top width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Income from pension fund </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Expenses on pension fund </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Purchases / other expenses </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CBS Previd&#234;ncia </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>36,355 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>36,355 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,618 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,618 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Funda&#231;&#227;o CSN </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,048 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,048 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Usiminas </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>79,571 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>79,571 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,692 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,692 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Panatl&#226;ntica </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>377,646 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>377,646 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ibis Participa&#231;&#245;es e Servi&#231;os </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,255 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,255 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Companhia de G&#225;s do Cear&#225; </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,187 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,187 </FONT></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>457,217 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>36,355 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>493,575 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,618 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,182 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,800 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="23%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total at 12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>575,167 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>575,167 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>51,595 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,152 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>73,747 </FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</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: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>d)</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>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 December 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; 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="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-60</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_203></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader207"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 15.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="32%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit or loss </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Short-term benefits for employees and officers </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,539 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,226 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Post-employment benefits </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>115 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>91 </FONT></P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other long-term benefits </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>n/a </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>n/a </FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Severance benefits </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>n/a </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>n/a </FONT></P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Share-based compensation </FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>n/a </FONT></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>n/a </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,654 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,317 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 4.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="66%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4.5pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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>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"><FONT style="LINE-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>e)</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>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 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%; 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>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>SHAREHOLDERS' EQUITY</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"><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 December 31, 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 December 31, 2012 determine that the capital can be raised to up to 2,400,000,000 shares by decision of the Board of Directors.</FONT></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 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 December 31, 2012, the Company did not have any treasury 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>
<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 </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>December 31, </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>2012, the Company&#8217;s ownership structure was as follows:</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></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></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></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-61</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 34.5pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Number of common shares </FONT></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>% of total shares </FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 34.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 34.5pt; PADDING-TOP: 0cm" width="14%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Number of common shares </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 34.5pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 34.5pt; PADDING-TOP: 0cm" width="11%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>% of total shares </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Vicunha Siderurgia S.A. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>697,719,990</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47.86%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>697,719,990</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>47.86%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Rio Iaco Participa&#231;&#245;es S.A. (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>58,193,503</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.99%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>58,193,503</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.99%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Caixa Beneficente dos Empregados da CSN - CBS </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,788,231</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.88%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12,788,231</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>0.88%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BNDES Participa&#231;&#245;es S.A. - BNDESPAR </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,509,316</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1.89%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>31,773,516</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.18%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>JP Morgan Chase Bank - ADRs </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>342,997,950</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23.53%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>373,772,695</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>25.64%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>BOVESPA </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>318,761,118</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>21.85%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>283,722,173</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19.45%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="37%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,457,970,108 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,457,970,108 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></P>
</TD></TR></TABLE></DIV>
<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; 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>20.</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>PAYMENT TO SHAREHOLDERS </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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the year </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(420,113)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reversal of Investment reserve </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>776,549</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Reversal of statutory working capital reserve </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>503,564</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit for allocation </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>860,000</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Proposed allocation: </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Approved dividends </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>300,000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest on capital proposed </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>560,000</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total dividends and interest on capital </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>860,000</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 6pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Weighted average number of shares </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,457,970</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="81%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends and interest on capital per share </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="15%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.58986)</FONT></P>
</TD></TR></TABLE></DIV>
<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: 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>On March 26,2013, the Board of Directors&#180;approved interest on capital payment amounting to R$560,000.</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' equity, limited to 50% of pretax profit for the period or the higher of 50% of retained earnings and profit reserves, might being used the higher of these two limits according to prevailing legislation.</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>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"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 14.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.1pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross revenue </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,784,307</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,366,345</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,444,540</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,417,397</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,228,847</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,783,742</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deductions </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cancelled sales and discounts </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(345,914)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(257,888)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes levied on sales </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,986,669)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,006,270)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,332,583)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,264,158)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Net revenue </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,896,264</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,519,584</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<a name="_bclFooter208"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">FS-62</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_205></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader209"></a><DIV>
<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: 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Raw materials and inputs </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(4,941,134)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,927,105)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%">
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Labor cost </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,582,481)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,647,545)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Supplies </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,107,955)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,084,440)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Maintenance cost (services and materials) </FONT></P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,219,385)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(969,376)</FONT></P>
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<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Outsourcing services </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,975,992)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,981,025)</FONT></P>
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<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Depreciation, amortization and depletion (Note 10 b) </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,215,854)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(929,368)</FONT></P>
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<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other (*) </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(537,444)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(441,678)</FONT></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,580,245)</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,980,537)</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 6pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Classified as: </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
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<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of sales (Note 26) </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,072,206)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,800,844)</FONT></P>
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<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling expenses (Note 26) </FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(931,525)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(604,108)</FONT></P>
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<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General and administrative expenses (Note 26) </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(576,514)</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(575,585)</FONT></P>
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<P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(13,580,245)</FONT></B></P>
</TD>
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     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(10,980,537)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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 increase/reduction in finished goods and work in process, and sundry expenses of the group of plant administrative expenses.</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></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>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; 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 align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.25pt">
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating income </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sale of Riversdale shares (Note 9) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>698,164</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sale of securities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Reversal of actuarial liability/provision for actuarial asset </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,749</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Reversal of provisions </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,953</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,091</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Dividends received from third parties </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>301</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,199</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other Income </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,723</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,003</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>719,177</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.1pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.1pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating expenses </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Taxes and fees </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(94,846)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(37,499)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effect of REFIS - Law 11,941/09 and MP 470/09 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(16,119)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="62%" colSpan=2 noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Provision for tax, social security, labor, civil and environmental risks, net of reversals </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(280,113)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(75,823)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Contractual, nondeductible fines </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(61,396)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(45,537)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation of unused equipment </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(14,797)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(33,674)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Residual value of permanent assets written off </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,246)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(62,917)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Allowance for inventory losses </FONT></P>
</TD>
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<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(16,082)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(22,203)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Research and development costs </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(61,053)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(42,050)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Pension plan expenses </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,256)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(62,313)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Healthcare plan expenses (Note 28 e) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(51,234)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(42,306)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Impairment adjustment </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,861)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Impairment of available-for-sale assets</FONT><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif> (</FONT></I><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Note 13 II)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,022,793)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Amortization of purchase price allocation - business combination </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(60,745)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other expenses </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(45,812)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 8pt" color=red face=arial,sans-serif></FONT></I></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></I></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,719,373)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(501,302)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other operating income (expenses) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,673,370)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>217,875</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="60%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-63</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


