<SEC-DOCUMENT>0001292814-13-002147.txt : 20130926
<SEC-HEADER>0001292814-13-002147.hdr.sgml : 20130926
<ACCEPTANCE-DATETIME>20130926081649
ACCESSION NUMBER:		0001292814-13-002147
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20130930
FILED AS OF DATE:		20130926
DATE AS OF CHANGE:		20130926

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL STEEL CO
		CENTRAL INDEX KEY:			0001049659
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		131115692

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sid20130925_6k.htm
<DESCRIPTION>PROPOSAL TO BE SUBMITTED FOR THE DELIBERATION OF THE EXTRAORDINARY SHAREHOLDERS MEETING TO BE HELD ON SEPTEMBER 30, 2013
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<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

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

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

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

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

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

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of September, 2013</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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

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

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

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

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

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

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Publicly-Held Company</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Corporate Taxpayer&#8217;s ID (CNPJ/MF): 33.042.730/0001-04</FONT></B></FONT></FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">PROPOSAL TO BE SUBMITTED FOR THE DELIBERATION OF THE EXTRAORDINARY SHAREHOLDERS&#8217; MEETING TO BE HELD ON SEPTEMBER 30, 2013</FONT></B></P>

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<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">To the Shareholders of <BR>Companhia Sider&#250;rgica Nacional</FONT></B></P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">The Extraordinary Shareholders&#8217; Meeting to be held on September 30, 2013 will resolve on: (i) the merger, by the Company, of its subsidiary Florestal Nacional S.A.</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">, </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">a corporation</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">headquartered at</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Avenida Brigadeiro Faria Lima n&#186; 3.400, 20&#186; andar, parte, Sala Volta Redonda, Itaim Bibi, CEP 04538-132, in the city and state of S&#227;o Paulo, inscribed in the roll of corporate taxpayers (CNPJ/MF) under no. 09.295.323/0001-24 and with its articles of association filed at the S&#227;o Paulo State Commercial Registry (&#8220;JUCESP&#8221;) under no. (NIRE) 35-3.0039121.7 (&#8220;Florestal Nacional&#8221;), (ii) the merger, by the Company, of the spun-off net assets of CSN Cimentos S.A., a corporation</FONT><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> </FONT></B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">headquartered at Rodovia BR 393 (L&#250;cio Meira) s/n, Km 5,001, Vila Santa Cec&#237;lia, CEP 27260-390, in the city of Volta Redonda, state of Rio de Janeiro, inscribed in the roll of corporate taxpayers (CNPJ/MF) under no. 42.564.807/0001-05 and with its articles of association filed at the Rio de Janeiro State Commercial Registry under no. (NIRE) 333.000.897.72 (&#8220;CSN Cimentos&#8221;); and (iii) the merger, by the Company, of the spun-off net assets of Companhia Metal&#250;rgica Prada, headquartered at Rua Engenheiro Francisco Pita Brito n&#186; 138, CEP 04753-900, in the city and state of S&#227;o Paulo, inscribed in the roll of corporate taxpayers (CNPJ/MF) under no. 56.993.900/0001-31 and with its articles of association filed at the JUCESP under no. (NIRE) 35-3.0004858.0 (&#8220;Prada&#8221;). </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Thus, the Company&#8217;s Management proposes:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">(i) &nbsp;&nbsp;&nbsp;&nbsp; to approve</FONT><FONT style="DISPLAY: none"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">:</FONT></FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"> (a) the Protocol and Justification of Merger of Florestal Nacional S.A. by Companhia Sider&#250;rgica Nacional (&#8220;Florestal Protocol and Justification&#8221;); (b) the Protocol and Justification of the Partial Spin-off of CSN Cimentos S.A. and the Merger of the Spun-off Portion by Companhia Sider&#250;rgica Nacional (&#8220;Cimentos Protocol and Justification&#8221;); and (c) the Protocol and Justification of the Partial Spin-off of Companhia Metal&#250;rgica Prada and the Merger of the Spun-off Portion by Companhia Sider&#250;rgica Nacional (&#8220;Prada Protocol and Justification&#8221;) (&#8220;Corporate Operations&#8221;) (Exhibit I);</FONT></P>