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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>
</DIV>
<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; 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 align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.95pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="60%" noWrap>&nbsp;</TD>
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.95pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Related parties (Note 18 b and c) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,475</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>29,300</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income from short-term investments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>237,865</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>538,882</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net effect of REFIS - Law 11,941/09 and MP 470/09 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>115,457</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other income </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>43,984</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>149,268</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>416,781</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>717,450</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance costs </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Borrowings and financing - foreign currency </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(709,688)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(639,197)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Borrowings and financing - local currency </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,550,942)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,622,365)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Related parties (Note 18 b) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(397,991)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(389,059)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Capitalized interest (Notes 10 and 32) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8pt" face="arial narrow,sans-serif"></FONT></I>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>409,498</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>353,156</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Losses on derivatives (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,166)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,594)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="60%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net effect of REFIS - Law 11,941/09 and MP 470/09 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><I><FONT style="FONT-SIZE: 8pt" lang=EN-US face="arial narrow,sans-serif"></FONT></I>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 15pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(77,335)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 15pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Interest, fines and late payment charges </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(158,936)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(264,359)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other finance costs </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(177,715)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(224,168)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,594,940)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,883,921)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="80%" colSpan=3 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Inflation adjustment and exchange gains (losses), net</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Inflation adjustments </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(144,446)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(37,451)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Exchange differences </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>326,009</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>286,074</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Exchange gains (losses) on derivatives (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,191</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(87,955)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>185,754</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>160,668</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 3pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="60%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance costs, net </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,992,405)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,005,803)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 13.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="80%" colSpan=3 noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(*) Statement of gains and losses on derivative transactions</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar to real swap </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,065</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(115,490)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Euro to dollar swap </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(5,116)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,574</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Dollar to euro swap </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,065)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,501</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Yen to dollar swap </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>307</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,460</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,191</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(87,955)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Libor to CDI swap </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,166)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,594)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,166)</FONT></B></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>26.</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>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%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>According to the Group&#8217;s structure, its businesses are distributed into five (5) operating segments.</FONT></P>
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<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;&nbsp;&nbsp;&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"><FONT style="LINE-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 Steel Segment consolidates all the operations related to the production, distribution and sale of flat steel, long steel, metallic packaging and galvanized steel, with operations in Brazil, the United States, Portugal and Germany. This segment supplies the following markets: construction, steel packaging for the Brazilian chemical and food industries, home appliances, automobile and OEM (motors and compressors). The Company&#8217;s steel units produce hot and cold rolled steel, galvanized and pre-painted steel of great durability. They also produce tinplate, a raw material used to produce metallic packaging. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 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>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 <FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>the production of shapes used for construction and has an installed production capacity of 1.1 million metric tons of steel per year.&nbsp;&nbsp;&nbsp;</FONT></FONT></P>
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<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 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;&nbsp;&nbsp;&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&#8211;quality iron ore operations are located in the Iron Quadrilateral in MG, the Casa de Pedra mine in Congonhas, MG, that produces high quality iron ore, as well as the jointly controlled entity Nacional Min&#233;rios S.A. (Namisa), which has its own mines, also of excellent quality, and also sells third-party iron ore. Furthermore, CSN also controls Estanho de Rond&#244;nia S.A. (ERSA), a company that has both tin mining and casting units. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 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;&nbsp;&nbsp;&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>CSN has equity interests in two railroad companies: MRS Log&#237;stica S.A.,</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>&nbsp; in which we share control,</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> which manages the former Southeast Network of Rede Ferrovi&#225;ria Federal S.A. (RFFSA), and </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>our controlled subsidiary</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif> Transnordestina Log&#237;stica S.A., 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: 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: 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 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>
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<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>
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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>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"><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>
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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>Sales by geographic area are determined based on the customers&#8217; location. On a consolidated basis, domestic sales are represented by revenues from customers located in Brazil and export sales are represented by revenues from customers located abroad.</FONT></P>
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<P style="TEXT-ALIGN: center">FS-66</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Logistics </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Energy </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cement </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Corporate expenses/ elimination </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated </FONT></B></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit or loss </FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Metric tons (thou.) - (unaudited) (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,828,718 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,181,321 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,972,020 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,478,244 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>713,445 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>151,514 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,066,756 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>228,667 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>387,672 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(530,657)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,495,641 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,324,038 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,772,104 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>304,481 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,400,623 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,802,282 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,485,549 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>151,514 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,066,756 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>228,667 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>387,672 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(226,176)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,896,264 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales and services (Note 23) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(8,867,820)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,449,839)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(82,585)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(729,684)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(153,031)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(286,316)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>497,069 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(12,072,206)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,934,462 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,035,710 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,929 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>337,072 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,636 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101,356 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>270,893 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,824,058 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General and administrative expenses (Note 23) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(616,976)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(59,404)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(20,482)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(95,246)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(21,792)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(68,195)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(625,944)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,508,039)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (Note 10 b) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>750,507 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>190,019 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,653 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>139,386 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,238 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>26,902 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>85,149 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,215,854 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjusted EBITDA </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,067,993 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,166,325 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>55,100 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>381,212 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>71,082 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60,063 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(269,902)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,531,873 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Logistics </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Energy </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cement </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Corporate expenses/ elimination </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ports </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Railroads </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales by geographic area </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asia </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,495 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,971,131 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>239,707 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,241,333 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>North America </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>585,505 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,589 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,381 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>605,475 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Latin America </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>203,069 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>203,069 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Europe </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,491,195 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>784,384 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>71,268 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,346,847 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,774 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,875)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,899 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,324,038 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,772,104 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>304,481 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,400,623 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,478,244 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>713,445 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>151,514 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,066,756 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>228,667 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>387,672 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(530,657)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,495,641 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,802,282 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,485,549 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>151,514 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,066,756 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>228,667 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>387,672 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(226,176)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,896,264 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Logistics </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Energy </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cement </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Corporate expenses/ elimination </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ports </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Railroads </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit or loss </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Metric tons (thou.) - (unaudited) (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,895,581 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,849,514 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,754,596 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,190,463 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>834,144 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>142,778 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,022,885 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>183,492 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>332,950 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(564,796)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,141,916 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,287,274 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,021,814 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,580 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,377,668 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,477,737 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,855,958 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>142,778 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,022,885 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>183,492 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>332,950 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(496,216)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,519,584 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales and services (Note 23) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,038,168)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,185,149)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(85,474)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(667,186)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(105,497)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(268,432)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>549,062 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(9,800,844)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,439,569 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,670,809 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>57,304 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>355,699 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>77,995 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>64,518 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>52,846 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,718,740 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>General and administrative expenses (Note 23) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(471,003)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(63,967)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,303)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(90,020)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(25,408)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(67,712)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(443,280)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,179,693)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (Note 10 b) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>606,810 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>161,655 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,674 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>105,454 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,495 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,222 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,058 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>929,368 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjusted EBITDA </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,575,376 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,768,497 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,675 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>371,133 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,082 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>20,028 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(386,376)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,468,415 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Logistics </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Energy </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cement </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Corporate expenses/ elimination </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ports </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Railroads </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales by geographic area </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asia </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>31,255 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,188,229 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>61,774 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,281,258 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>North America </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>502,486 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>502,486 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Latin America </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>147,363 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>147,363 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Europe </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>560,880 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>833,585 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>24,120 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,418,585 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>45,290 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(17,314)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,976 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,287,274 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,021,814 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,580 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,377,668 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,190,463 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>834,144 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>142,778 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,022,885 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>183,492 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>332,950 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(564,796)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,141,916 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,477,737 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,855,958 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>142,778 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,022,885 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>183,492 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>332,950 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(496,216)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,519,584 </FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</DIV>
<a name="_bclFooter213"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV></DIV>
<P style="TEXT-ALIGN: center">FS-67</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_210></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader214"></a><DIV>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Logistics</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Energy</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cement</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Corporate expenses/ elimination</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ports</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Railroad</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Profit or loss </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Metric tons (thou.) - (unaudited) (*)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,795,851 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,554,984 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>991,789 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Revenues </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,763,470 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>573,976 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119,315 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>838,436 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>113,517 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>201,841 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(363,750)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,246,805 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,162,539 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,041,166 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,203,705 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Cost of sales and services</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(6,225,820)&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,252,474)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(70,046)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(521,747)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(41,579)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(163,631)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>392,571 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(7,882,726)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Gross profit </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,700,189 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,362,668 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>49,269 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>316,689 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>71,938 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>38,210 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>28,821 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,567,784 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Selling and administrative expenses</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(443,100)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(69,068)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(16,590)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(70,644)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(25,555)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(43,119)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(350,759)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(1,018,835)</FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>519,411 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>145,817 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,577 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>102,629 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22,501 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,648 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,414)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>806,169 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjusted EBITDA</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,776,500 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,439,417 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>38,256 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>348,674 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,884 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,739 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(325,352)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,355,118 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Steel</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Logistics</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Energy</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cement</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Corporate expenses/ elimination</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" rowSpan=2 width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Consolidated</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Ports</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="1%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Railroad</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%">&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sales by geographical area </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Asia</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,752 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,513,499 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,554,251 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>North America </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>432,229 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>432,229 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Latin America</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>193,692 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>193,692 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Europe </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>454,997 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>527,667 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>982,664 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,869 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,869 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Foreign market </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,162,539 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,041,166 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,203,705 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Domestic market</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,763,470 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>573,976 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119,315 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>838,436 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>113,517 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>201,841 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(363,750)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,246,805 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>TOTAL</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,926,009 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,615,142 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>119,315 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>838,436 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>113,517 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>201,841 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(363,750)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,450,510 </FONT></B></P>
</TD></TR></TABLE><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face='Times New Roman'></FONT></DIV></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&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 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"><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%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Adjusted EBITDA is the tool based on which the chief operating decision maker measures segment performance and the capacity to generate recurring operating cash, and consists of profit for the year less net finance income (costs), income tax and social contribution, depreciation and amortization, share of profits of investments, and other operating income (expenses). Even though it is an indicator used in segment performance measurements, EBITDA is not a measurement recognized by accounting practices adopted in Brazil or IFRS, does not have a standard definition, and may not be comparable with measurements using similar names provided by other entities. As required by IFRS 8, the table below shows the reconciliation of the measurement used by the chief operating decision maker with the results determined using the accounting practices.</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></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></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></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>(Loss)/Profit for the year </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(480,574)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,667,234</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Depreciation (Note 10 b) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,215,854</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>929,368</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Income tax and social contribution (Note 8) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(870,134)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>83,885</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Finance income (Note 25) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,992,405</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,005,803</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>EBITDA </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,857,551</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,686,290</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Other operating income (expenses) (Note 24) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,673,370</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(217,875)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Share of profits of investees </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>952</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="60%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Adjusted EBITDA </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,531,873</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,468,415</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="60%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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 (LOSS) PER SHARE (EPS)&nbsp;&nbsp; </FONT></B></P>
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<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 (loss) per share:</FONT></U></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>Basic earnings (loss) 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>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Common shares </FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Profit (loss) for the year </FONT></B></P>
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<P style="TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Attributed to owners of the Company </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(420,113)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3,706,033</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Weighted average number of shares </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,457,970</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,457,970</FONT></P>
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<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Basic and diluted EPS </FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(0.28815)</FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.54191</FONT></P>
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<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>
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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>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 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>
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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>As of December 31, 2012 CBS had 33,037 participants (31,482 as of December 31, 2011), of whom 18,262 were active contributors (16,603 as of December 31, 2011), 9,587 were retired employees (9,705 as of December 31, 2011), </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>and&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> 5,188 were related beneficiaries (5,174 as of December 31, 2011). Out of the total participants as of December 31, 2012, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>13,726 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>belonged to the defined benefit plan, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>18,150 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>to the mixed plan, and </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>1,481 to the CBSPrev Namisa plan</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</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 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 December 31, 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$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>4.3&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> billion as of December 31, 2012 (R$3.8 billion as of December 31, 2011). The administrators of the CBS funds seek to match plan assets with benefit obligations payable on a long-term basis. Pension funds in Brazil are subject to certain restrictions regarding their capacity for investment in foreign assets and, therefore, these funds invest mainly in Brazilian securities.</FONT></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;</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>
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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>a.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
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<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>
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<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 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, <FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>also on a lifetime basis. As in the 35% plan, there is coverage for the benefits of sick pay, death and pension. This plan was discontinued on December 26, 1995 with the creation of the mixed supplementary benefit plan.</FONT></FONT></P>
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<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>
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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>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>
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<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; 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;&nbsp;&nbsp;&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;&nbsp;&nbsp;&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 financial statements pursuant to IAS 19 </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee Benefits</FONT></I><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>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
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     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="4%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="50%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial asset (*)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="32%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial liability</FONT></B></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="50%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Pension plan benefits </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>93,546</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,939</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,673</FONT></P>
</TD></TR>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="50%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Post-employment healthcare benefits </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>547,652</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>457,377</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="50%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>93,546</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>565,591</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>469,050</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="50%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></DIV>
<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>(*) Beginning </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>2012, t</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>he Company decided &nbsp;to recognize in its balance sheet the asset and the balancing items thereto resulting from the actuarial valuation of surplus plans, in accordance with paragraph 59 of&nbsp; IAS 19 </FONT><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Employee Benefits</FONT></I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;&nbsp; &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: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></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>
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<P style="TEXT-ALIGN: center">FS-70</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 reconciliation of employee benefits&#8217; assets and liabilities 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>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Present value of defined benefit obligations </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,666,261</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,153,649</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value of plan assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,923,483)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,384,450)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(surplus) </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(257,222)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(230,801)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Restriction to actuarial assets due to recovery limitation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>181,615</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>174,926</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(assets), net </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(75,607)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(55,875)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>17,939</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,673</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(93,546)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(67,548)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Net (assets)/liabilities recognized in the balance sheet </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(75,607)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,673</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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>Changes in the present value of defined benefit obligation during 2012 are 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Present value of obligations at the beginning of the year </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,153,649</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,982,556</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of services </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,801</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,579</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest cost </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>215,850</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>202,242</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Benefits paid </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(193,563)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(178,402)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial loss </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>484,524</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>141,674</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Present value of obligations at the end of the year </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,666,261</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,153,649</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="62%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%">&nbsp;</TD></TR></TABLE></DIV>
<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="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 2012 are 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value of assets at the beginning of the year </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,384,450)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,316,018)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Expected return on plan assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(272,406)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(260,163)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Sponsors' contributions </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,797)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(67,709)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Participants' contributions </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Benefits paid </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>193,563</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>178,402</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial (losses)/gains </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(456,393)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>81,038</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value of assets at the end of the year </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,923,483)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(2,384,450)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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, 2012 are comprised 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Cost of current services </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,801</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5,579</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest cost </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>215,850</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>202,242</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Expected return on plan assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(272,406)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(260,163)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sponsors' contributions transferred in prior year </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(3,797)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(67,709)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(54,552)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(120,051)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total unrecognized (income) (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(37,477)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(16,374)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total (income) recognized in the income statement </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(17,075)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(103,677)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total costs (revenue), net </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(54,552)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(120,051)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR></TABLE><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif></FONT></B></DIV>
<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>(*) Effect of the limit of paragraph 58 (b) of IAS 19 </FONT><I><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Employee Benefits.</FONT></I></P>
<P style="TEXT-ALIGN: justify; MARGIN: 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 2012 are as follows: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-71</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>
</DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial losses </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,131</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>222,712</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Restriction due to recovery limitation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6,688</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(105,655)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,819</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,057</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial (gains) and losses recognized in other comprehensive income </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,657)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>28,048</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Unrecognized actuarial losses (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>37,476</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>89,009</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Total cost of actuarial (gains) and losses </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>34,819</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>117,057</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="62%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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: 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 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"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="29%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2009</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Present value of defined benefit obligations </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,666,261</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2,153,649</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,982,556</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,731,767</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(1,415,029)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Fair value of plan assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,923,483)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,384,450)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,316,018)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(2,160,158)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1,396,350</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(surplus) </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(257,222)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(230,801)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(333,462)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(428,391)</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(18,679)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Experience adjustments to plan obligations </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>484,524</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>141,674</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>225,341</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>287,146</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="29%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Experience adjustments to plan assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>456,393</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(81,038)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,669</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>664,341</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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 main actuarial assumptions used were 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial financing method </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Projected unit credit</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Projected unit credit</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Functional currency </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Real (R$)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Real (R$)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Recognition of plan assets </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Fair value</FONT></P>
</TD></TR>
<TR style="HEIGHT: 33.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Amount used as estimate of equity at the end of the year </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="30%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Best estimate for equity at the end of the fiscal year, obtained based on a projection of October amounts recorded</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="31%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Best estimate for equity at the end of the fiscal year, obtained based on a projection of October amounts recorded</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal discount rate </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9.31%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>10.46%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Inflation rate </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5.00%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.60%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal salary increase rate </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>6.05%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5.65%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Nominal benefit increase rate </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5.00%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>4.60%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Rate of return on investments (*) </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9.31%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>11,52% - 12,24%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General mortality table </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>AT 2000 segregated by gender </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>AT 2000 segregated by gender </FONT></P>
</TD></TR>
<TR style="HEIGHT: 22.5pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Disability table </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="30%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 22.5pt; PADDING-TOP: 0cm" width="31%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Mercer Disability with probabilities multiplied by 2</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Disability mortality table </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Winklevoss - 1% </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Winklevoss - 1% </FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Turnover table </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="30%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Millennium plan 3% p.a., nil for DB plans </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="31%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Millennium plan 2% p.a., nil for DB plans </FONT></P>
</TD></TR>
<TR style="HEIGHT: 33.75pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="36%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Retirement age </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="30%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100% on first date he/shed becomes eligible for programmed retirement benefit under plan </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 33.75pt; PADDING-TOP: 0cm" width="31%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>100% on first date he/shed becomes eligible for programmed retirement benefit under plan </FONT></P>
</TD></TR>
<TR style="HEIGHT: 39pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 39pt; PADDING-TOP: 0cm" width="36%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Household of active participants </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 39pt; PADDING-TOP: 0cm" vAlign=bottom width="30%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95% will be married at the time of retirement, with the wife being 4 years younger than the husband </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 39pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 39pt; PADDING-TOP: 0cm" vAlign=bottom width="31%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>95% will be married at the time of retirement, with the wife being 4 years younger than the husband </FONT></P>
</TD></TR></TABLE></DIV>
<P style="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"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="62%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Longevity at age of 65 for current participants </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Male &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19.55</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>19.55</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Female </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22.17</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22.17</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="62%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Longevity at age of 65 for current participants who are 40 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="62%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Male &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19.55</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19.55</FONT></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="62%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Female </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22.17</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>22.17</FONT></P>
</TD></TR></TABLE></DIV>
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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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<P style="TEXT-ALIGN: center">FS-72</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>
</DIV>
<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>
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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>Allocation of plan assets:</FONT></P>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Variable income </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,668</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>3.79%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>360,958</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>15.14%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Fixed income </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,631,187</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>90.00%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,756,831</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>73.68%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Real estate </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,739</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.06%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>190,756</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8.00%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Other </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,889</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2.15%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>75,905</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>3.18%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="27%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,923,483</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,384,450</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>100.00%</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="27%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>&nbsp;</TD></TR></TABLE><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT></DIV>
<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$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>728,800 as of </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>December 31, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>2012&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> (R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>179,126&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> as of December 31, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>2011</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; 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>
<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 December 31, 2012 was R$5,256 (R$67,276 as of December 31, 2011).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the mixed plan, which has defined contribution components, the expense as of December 31, 2012 was R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>31,657&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> (R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>29,487&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> as of December 31, 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="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>For the defined contribution plan CBSPrev Namisa, the expense in 2012 was R$1,466.</FONT></P>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>d.</FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected contributions</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>Expected contributions of R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>3,291&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> will be paid to defined benefits plans in 2013. </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$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>27,980&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> will be paid in 2013. </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;&nbsp;&nbsp;&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 &#8211; 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"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Present value of obligations </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>547,652 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>457,377 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Liabilities </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>547,652 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>457,377 </FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-73</P>
<HR align=center SIZE=2 width="100%" noShade>
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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 reconciliation of liabilities for healthcare benefits 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial liabilities at the beginning of the year </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>457,377</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>367,839</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Interest on actuarial obligation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>45,967</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>39,616</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Sponsors' contributions transferred in prior year </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(32,874)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(34,653)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Recognition of loss for the year </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>77,182</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>84,575</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Actuarial liabilities at the end of the year </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>547,652</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>457,377</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 5.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<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>For the post-employment healthcare benefit plan, the expense as of December 31, 2012 was R$51,234 (R$42,306 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>The actuarial gains and losses recognized in shareholders' equity are 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial loss on obligation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>77,182 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="18%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>84,575 </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Loss recognized in shareholders' equity </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>77,182 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>84,575 </FONT></B></P>
</TD></TR></TABLE></DIV>
<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 history of actuarial gains and losses 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="31%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2010</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2009</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>01/01/2009</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Present value of defined benefit obligation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>547,652</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>457,377</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>367,839</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>317,145</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(296,608)</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Deficit/(surplus) </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>547,652</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>457,377</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>367,839</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>317,145</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(296,608)</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="31%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Experience adjustments to plan obligations </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>77,182</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>84,575</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>48,301</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,232</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="11%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9,023</FONT></P>
</TD></TR></TABLE></DIV>
<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 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"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="40%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="28%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%">&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="28%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 11.25pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Increase</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Decrease</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Increase</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="4%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" width="12%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Decrease</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effect on total cost of current service and finance cost </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>&nbsp;</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="40%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Effect on defined benefit obligation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>54,292</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(46,668)</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>42,032</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="4%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="12%" noWrap>
<P style="TEXT-ALIGN: right; TEXT-INDENT: 8pt; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>(35,916)</FONT></P>
</TD></TR></TABLE></DIV>
<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></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"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Biometrics </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>General mortality table </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>AT 2000 segregated by gender </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>AT 2000 segregated by gender </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Turnover </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>n/a </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>n/a </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Household </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actual household </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actual household </FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap>
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Financial </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="3%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" width="24%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Actuarial nominal discount rate </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9.31%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10.46%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Inflation </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5.00%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4.60%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Nominal increase in medical cost based on age </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>5,53% - 8,15%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>9.41%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Nominal medical costs growth rate </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8.15%</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7.02%</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="49%">
<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Average medical cost </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>345.61 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="24%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>299.69 </FONT></P>
</TD></TR></TABLE></DIV>
<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="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-74</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_217></A>
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<a name="_bclHeader221"></a><DIV>
<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: 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"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Currency </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Maturities </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="16%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Loans </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Tax foreclosure </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Other </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="16%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Transnordestina </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 5/8/2028 and indefinite </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,626,509 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,358,657 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,800 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,800 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,866 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,686 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,633,175 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,368,143 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Cimentos </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 11/18/2014 and indefinite </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>25,403 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,213 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42,397 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>30,097 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>67,800 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>60,310 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Prada </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 2/7/2014 and indefinite </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>10,133 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>9,958 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>21,616 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,440 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>31,749 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12,398 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Sepetiba Tecon </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>700 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>700 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>It&#225; Energ&#233;tica </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9/15/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,326 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,326 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>7,326 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,326 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Energia </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Up to 12/30/2012 and indefinite </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,192 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,392 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,336 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>4,192 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>4,728 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Congonhas Min&#233;rios </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>5/21/2018</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>2,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,000,000 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Funda&#231;&#227;o CSN </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>R$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Indefinite</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,003 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,003 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total in R$ </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,634,838 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,366,683 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>41,528 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>44,363 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>68,879 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>42,559 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,745,245 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,453,605 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Islands VIII </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>12/16/2013</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>550,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>550,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>550,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>550,000 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Islands IX </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/15/2015</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>400,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>400,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>400,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>400,000 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Islands XI </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>9/21/2019</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>750,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>750,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>750,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>750,000 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Islands XII </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Perpetual</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,000,000 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>CSN Resources </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>US$ </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>7/21/2020</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,200,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,000,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>1,200,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,000,000 </FONT></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total in US$ </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,900,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,700,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,900,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>3,700,000 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>CSN Steel S.L. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>EUR </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>1/31/2020</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120,000 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total in EUR </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>120,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>120,000 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Total in R$ </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,218,991 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,940,460 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>8,218,991 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,940,460 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="10%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="14%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="2%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,853,829 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,307,143 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>41,528 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>44,363 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>68,879 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>42,559 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,964,236 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="7%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>10,394,065 </FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="10%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="14%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="7%" noWrap>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-75</P>
<HR align=center SIZE=2 width="100%" noShade>
<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>


<A name=page_218></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader222"></a><DIV>
<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: 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;&nbsp;&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>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 December 31, 2012 and </FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US color=black face=Arial,sans-serif>2011</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>, 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"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" colSpan=3 noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Payments in the period </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Counterparty </FONT></B></P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Type of service </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Agreement terms and conditions </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2011</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2012</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2013</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2014</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>After 2015</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS Log&#237;stica </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Iron ore transportation. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Contractual clause providing for guaranteed revenue on railway freight. In the case of CSN, this means a minimum payment of 80% of freight estimate. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>153,870&nbsp;&nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>142,190</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>131,271</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>131,271</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>131,271</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>65,635</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>459,448</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>MRS Log&#237;stica </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Steel products transportation. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>Transportation of at least 80% of annual volume agreed with MRS. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>17,606 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>68,248</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,762</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,762</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>58,762</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>24,484</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>200,770</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(*) MRS Log&#237;stica </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Iron ore, coke and coal transportation. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Transportation of 8,280,000 metric tons per year of iron ore and 3,600,000 metric tons per year of coal, coke and other reducing agents. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>41,463 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,334</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>FCA </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Mining products transportation. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Transportation of at least 1,900,000 metric tons per year. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,324</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>734</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>69,817</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>69,817</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>FCA </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>FCA railway transportation of clinker to CSN Cimentos. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Transportation of at least 675,000 metric tons per year of clinker in 2011 and 738,000 metric tons per year of clinker starting 2012.<BR>
</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,648 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,733 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,300</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,300</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>27,300</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>118,301</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>200,201</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(*) ALL </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Railway transportation of steel products. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Rail transportation of at least, 20,000 metric tons of steel products monthly, which can vary 10% up or down, originated at the &#193;gua Branca Terminal in S&#227;o Paulo for CSN PR in Arauc&#225;ria, State of Paran&#225;. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>14,774</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>11,894</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>White Martins </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Supply of gas (oxygen, nitrogen and argon). </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CSN undertakers to buy at least 90% of the annual volume of gas contracted with White Martins. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>102,274 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,999</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>110,113</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>440,452</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(*) CEG Rio </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Supply of natural gas. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CSN undertakes to buy at least 70% of the monthly natural gas volume. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>432,449</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>441,804</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Vale S.A </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Supply of iron ore pellets. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CSN undertakes to buy at least 90% of the volume of iron ore pellets secured by contract. </FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>The take-or-pay volume is determined every 18 months. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>349,797</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>444,642</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>132,302</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>88,201</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>220,503</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Compag&#225;s </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Supply of natural gas. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CSN undertakes to buy at least 80% of the monthly natural gas volume contracted with Compag&#225;s. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>16,884</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>18,874</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,058</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,058</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,058</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>135,522</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>180,696</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>COPEL </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Power supply. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CSN undertakers to buy at least 80% of the annual energy volume contracted with COPEL. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>13,378</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,202</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,487</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,487</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,487</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,934</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>62,395</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>K&amp;K Tecnologia </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Processing of blast furnace sludge generated during pig iron production. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>CSN undertakes to supply at least 3,000 metric tons per month of blast furnace sludge for processing at K&amp;K sludge concentration plant. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>6,186 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,585</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,074</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,074</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,074</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>51,285</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>72,507</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Harsco Metals </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Processing of slag generated during pig iron and steel production. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Harsco Metals undertakes to process metal products and slag crushing byproducts resulting from CSN&#8217;s pig iron and steel manufacturing process, receiving for this processing the amount corresponding to the product of the multiplication of unit price (R$/t) by total production of liquid steel from CSN steel mill, ensuring a minimum production of liquid steel of 400,000 metric tons. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>39,739</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>40,506</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>30,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>15,000</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>45,000</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Siemens </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Manufacturing, repair, recovery and production of ingot casting machine units. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="28%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Siemens undertakes to manufacture, repair, recover and produce, in whole or in part, ingot casting machine units to provide the necessary off-line and on-line maintenance of continuous ingot casting machine assemblies of the Presidente Vargas plant (UPV). Payment is set at R$/t of produced steel plates.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>38,817 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>46,424</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,622</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>19,622</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="51%" colSpan=4 noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>(*) in renegotiation phase. </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="9%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="13%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="28%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,230,209 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,375,169 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>608,806 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>460,266 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>357,065 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>545,274 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="6%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,971,411 </FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt">&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; 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;&nbsp;&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>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 December 31, 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>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Company </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="44%" colSpan=9>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif></FONT></B>&nbsp;</P>
</TD></TR>
<TR>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Concession </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%">
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Type of service </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2013</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2014</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>2015</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>After 2015</FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=arial,sans-serif>Total</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>MRS </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="40%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>30-year concession, renewable for another 30 years, to provide iron ore railway transportation services from the Casa de Pedra mines, in Minas Gerais, coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, transportation of export goods to the Itagua&#237; and Rio de Janeiro Ports, and shipping of finished goods to the domestic market.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>86,322</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>86,322</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>86,322</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>884,804</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,143,770</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Transnordestina </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>30-year concession granted on December 31, 1997, renewable for another 30 years for the development of public utility to operate the Northeastern railway system. 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.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif></FONT><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,011 &nbsp;</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,011 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>7,011 </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>80,039</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>101,072</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tecar </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="40%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Concession to operate TECAR, a solid bulk terminal, one of the four terminals that comprise the Itagua&#237; Port, in Rio de Janeiro, for a period ending 2022 and renewable for another 25 years.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>117,913</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>125,922</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>125,922</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>881,455</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>1,251,212</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="13%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Tecon </FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="40%">
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif>25-year concession granted in July 2001, renewable for another 25 years, to operate the container terminal at the Itagua&#237; Port.</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,838</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,838</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>23,838</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>238,384</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>309,898</FONT></B></P>
</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="13%">&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>&nbsp;</TD></TR>
<TR>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="13%">
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="40%" noWrap>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>235,084 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>243,093 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>243,093 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,084,682 </FONT></B></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; PADDING-TOP: 0cm" vAlign=bottom width="1%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap align=right>
<P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>2,805,952 </FONT></B></P>
</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face='Times New Roman'></FONT>&nbsp;</P>
</DIV>
<P style="TEXT-ALIGN: center">FS-76</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>
</DIV>
<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>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;&nbsp;&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>Projects and other commitments</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"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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 &#8211; Flat and long steel</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>CSN intends to produce 500,000 metric tons per year of long steel products, with an estimate of 400,000 t/year of rebar and 100,000 t/year of wire&nbsp;rod. The facilities will use scrap and pig iron as their main raw materials.&nbsp; In addition to this plant, CSN is assessing the option of implementing in Brazil other similar projects, also with 500,000 t/year capacity each.&nbsp; </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"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Iron ore project</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>CSN projects producing 89 mtpa of iron ore products, including 50 mtpa at Casa de Pedra and 39 mtpa at Namisa.&nbsp; In addition, a CSN is inventing in the expansion of the Itagua&#237; seaport, or TECAR, for a capacity of 84 mtpa.&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>Coal and coke imports are made using the TECAR terminal, whose concession agreement is 25 years, extendable for another 25 years.</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>Upon concession termination, all rights and privileges transferred to Tecon will be handed back to CDRJ (Companhia Docas do Rio de Janeiro), together with the assets owned by CSN and those resulting from investments made by CSN in leased assets, declared as returnable assets by CDRJ as they are necessary to the continuity of the related services. Any assets declared as returnable assets will be compensated by CDRJ at their residual value, less related depreciation/amortization.</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"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Nova Transnordestina project</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; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Nova Transnordestina project includes building 1,728 km in new, next-generation, wide-gauge tracks.&nbsp; The Company expects that the investments will permit Transnordestina Log&#237;stica S.A. to boost the transportation of several products, such as iron ore, limestone, soy, cotton, sugarcane, fertilizers, oil, and fuel.&nbsp; The investments are being financed by means of several agencies, such as the Northeast Investment Fund (FINOR), the Northeast Development Authority (SUDENE) and the BNDES. Transnordestina has already obtained the required environmental permits, purchased part of the equipment, contracted some of the services, and in certain regions the project is at an advanced implementation stage.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; 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; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>The Company is the guarantor of BNDES loans for the Transnordestina project, which as of December 31, </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>2012 </FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>total R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>410,675&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> (R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>392,874&nbsp;</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif> as of December 31, 2011). These loans are being used to finance the investments in Transnordestina&#8217;s infrastructure. The maximum amount of future payments that can be required from the guarantor under the guarantee is R$</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>410,675</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; 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; TEXT-INDENT: 0cm; MARGIN: 0cm"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>CSN&#8217;s Logistic Platform Project in Itagua&#237;</FONT></B><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; 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>Under the terms of the concession agreement, CSN is responsible for unloading at least 3.0 million per year of coal and coke from CSN&#8217;s suppliers through the terminal, as well as handling ore shipments. Among the approved investments announced by CSN, we highlight the development and expansion of the solid bulk terminal at Itagua&#237; so that it can also handle up to 84 million metric tons of iron ore per year.</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"><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face='Times New Roman'>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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>Long-term agreements with Namisa</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><I><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; 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 Company has signed long-term agreements with Namisa for the provision of port operation services and supplies of run-of-mine (ROM) iron ore from the Casa de Pedra mine, as described 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"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i. Port operation service agreement</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>On December 30, 2008, CSN entered into an agreement for the provision of port services to Namisa for a 34-year period, consisting of receiving, handling, storing and shipping Namisa&#8217;s iron ore in annual volumes that range from 18.0 to 39.0 million metric tons. CSN has received the amount of approximately R$5.3 billion as an advance for part of the <FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>payments due for the services to be provided under this agreement. The amounts charged for these port services are reviewed on a quarterly basis and adjusted considering the changes in the market price for iron ore. </FONT></FONT></P>
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<P style="TEXT-ALIGN: center">FS-77</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 0cm"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii. High silicon ROM</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>On December 30, 2008, CSN also entered into an agreement for the supply of high silicon ROM ore to Namisa for a period of 30 years in volumes that range from 42 to 54 million metric tons per year. CSN has received approximately R$1.6 billion as an advance for part of the payments due for the supplies made under this agreement. The supply price is reviewed on a quarterly basis and adjusted considering the changes in the market price for iron ore. </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"><B><FONT style="LINE-HEIGHT: 116%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>iii. Low silicon ROM</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>On December 30, 2008, CSN entered into an agreement for the supply of low silicon ROM ore to Namisa for a period of 35 years in volumes that range from 2.8 to 5.04 million metric tons per year. CSN has received approximately R$424 billion as an advance for part of the payments due for the supplies made under this agreement. The supply price is reviewed on a quarterly basis and adjusted considering the changes in the market price for iron ore.</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>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.&nbsp; 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.</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></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 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 an audit of the financial statements and, accordingly, were not examined 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>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2012</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif></FONT>&nbsp;</P>
</TD>
     <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>12/31/2011</FONT></B></P>
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Deferred income tax and social contribution paid </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>165,304</FONT></P>
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     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #dbe5f1; HEIGHT: 11.25pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>165,321</FONT></P>
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<TR style="HEIGHT: 12pt">
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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>Addition to PP&amp;E with interest capitalization </FONT></P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>409,498</FONT></P>
</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face=arial,sans-serif>353,156</FONT></P>
</TD></TR>
<TR style="HEIGHT: 12pt">
     <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; PADDING-TOP: 0cm" vAlign=bottom width="62%" noWrap>&nbsp;</TD>
     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>574,802</FONT></B></P>
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     <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="18%" noWrap>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>518,477</FONT></B></P>
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<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>33.</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>SUBSEQUENT EVENTS</FONT></B></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; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; 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: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>CADE approval of merger on acquisition of Companhia Brasileira de Latas by Companhia Metal&#250;rgica Prada</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>On February 20,2013, the merger on the acquisition of control, of Companhia Brasileira de Latas (&#8220;CBL&#8221;) by the Companhia Metal&#250;rgica Prada (&#8220;PRADA&#8221;) was approved by the Conselho Administrativo de Defesa Econ&#244;mica (&#8220;CADE&#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; TEXT-INDENT: -21.3pt; MARGIN: 0cm 0cm 0pt 21.3pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; 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: 115%; LAYOUT-GRID-MODE: both; FONT-SIZE: 9pt" lang=EN-US face=Arial,sans-serif>Export Credit Loans issue</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>The Company issued In the first quarter of 2013 Export Credit Loans totaling R$345,000. </FONT></P>
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<P style="TEXT-ALIGN: right; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm" align=right><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Exhibit 1.1</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Bylaws</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">Chapter I</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">NAME, OBJECT, HEADQUARTERS AND DURATION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 1</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Companhia Sider&#250;rgica Nacional, a publicly-held corporation established on April 9, 1941, shall be governed by these Bylaws and the applicable legislation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 2</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The purpose of the Company is to manufacture, transform and sell steel products and&nbsp;by products, including importing and exporting thereof, and to exploit any other similar activities that may, directly or indirectly, be related to the purposes of the Company, such as: mining, cement and carbon-chemical industries, metallic structure manufacture and assembly, construction, transportation, navigation and port activities.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 3</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company has its legal domicile and head office in the city of S&#227;o Paulo, State of S&#227;o Paulo, and may open or close branches, agencies, offices or representations in any part of the country or abroad.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 4</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall remain in existence for an indefinite term.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Chapter II</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>CAPITAL AND SHARES</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The capital stock of the Company, fully subscribed and paid in, is R$4,540,000,000.00 (four billion five hundred forty million reais) divided into 1,457,970,108 (one billion, four hundred fifty-seven million, nine hundred seventy thousand, one hundred eight) common and book-entry shares with no par value.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Sole Paragraph - Each common share shall entitle the holder to one vote in the resolutions of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Unless otherwise decided by the General Meeting, dividends and interest on equity shall be paid within 60 (sixty) days as from the date they are declared and in any event during the same fiscal year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" 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;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 7</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The capital stock of the Company may be increased to up 2,400,000,000 (two billion four hundred million) shares, by decision of the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 1 -The authorized capital stock may be reached, upon one or more share issues, at the discretion of the Board of Directors.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp; - Shareholders shall have preemptive rights in the case of subscription to a capital increase in proportion to the number of shares held.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp; - At the discretion of the Board of Directors, preemptive rights for existing shareholders may be excluded or the deadline for their exercise may be reduced in the case of the issue of shares and share-convertible debentures or subscription warrants, which are placed through sale on the stock exchange or by public subscription or through an exchange of shares in a public offer for the acquisition of control, pursuant to the prevailing legislation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 4 - The Board of Directors shall establish the price, term and conditions of each issue. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 10pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Paragraph 5 - Shareholders who fail to pay in the subscribed shares, as per the subscription order or call, shall be declared, for all legal purposes, to be in default and shall pay the Company interest of one percent (1%) per month or a fraction thereof, from the first (1st) day as of the failure to perform the obligation, adjusted for inflation pursuant to the law, in addition to a fine equivalent to ten per cent (10%) of the amount in arrears and not paid in.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" 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;</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Chapter III</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>GENERAL MEETING</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 8&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The General Meeting is empowered to decide on all business related to the Company, take any resolutions it deems appropriate for its defense and development, and shall be called, with an indication of the agenda, as provided for by the law. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 9&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The General Meeting shall be convened and chaired by the chairman of the Board of Directors or, in his or her absence, by whomever he or she appoints.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 106.2pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Sole Paragraph - The chairman shall appoint the secretary of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 10</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The General Meeting shall meet ordinarily in the first four months following the end of the fiscal year in order to discuss matters referred to in article 132 of Law 6404 of December 15, 1976, and extraordinarily whenever corporate interests so require.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 11&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Shareholders may be represented by a legal representative in the General Meetings as per Law 6404 of December 15, 1976 as long as the power-of-attorney is submitted to the company's headquarters up to 48 (forty-eight) hours before the time established for the Meeting.