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<P style="TEXT-ALIGN: center">1</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">(ii)&nbsp;&nbsp;&nbsp;&nbsp; to approve and ratify the hiring of APSIS CONSULTORIA E AVALIA&#199;&#213;ES LTDA. (&#8220;APSIS&#8221;), a specialized company responsible for the appraisal reports of Florestal Nacional&#8217;s net equity to be transferred to CSN and the net assets to be spun-off by CSN Cimentos and Prada;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">(iii)&nbsp;&nbsp;&nbsp; to approve aforementioned appraisal reports of Florestal Nacional&#8217;s net equity and the net assets to be spun-off by CSN Cimentos and Prada; and</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -1cm; MARGIN: 0cm 0cm 0pt 1cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">(iv)&nbsp;&nbsp;&nbsp; to approve: (a) the merger of Florestal Nacional, (b) the merger of the net assets spun off by CSN Cimentos, and (c) the merger of the net assets spun off by Prada, pursuant to the terms and conditions established in the Florestal Protocol and Justification, Cimentos Protocol and Justification and Prada Protocol and Justification, respectively; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">All the information required by Article 21 of Instruction 481 of December 17, 2009 issued by the CVM - Brazilian Securities and Exchange Commission regarding APSIS, the specialized company recommended by the Company to prepare the above-mentioned appraisal reports is detailed in Exhibit II of this proposal.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">All the documents related to the material on the agenda are available to shareholders at the Company&#8217;s headquarters, as well as on the websites of the Brazilian Securities and Exchange Commission &#8211; CVM (www.cvm.gov.br), the BM&amp;FBovespa &#8211; Securities, Commodities and Futures Exchange (www.bmfbovespa.com.br) and the Company (www.csn.com.br/ri). </FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">BENJAMIN STEINBRUCH</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Chairman of the Board of Directors</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Publicly-Held Company</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Corporate Taxpayer&#8217;s ID (CNPJ/MF): 33.042.730/0001-04</FONT></B></FONT></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: 12pt" lang=EN-US color=black face="Times New Roman">EXHIBIT I</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" 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: 12pt" lang=EN-US face="Times New Roman">Protocol and Justification of Merger of Florestal Nacional S.A. by Companhia Sider&#250;rgica Nacional </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" 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: 12pt" lang=EN-US face="Times New Roman">Protocol and Justification of the Partial Spin-off of CSN Cimentos S.A. and the &nbsp;Merger of the Spun-off Portion by Companhia Sider&#250;rgica Nacional</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0cm 36pt"><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><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Protocol and Justification of the Partial Spin-off of Companhia Metal&#250;rgica Prada . and the Merger of the Spun-off Portion by Companhia Sider&#250;rgica Nacional</FONT><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 10pt" lang=EN-US face="Times New Roman"> &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">PROTOCOL AND JUSTIFICATION OF THE MERGER OF </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">FLORESTAL NACIONAL S.A. BY COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">By this instrument and in accordance with the law, hereinafter jointly referred to as &#8220;Parties&#8221;,</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">A.&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">The Executive Officers of </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">FLORESTAL NACIONAL S.A.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">, headquartered at Avenida Brigadeiro Faria Lima n&#186; 3.400, 20&#186; andar, parte, Sala Volta Redonda, Itaim Bibi, CEP 04538-132, in the city and state of S&#227;o Paulo, inscribed in the roll of corporate taxpayers under no. 09.295.323/0001-24 and with its articles of association filed at the S&#227;o Paulo State Commercial Registry (&#8220;JUCESP&#8221;) under no. (NIRE) 35-3.0039121.7, hereinafter referred to simply as &#8220;Florestal&#8221;; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">B.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp; The Executive Officers of </FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">, headquartered at Avenida Brigadeiro Faria Lima n&#186; 3.400, 15&#186; andar, parte e 19&#186; e 20&#186; andares, Itaim Bibi, CEP 04538-132, in the city and state of S&#227;o Paulo, inscribed in the roll of corporate taxpayers under no. 33.042.730/0001-04 and with its articles of association filed at Rio de Janeiro State Commercial Registry under no. (NIRE) 35-3.0039609.0, hereinafter simply referred to as &#8220;CSN&#8221;,</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">AGREE to sign this </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8220;Protocol and Justification of the Merger of Florestal Nacional S.A. by Companhia Sider&#250;rgica Nacional</FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">&#8221; (&#8220;Protocol and Justification&#8221;), containing the reasons for and the conditions through which Florestal will be merged by CSN, pursuant to Articles 223 to 227 of Law 6404/1976 (&#8220;Corporate Law&#8221;), as well as CVM Instruction 319/99 (&#8220;CVMI 319&#8221;).