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Chapter IV</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>MANAGEMENT</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Section I</FONT></U></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Standard Rules</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 12</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The management of the Company shall be incumbent upon the Board of Directors and the Board of Executive Officers.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>2</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 13</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The remuneration of the managers shall be established by the General Meeting in accordance with the provisions of this article.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - The fixed overall or individual remuneration of the managers, at the discretion of the General Meeting, shall comprise a fixed monthly amount, which are the fees, and in the case of the executive officers, may also include a variable amount to be paid yearly, calculated on the net income of the Company after formation of the reserves required by law, including for the payment of income tax, and of the provision for mandatory dividends.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 2 - In the event that the General Meeting establishing an aggregate amount for the managers&#8217; remuneration, it is incumbent on the Board of Directors to distribute said amount. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Section II</FONT></U></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>BOARD OF DIRECTORS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 14&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The Board of Directors is composed of up to 11 (eleven) members, elected by resolution of the General Meeting, with a term of office of 1 (one) year, reelection being allowed. One member shall be the Chairman and another the Vice-Chairman<FONT style="FONT-SIZE: 11pt" face=Arial>.</FONT> The term of office of the Board Members shall extend until the investiture of their successors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp; The Chairman and Vice-Chairman of the Board of Directors shall be chosen by their peers, by majority vote, at the first meeting held after their investiture.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the event that the employees of the Company, whether or not joined in an investment club or as co-owners, do not have a sufficient shareholding to guarantee membership on the Board of Directors, one position on the Board shall be reserved for the person chosen by the employees and in such a capacity, indicated to the General Meeting, through a specific procedure, to be elected to fill said position.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Executive Officers shall be entitled to speak, when called to attend the Board of Directors meetings.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 15</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall meet, ordinarily, on the dates established in the yearly calendar approved by said Board in the last month of the immediately preceding year, and extraordinarily whenever called by the Chairman, the Vice-Chairman, when exercising the role of chairman, or &nbsp;the majority of its Members.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The meetings of the Board of Directors shall only be installed with the attendance of a majority of its members, and shall be presided over by its Chairman.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors meetings may be held, exceptionally, by conference call, video conferencing, electronic mail, or other means of communication, computing as present those members who vote by any of these means.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Minutes of the meetings shall be drawn up in a book for this purpose and, after having read and approved by those members present, shall be signed by a sufficient number to constitute the majority required for approval of the matters under examination.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Paragraph 4&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board resolutions shall be passed by a majority vote of those present. In the event of a tie, the Chairman of the meeting shall have the casting vote, in addition to his own.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 5&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Meetings shall be called at least 72 (seventy-two) hours prior to the date of the meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 6&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors shall have a General Secretary, in whose absence will be replaced by another employee or manager designated by the Chairman of the Board.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 16</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the cases of vacancy, temporary impediment, or absence of a member of the Board of Directors, the following rules shall be observed:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of vacancy of any member of the Board of Directors, the remaining members shall appoint a substitute to serve until the Company's next General Meeting, if the number of remaining members is less than the minimum provided in these bylaws, and who, if confirmed by the respective General Meeting, shall complete the term of the member replaced.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 49.65pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of temporary impediment or absence of any member of the Board of Directors, the absent or impeded member may indicate a replacement from among the other members, who will replace and represent the impeded or absent member as long as the impediment lasts. If said impediment lasts for more than ninety days, however, the position will be deemed to be vacant.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; If the vacancy occurs in the position of Chairman, the Vice-Chairman shall assume the office of Chairman or, in the lack thereof, by another member chosen by the remaining members. In the case of the Chairman's temporary impediment or absence, he shall be replaced by the Vice-Chairman or, in the lack thereof, by another member appointed by him.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 49.65pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the cases of temporary impediment or absence under this Article 16, representatives shall act on their own behalf and on that of the members represented.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 17</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Board Members shall, upon request, receive copies of the minutes of meetings of the Board of Executive Officers and any special committees created by the Board of Directors hereunder.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 18</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Board of Directors may form special committees to assist it, with defined purposes and limited terms of activities, designating the members thereof.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Sole Paragraph - The special committees created by the Board of Directors will have neither an executive nor a deliberative function and their recommendations, proposals and/or opinions should be submitted for consideration by the Board of Directors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 19</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In addition to the duties established by law, it is incumbent upon the Board of Directors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the general policy for the businesses of the Company, its wholly-owned subsidiaries and controlled companies.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve the annual and pluriannual budgets, expansion projects and investment programs, and to follow up on execution and performance thereof;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" 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 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to elect and dismiss the members of the Board of Executive Officers and assign their duties.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to elect and dismiss the members of the Audit Committee and, if a position becomes vacant, to elect a substitute to complete the term of office of the replaced member.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to assign to an Executive Officer the function of investor relations officer, which may or may not be exercised concurrently with other executive functions and whose powers are established by law.</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>4</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VI &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the Company's independent auditors after hearing the recommendation of the Audit Committee.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&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 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to appoint and dismiss the person responsible for the internal audit, who shall be a legally qualified employee of the Company and report to the Chairman of the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VIII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on capital increases within the limits of authorized capital, observing the provisions of Article 7 of these Bylaws.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to authorize trading by the Company of its own shares for maintenance in treasury for subsequent sale or cancellation.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; X&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the terms and other conditions for the placement of debentures, including those convertible to shares, specifying the limit of the capital increase resulting from the conversion of the debentures and the type and class of shares to be issued, as well as determining the conditions stated in items VI to VIII inclusive of article 59 of Law 6404/76 and the opportunity for issuance in other cases.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XI&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the issuance by the Company of commercial papers, bonds, notes, and other securities intended to raise funds through primary or secondary distribution on the domestic or international capital markets.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish criteria for the following acts by the Executive Officers, independently of prior authorization by the Board of Directors;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 6pt 0cm 0pt 135.5pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>(a)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>acquisition, disposal and encumbrance of any permanent asset;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 6pt 0cm 0pt 135.5pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>(b)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>conduction of any legal business by the Company, including financing and loans, including companies directly or indirectly controlled by the Company;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -21.25pt; MARGIN: 6pt 0cm 0pt 135.5pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>(c)</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>the constitution of any type of guarantee or encumbrance on any asset that is not part of the Company&#8217;s permanent assets, including for the benefit or in favor of third parties as long as the party is a subsidiary entity, subsidiary or affiliate of the Company.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the operation or action constituting a transfer of the Company's funds to others, including employee associations, recreational assistance entities, pension funds, foundations and public corporations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&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 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to require audits of companies, foundations and similar entities in which the Company participates.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on any acts involving transformation, consolidation, spin-off, merger or liquidation of companies in which the Company has corporate holding;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVI &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to decide on the establishment of subsidiaries by the Company and on the acquisition of shares, as well as on the Company's representation at the General Meetings and meetings of partners and on matters submitted to said meetings.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVII &nbsp;&nbsp;&nbsp; to appoint and dismiss the General Secretary of the Board of Directors and define his duties;&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XVIII&nbsp;&nbsp;&nbsp; to establish policies for taking up tax incentives;</FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>5</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XIX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to establish the remuneration, determine the duties, and approve the operational rules for the functioning of the Audit Committee and any other committees that may be created.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XX&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve any omissions and perform other legal duties and prerogatives that do not conflict with those established in these bylaws or by law.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; XXI &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to resolve on any matters that go beyond the authority established for the Board of Executive Officers, as provided for in Article 19.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Section III</FONT></U></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>EXECUTIVE COMMITTEE </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 20&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The Company shall have a Board of Executive Officers composed of 2 (two) to 9 (nine) Executive Officers, at the discretion of the Board of Directors, one of whom to be the Chief Executive Officer and the other Executive Officers without specific title, each having an area of activity determined by the Board of Directors, one of whom shall be designated as the investor relations officer.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 1 The term of office of the Executive Officers is two years, reelection being allowed, and will last until their respective successors take office.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In the case of impediment or vacancy of any Officer, said Officer will be replaced in accordance with the determination of the Board of Directors. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Executive Officers shall perform their duties on a full-time basis.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 21</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With due regard for the guidelines and resolutions of the Board of Directors and the General Meeting, the Board of Executive Officers shall have authority to administer and manage the business of the Company, with powers to perform all acts and carry out all transactions related to the purpose of the Company, with due regard for the provisions established by the Board of Directors (Article 19, item XII) and other provisions provided for herein.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp; It is incumbent upon the Board of Executive Officers to appoint an Executive Officer or attorney in fact with specific powers to represent the Company severally in certain acts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 2&nbsp; The Board of Executive Officers shall authorize the opening, transfer or closing of branches, agencies, offices and establishments of any other kind of the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp; The Board of Executive Officers shall approve the names of the persons to be appointed by the Company to the executive boards and boards of directors, advisory and decision-making councils, and audit committees of commercial or civil companies directly or indirectly controlled by or associated with the Company and associations, foundations and other types of corporate groups in which the Company participates.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 22&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The Board of Executive Officers shall meet whenever summoned by the Chief Executive Officer or by two Executive Officers, and shall be installed if a majority of its members are present.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp; The Board of Executive Officers shall decide always by a majority vote of those present. In the event of a tie, the Board of Executive Officers shall submit the matter to the Board of Directors for resolution.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp; Resolutions of the Board of Executive Officers shall be recorded in minutes drawn up in the proper book and signed by all present members, the copies of all minutes being sent to the members of the Board of Directors upon request.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 23&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The Chief Executive Officer shall:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; preside over meetings of the Board of Executive Officers;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; carry out the executive direction of the Company, to that end coordinating and supervising the activities of the other Executive Officers, ensuring full observance of the resolutions and policies established by the Board of Directors and General Meeting;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; organize, coordinate and supervise the activities of the areas directly subordinate to him;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; allocate special activities and duties to any of the Executive Officers independently of their normal ones, ad referendum of the Board of Directors;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; V&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; keep the Board of Directors informed of the activities of the Company;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VI &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare, with the assistance of the other Executive Officers, and submit to the Board of Directors proposals to (i) define the duties of the other Executive Officers; and (ii) establish the criteria as to amounts or limit for expenditure for acts by each of the Executive Officers;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; VII&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; prepare the annual report and draw up the balance sheet, together with the other Executive Officers.</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 24</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is incumbent upon each of the Executive Officers, within the specific sphere of activity allocated to them by the Board of Directors:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to represent the Company in accordance with the law and these bylaws;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to organize, coordinate and supervise the services for which they are responsible;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to attend Board of Executive Officers meetings, helping define the policies to be followed by the Company and reporting on matters in their respective areas of supervision and coordination;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to comply and cause compliance with the policies and general guidelines for the business of the Company established by the Board of Directors, each Executive Officer being responsible for his specific area of activity.</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 25&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The representation of the Company and the practice of acts necessary for its normal operation shall be the responsibility of the Executive Officers, subject to the following provisions:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All acts, agreements or documents that imply responsibility for the Company or that release third parties from responsibilities or obligations with the Company shall be signed (a) by two Executive Officers, (b) by an Executive Officer and one attorney in fact with these specific powers, or (c) by two attorneys in fact with these specific powers, under penalty of not producing effects against the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; With the exception of&nbsp; the provisions in these bylaws, the Company may be represented by any one Executive Officers or attorney in fact with special powers in the following circumstances: (i) when performing simple routine administrative acts, including those in connection with government departments in general, autonomous government entities, government-owned companies, mixed-capital companies, the Commercial Registry, Labor Courts, National Social Security Institute, Unemployment Compensation Fund, and its banks; (ii) before public service concessionaires or licensees in acts that do not imply the assumption or release of third party obligations; (iii) to protect its rights in administrative proceedings or of any nature, and in meeting its tax, labor, or social security obligations; (iv) in the endorsement of securities for purposes of collection or deposit in the Company's bank accounts; (v) to represent the Company in general meetings of shareholders or the equivalent of companies, consortia, and other entities in which the Company participates;&nbsp; (vi) for the purpose of receiving subpoenas, citations, notices, or judicial notifications in active and passive representation of the Company in court and testify in person, or similar acts; and (vii) the signature of documents of any kind that may result in the assumption of commitments by the Company in circumstances in which the presence of a second representative is not possible and if authorized by the Board of Executive Officers (Art. 21, &#167; 1).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0cm 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp; The acts for which these Bylaws require prior authorization by the Board of Directors may only be performed after said condition has been met;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp; The Board of Directors shall define the amount above which the acts and instruments entailing liabilities for the Company shall necessarily be signed by an Executive Officer jointly with an attorney in fact with specific powers.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 26&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The following rules shall be observed as regards the appointment of attorneys in fact:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; all powers of attorney shall be signed by two Executive Officers or by one Executive Officer jointly with an attorney in fact appointed by the Board of Directors;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Except in the event of judicial powers of attorney, which may be granted for an indefinite period, all powers of attorney shall be granted for a specific term of no more than one year, with specific and limited powers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 27</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif> Any acts performed without due regard for the rules established in these bylaws, particularly in articles 25 and 26, shall be null and void, and shall not give rise to any liabilities for the Company.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Chapter V</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>FISCAL COMMITTEE</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 28&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Designed to function in the fiscal years in which it is constituted at the request of shareholders, the Fiscal Council shall be composed of 3 (three) sitting members and 3 (three) alternates elected by the General Meeting, which shall establish the compensation of the sitting members.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Sole paragraph&nbsp;&nbsp;&nbsp; The Fiscal Council's term of office ends upon the first Annual General Meeting held after it has been constituted.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Chapter VI</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>AUDIT COMMITTEE</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" 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;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 29&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The Company will have an Audit Committee composed of three (3) members elected by the Board of Directors from among its members, with term of office of one (1) year, reelection being allowed.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Sole Paragraph&nbsp;&nbsp; The Board of Directors will approve the Internal Rules of the Committee, whereby its functions and duties, which shall comply with the laws and regulations applicable to audit committees, will be determined.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Chapter VII</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>FISCAL YEAR, BALANCE SHEETS AND PROFITS</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 30</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The fiscal year shall end on December 31 of each year, when the Financial Statements shall be drawn up and, after examination by the Board of Directors, submitted to the General Meeting, along with the proposal for allocation of net income for the year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 1&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The accumulated losses and provision for income and social contribution taxes will be deducted from the result of the year, prior to any profit sharing.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 63.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Paragraph 2&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The net income shall mandatorily have the following allocation:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; five per cent (5%) shall be allocated to the legal reserve fund until reaching twenty per cent (20%) of the subscribed capital stock;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; payment of mandatory dividends (Article 33);</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 63.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; allocation of the remaining income shall be resolved by the General Meeting, observing the legal precepts.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 60.1pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>Paragraph 3&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>The Board of Directors may propose, for the deliberation of the Meeting, the deduction of at least 1% (one percent) from net income for the year for the establishment of a Working Capital and Investment Reserve, in accordance with the following precepts:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp; I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its constitution shall not jeopardize the right to minimum mandatory dividends referred to in Article 33. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp; II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its balance in conjunction with the other income reserves, excluding reserves for contingencies and unrealized profits, may not exceed the Company&#8217;s capital stock, under penalty of capitalization or distribution in cash of the surplus at the discretion of the General Meeting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=windowtext face=arial,sans-serif>&nbsp;&nbsp;&nbsp; III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; the reserve is intended to ensure the maintenance and development of activities that constitute the Company's corporate purpose and investments in fixed assets, or additions to working capital including through amortizations of the Company&#8217;s debt, independently of the retention of profits linked to the capital budget.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 60.1pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp; IV&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; its balance may be used (i) to absorb losses whenever necessary, (ii) for the distribution of dividends at any time, (iii) for the redemption, repayment, or purchase of shares as authorized by law, and (iv) be incorporated into the Company&#8217;s capital, including through stock bonuses consisting of new shares.&nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none" face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif>9</FONT></FONT><FONT face=arial,sans-serif><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=arial,sans-serif></FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><FONT style="FONT-SIZE: 11pt" 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;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 31</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>In addition, it shall be incumbent upon the Board of Directors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 70.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>I&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to determine the drawing up of half-yearly and quarterly balance sheets, or for shorter periods, observing the legal precepts;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 70.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>II&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to approve the payment of any additional interim dividends, including as a total or partial advance on the mandatory dividend for the year in progress, observing the legal provisions;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt 70.8pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>III&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; to declare dividends to the year&#8217;s profit account verified in the half-yearly balance sheets, retained earnings or profit reserves existing in the last annual or half-yearly balance sheet;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 67.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 67.1pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>IV &#8211; pay interest on equity attributing the interest paid or credited to the mandatory dividend (Article 33), pursuant to Article 9, paragraph 7 of Law 9249 of December 26, 1995.</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 32</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>The Board of Directors&#8217; act to resolve on the advance payment of the mandatory dividend shall determine if these payments will be monetarily restated, deducted from the mandatory dividend for the year and once this deduction is determined, the Annual General Meeting will be the payment of the mandatory balance, if any, as well as the reversal to the original account of the amount paid in advance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 33</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The d</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>ividend distribution shall not be less than 25% (twenty-five percent) of the net income, pursuant to article 202 of Law 6404 of December 15, 1976, </FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>and in compliance with Article 30 hereof</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 34</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Dividends shall be paid on the dates and at the places indicated by the Executive Officer in charge of the Investor Relations area. If not claimed within 3 (three) years as from the beginning of the payment, dividends shall become time-barred in favor of the Company. </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Chapter VIII</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>LIQUIDATION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" 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;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 35.4pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Article 35</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The Company shall be liquidated in the events established by Law, with due regard for the applicable rules.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 39pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 70.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif>Sole Paragraph - The General Meeting that approves the liquidation shall appoint the liquidator and the members of the Fiscal Council that shall function during the liquidation period, establishing their respective fees.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P></DIV>

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<DOCUMENT>
<TYPE>EX-8.1
<SEQUENCE>3
<FILENAME>exhibit8_1.htm
<DESCRIPTION>EXHIBIT 8.1
<TEXT>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interest (%)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companies </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>12/31/2012</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Main activities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Jurisdiction</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Direct interest: full consolidation</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Islands VII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Islands VIII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Islands IX Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Islands X Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Islands XI Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Islands XII Corp.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Grand Cayman/Cayman Island</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Tangua Inc. (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>International Investment Fund</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Equity interests and financial transactions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Belize city/Belize </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN Minerals S. L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN Export Europe, S.L.U.(2)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Equity interests and financial transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN Metals S.L.U. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Equity interests and financial transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Americas S.L.U. </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Equity interests and financial transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN Steel S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Equity interests and financial transactions </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>TdBB S.A</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Port services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Itagua&#237;/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Congonhas/MG,Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Florestal Nacional S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Reforestation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Tin mining</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Ariquemes/RO, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Cia Metalic Nordeste</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Manufacture of packaging and distribution of steel products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Maracana&#250;/CE, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia Metal&#250;rgica Prada</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Manufacture of packaging and distribution of steel products</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Cimentos S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Cement manufacturing</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Volta Redonda/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Gest&#227;o de Recursos Financeiros Ltda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Congonhas Min&#233;rios S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Congonhas/MG,Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Energia S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.99 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Sale of electric power</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Transnordestina Log&#237;stica S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>76.13 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>70.91 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Railroad logistics</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Fortaleza/CE, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>TFNE - Transnordestina Ferrovias do Nordeste S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>99.99</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>Railroad logistics</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>Fortaleza/CE, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Indirect interest: full consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Aceros S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia Siderurgica Nacional LLC</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Steel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Terre Haute/EUA</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Europe Lda.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Ib&#233;ria Lda.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Portugal, Unipessoal Lda. </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions and product sales</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Lusosider Projectos Sider&#250;rgicos S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Seixal/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Lusosider A&#231;os Planos, S. A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.94 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>99.94 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Steel and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Seixal/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Acquisitions, Ltd.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>London/England</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Resources S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Luxembourg/Grand Duchy of Luxembourg </FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Finance (UK) Ltd (1)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f8f8f8; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>London/England</FONT></P></TD></TR></TABLE><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face="Times New Roman"></FONT></DIV></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt">&nbsp;</P></DIV>

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<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Holdings (UK) Ltd </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions and equity interests</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>London/England</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Handel GmbH (3)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Vienna/Austria</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia Brasileira de Latas (4)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>59.17 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>59.17 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Sale of cans and containers in general and equity interests</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Rimet Empreendimentos Industriais e Comerciais S. A.(4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Production and sale of steel containers and forestry</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Resende/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia de Embalagens Met&#225;licas MMSA (4)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Production and sale of cans and related activities</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Barra Mansa/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Empresa de Embalagens Met&#225;licas - LBM Ltda. (4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Sales of containers and holding interests in other entities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Barra Mansa/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Empresa de Embalagens Met&#225;licas - MUD Ltda. (4)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Production and sale of household appliances and related products</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Empresa de Embalagens Met&#225;licas - MTM do Nordeste (4)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Production and sale of cans and related activities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Companhia de Embalagens Met&#225;licas - MTM (4)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>58.98 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Production and sale of cans and related activities</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Teresina/PI, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>CSN Steel Comercializadora, S.L.U. (5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN Steel Holdings 1, S,L.U. (5)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN Steel Holdings 2, S,L.U. (5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Stahlwerk Th&#252;ringen GmbH (5)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Manufacturing and sale of long steel and related activities</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Unterwellenborn/Germany</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN Steel Sections UK Limited (5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Southend- on-sea/England</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN Steel Sections Czech Republic s.r.o. (5)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Praha/Czech Republic</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>CSN Steel Sections Polska Sp.Z.o.o. (5)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>100.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Katowice/Poland</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Direct interest: proportionate consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>&nbsp;</TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Nacional Min&#233;rios S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Mining and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 9pt" color=black face=arial,sans-serif>Congonhas/MG, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>It&#225; Energ&#233;tica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>48.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Generation of electric power</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>S&#227;o Paulo/SP, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>27.27 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>27.27 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Railroad transportation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Cons&#243;rcio da Usina Hidrel&#233;trica de Igarapava</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>17.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>17.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Electric power consortium</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Belo Horizonte/MG, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Aceros Del Orinoco S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>22.73 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>22.73 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>CBSI - Companhia Brasileira de Servi&#231;os de Infraestrutura (6)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>50.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Provision of services</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Arauc&#225;ria/PR, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>CGPAR - Constru&#231;&#227;o Pesada S.A. (7)</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>50.00</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#ff0000 face=arial,sans-serif>Minning suport services and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>Belo Horizonte/MG, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Indirect interest: proportionate consolidation</FONT></B></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Namisa International Minerios, S.L.U.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Madrid/Spain</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Namisa Europe, Unipessoal Lda.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>Equity interests, sales of products and minerals</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Madeira Island/Portugal</FONT></P></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>MRS Log&#237;stica S.A.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>6.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>6.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Railroad transportation</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Rio de Janeiro/RJ, Brazil</FONT></P></TD></TR>

<TR>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Aceros Del Orinoco S.A.</FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>9.08 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>9.08 </FONT></P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BACKGROUND-IMAGE: none; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; BACKGROUND-ATTACHMENT: scroll; PADDING-RIGHT: 3.5pt; BACKGROUND-REPEAT: repeat; BACKGROUND-POSITION: 0% 0%; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Dormant company</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Panama City/Panama</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Namisa Handel GmbH (3) (8)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>60.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>Financial transactions, product sales and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Vienna/Austria</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f2f2f2; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>Direct interest: equity method</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; BACKGROUND-COLOR: #f2f2f2; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 5.4pt 0cm 5.1pt"><FONT style="FONT-SIZE: 11.5pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P></DIV></DIV>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>Arvedi Metalfer do Brasil S.A. (9)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>20.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>Metallurgy and equity interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#ff0000 face=arial,sans-serif>Salto/SP,Brazil</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="77%" colSpan=7 noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%"><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>(1) Liquidated Companies in 2012</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="77%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>(2)</FONT><FONT style="COLOR: #000000"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>New corporate name of CSN Export S.&#224;.r.l., changed on August 9, 2011.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

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<TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>(3)&nbsp;Companies that became subsidiaries on November 3, 2011.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="77%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>(4)&nbsp;Companies that became subsidiaries on July 12, 2011.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="77%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>(5)</FONT><FONT style="COLOR: #000000"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>Companies that became subsidiaries on January 31, 2012.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="77%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>(6)</FONT><FONT style="COLOR: #000000"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>Equity interest acquired on December 5, 2011.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="77%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#ff0000 face=arial,sans-serif>(7)&nbsp;&nbsp;Equity interest acquired on July, 2012 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="77%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>(8)</FONT><FONT style="COLOR: #000000"><FONT style="FONT-SIZE: 7pt" lang=EN-US color=#000000 face="Times New Roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>New corporate name of Aloadus Handel GmbH, changed on August 13, 2012.</FONT></FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="77%" colSpan=7 noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 9pt" lang=EN-US color=#000000 face=arial,sans-serif>(9) Equity interest acquired on July 31, 2012.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="COLOR: #000000; FONT-SIZE: 8pt" color=#000000 face=arial,sans-serif>Other consolidations</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Interest held</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Exclusive funds</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>12/31/2012</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%">

   <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>12/31/2011</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Main activities</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="COLOR: #000000; FONT-SIZE: 9pt" color=#000000 face=arial,sans-serif>Direct interest: full consolidation</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #f8f8f8; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>DIPLIC - Fundo de investimento multimercado</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>Investment fund</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>Mugen - Fundo de investimento multimercado</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#000000 face=calibri,sans-serif>Investment fund</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="20%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="34%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif>Caixa V&#233;rtice - Fundo de inverstimento multimercado cr&#233;dito privado</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="8%" noWrap>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="2%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif>100.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; PADDING-TOP: 0cm" vAlign=bottom width="3%" noWrap><FONT style="COLOR: #000000">&nbsp;</FONT></TD>

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   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="COLOR: #000000; FONT-SIZE: 11pt" color=#ff0000 face=calibri,sans-serif>Investment fund</FONT></P></TD>

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<TYPE>EX-12.1
<SEQUENCE>4
<FILENAME>exhibit12_1.htm
<DESCRIPTION>EXHIBIT 12.1
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<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">EXHIBIT 12.1</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">I, Benjamin Steinbruch, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">4.&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(a)&nbsp;&nbsp; designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(b)&nbsp;&nbsp; designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(c)&nbsp;&nbsp; evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(d)&nbsp;&nbsp; disclosed in this report any change in the company&#8217;s internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">5.&nbsp;&nbsp;&nbsp; The company&#8217;s other certifying officer and I have disclosed, based on my most recent evaluation of internal control over financial reporting, to the company's auditors and the audit committee of the company's board of directors (or persons performing the equivalent function):</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(a)&nbsp;&nbsp; all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">(b)&nbsp;&nbsp; any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Dated: April <FONT style="FONT-SIZE: 10pt" face="Times New Roman">30</FONT>, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Companhia Sider&#250;rgica Nacional </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="times new roman">/s/</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Chief Executive Officer</FONT></P></TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-12.2
<SEQUENCE>5
<FILENAME>exhibit12_2.htm
<DESCRIPTION>EXHIBIT 12.2
<TEXT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 12.2</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">&nbsp; </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Certification pursuant to Section 302 of the Sarbanes-Oxley Act of 2002 </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face="times new roman">I, Rog&#233;rio Leme Borges dos Santos, certify that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">1. I have reviewed this annual report on Form 20-F of Companhia Sider&#250;rgica Nacional;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">3. Based on my knowledge, the financial statements and other financial information included in this report fairly present in all material respects the financial condition, results of operations and cash flows of the company as of, and for, the periods presented in this report;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">4. The company's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Exchange Act Rules 13a-15(e) and 15d-15(e)) and internal control over financial reporting (as defined in Exchange Act Rules 13a-15(f) and 15d-15(f)) for the company and have:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">a) designed such disclosure controls and procedures or caused such disclosure controls and procedures to be designed under our supervision to ensure that material information relating to the company, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">b) designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">c) evaluated the effectiveness of the company's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures as of the end of the period covered by this report based on such evaluation; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">d) disclosed in this report any change in the company's internal control over financial reporting that occurred during the period covered by the annual report that has materially affected, or is reasonably likely to materially affect, the company's internal control over financial reporting; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">5. The company's other certifying officer and I have disclosed, based on our most recent evaluation of internal control over financial reporting, to the company's auditors and to the audit committee of the company's board of directors (or persons performing the equivalent functions):</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">a) all significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the company's ability to record, process, summarize and report financial information; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">b) any fraud, whether or not material, that involves management or other employees who have a significant role in the company's internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Dated: April <FONT style="FONT-SIZE: 10pt" face="Times New Roman">30</FONT>, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">/s/</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="29%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="times new roman">Rog&#233;rio Leme Borges dos Santos</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="70%">&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Name: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="29%" noWrap>

   <P style="TEXT-INDENT: -12.4pt; MARGIN: 0cm 0cm 0pt 17.4pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="times new roman">Rog&#233;rio Leme Borges dos Santos</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="70%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="1%" noWrap>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Controller / Principal Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-13.1
<SEQUENCE>6
<FILENAME>exhibit13_1.htm
<DESCRIPTION>EXHIBIT 13.1
<TEXT>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US face="times new roman">&nbsp;</FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face="times new roman">EXHIBIT 13.1</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Annual Report on Form 20-F for the fiscal year ended December 31, 2012 of the Company, as filed with the Securities and Exchange Commission (the &#8220;Report&#8221;), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Dated: April <FONT style="FONT-SIZE: 10pt" face="Times New Roman">30</FONT>, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Companhia Sider&#250;rgica Nacional </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="1%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="times new roman">/s/</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Name:</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="29%">

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Chief Executive Officer</FONT></P></TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-13.2
<SEQUENCE>7
<FILENAME>exhibit13_2.htm
<DESCRIPTION>EXHIBIT 13.2
<TEXT>

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<P style="TEXT-ALIGN: justify; MARGIN-LEFT: 0cm; MARGIN-RIGHT: 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="Times New Roman">EXHIBIT 13.2</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Certification pursuant to Section 906 of the Sarbanes-Oxley Act of 2002</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of Section 1350, Chapter 63 of Title 18, United States Code), the undersigned officer of Companhia Sider&#250;rgica Nacional (the &#8220;Company&#8221;), does hereby certify, to such officer&#8217;s knowledge, that:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">The Annual Report on Form 20-F for the fiscal year ended December 31, 2012 of the Company, as filed with the Securities and Exchange Commission (the &#8220;Report&#8221;), fully complies with the requirements of Section 13(a) or 15(d) of the Securities Exchange Act of 1934 and the information contained in the Report fairly presents, in all material respects, the financial condition and results of operations of the Company. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 18pt; MARGIN: 0cm 0cm 9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Dated: April 30, 2013</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">/s/</FONT></P></TD>

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   <P style="TEXT-INDENT: 17.55pt; MARGIN: 0cm 0cm 0pt 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="times new roman">Rog&#233;rio Leme Borges dos Santos</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Name: </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=top width="29%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt 5pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" face="times new roman">Rog&#233;rio Leme Borges dos Santos</FONT></P></TD></TR>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Title:</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new roman">Controller / Principal Financial Officer</FONT></P></TD></TR></TABLE></DIV>

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<DOCUMENT>
<TYPE>EX-15.1
<SEQUENCE>8
<FILENAME>exhibit15_1.htm
<DESCRIPTION>EXHIBIT 15.1
<TEXT>

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<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="times new roman">EXHIBIT 15.1</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="times new roman"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face="times new roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="times new roman">MANAGEMENT&#8217;S REPORT ON INTERNAL CONTROL OVER FINANCIAL REPORTING </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The management of Companhia Sider&#250;rgica Nacional and subsidiaries (&#8216;the Company&#8221;) is responsible for establishing and maintaining effective internal control over financial reporting and for its assessment of the effectiveness of internal control over financial reporting.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;The Company&#8217;s internal control over financial reporting is a process designed by, or under the supervision of, the Company&#8217;s Audit Committee, principal executive and principal financial officers, and effected by the Company&#8217;s board of directors, management, and other personnel to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles. The Company&#8217;s internal control over financial reporting includes those policies and procedures that (1) pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the transactions and dispositions of the assets of the Company; (2) provide reasonable assurance that transactions are recorded as necessary to permit preparation of financial statements in accordance with generally accepted accounting principles, and that receipts and expenditures of the Company are being made only in accordance with authorizations of management and directors of the Company; and (3) provide reasonable assurance regarding prevention or timely detection of unauthorized acquisition, use, or disposition of the Company&#8217;s assets that could have a material effect on the consolidated financial statements.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Because of its inherent limitations, internal control over financial reporting may not prevent or detect material misstatements on a timely basis. Also, projections of any evaluation of effectiveness to future periods are subject to the risk that controls may become inadequate because of changes in conditions, or that the degree of compliance with the policies or procedures may deteriorate.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Management assessed the effectiveness of the Company&#8217;s internal control over financial reporting as of December 31, 2012 based on the criteria established in &#8220;Internal Control &#8211; Integrated Framework&#8221; issued by the Committee of Sponsoring Organizations &#8211; COSO &#8211; of the Treadway Commission. Based on the assessment, management has concluded that, as of December 31, 2012, the Company&#8217;s internal control over financial reporting is effective.&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 5pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;</FONT></P>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face="times new roman">April 23, 2013</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" face="times new roman">&nbsp;COMPANHIA SIDER&#218;RGICA NACIONAL&nbsp;</FONT></P></TD>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="14%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" width="72%" colSpan=3>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD>

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<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benjamin Steinbruch&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman">/s/&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Rog&#233;rio Leme Borges dos Santos&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: black 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman">Name:&nbsp;&nbsp;Benjamin Steinbruch&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="2%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="35%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman">Name:&nbsp;&nbsp;Rog&#233;rio Leme Borges dos Santos&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR>

<TR>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" face="times new roman">Title:&nbsp;&nbsp; Chief Executive Officer&nbsp;</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face="times new roman">Title:&nbsp;&nbsp; Controller / Principal Financial Officer&nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; PADDING-TOP: 0cm" vAlign=bottom width="14%">&nbsp;</TD></TR></TABLE></DIV>

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