</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; JUSTIFICATION OF THE MERGER</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1.1.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The operation that is the object of this Protocol and Justification consists of the merger of Florestal aiming to centralize assets in CSN. Given that CSN retains one hundred per cent (100%) of the shares issued by Florestal and that the value of its equity is completely reflected in CSN&#8217;s equity, the merger of Florestal&#8217;s equity by CSN will naturally help improve the existing management structure, simplifying operations and reducing management costs and expenses.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1.2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The merger of Florestal by CSN was carefully analyzed in meetings held by the Parties&#8217; management, technical departments and legal counsel, who concluded that the operation will result in economic benefits for both companies, in addition to the advantages mentioned above.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; In view of the foregoing and considering that the analyses performed show (i) that this is the most opportune moment for the operation and (ii) that there are no factors preventing the realization of the operation, the managements of both Parties decided to set forth the conditions for the merger of Florestal by CSN.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; PROTOCOL OF THE MERGER</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.1.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All goods comprising Florestal&#8217;s assets, for the purposes of this merger, will be considered and appraised at their book value.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.2.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The reference date for the merger is August 31, 2013 (&#8220;Reference Date&#8221;), pursuant to the balance sheet drawn up by Florestal precisely for this purpose (&#8220;Balance Sheet&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">All the assets to be absorbed by CSN are recorded, and Florestal&#8217;s goods, rights and obligations, which comprise the equity to be merged by CSN, are those described in detail in the Appraisal Report.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">The Appraisal Report of the shareholders&#8217; equity to be merged by CSN must be received by September 12, 2013.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">The Extraordinary Shareholders&#8217; Meetings of Florestal and CSN to approve this merger operation must be held by September 30, 2013.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.6.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in Florestal&#8217;s equity as of the Reference Date of the operation will be recorded and, as such, recognized by CSN, which will be the universal successor of Florestal in all rights and obligations, in accordance with Article 227 of Corporate Law.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Any legal acts occurring between the date of this Protocol and Justification and the approval of the merger and undertaken in the name of Florestal, due to prior commitments or management reasons, will be valid for all legal purposes.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Ad referendum</FONT></I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> to the Extraordinary Shareholders&#8217; Meetings, the Managements of the Parties hereby designate the specialized company APSIS CONSULTORIA E AVALIA&#199;&#213;ES LTDA., a privately-held company headquartered at Rua da Assembleia n&#186; 35, 12&#186; andar, in the city and state of Rio de Janeiro inscribed in the roll of corporate taxpayers under no. 08.681.365/0001-30 and in the Rio de Janeiro State Regional Accountancy Council under no. 005112/O-9 (&#8220;APSIS&#8221;), to appraise Florestal&#8217;s equity to be merged by CSN. Having been previously informed of its possible designation, APSIS representatives declared that there was no current or potential conflict or communion of interest between the appraisers and either of the Parties in relation to the merger corporate merger operation, pursuant to Article 5, Paragraph I of CVMI 319.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">In accordance with Article 224, Paragraphs I, IV and VI of Corporate Law, the Parties clarify that, as Florestal&#8217;s equity is already reflected in CSN through equity results, given that the latter is the sole shareholder of Florestal, the transfer of Florestal&#8217;s entire equity to CSN </FONT><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">will not result in an increase in CSN&#8217;s capital stock, an issue of shares or amendments to its By-laws</FONT></U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Consequently, exchange ratios do not apply, the ownership structure of CSN being identical to that prior to the corporate merger operation.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Given that (i) CSN retains all the shares issued by Florestal, (ii) the merger will not result in a capital increase by CSN, (iii) there will be no change in CSN shareholders&#8217; interests due to the merger and (iv) the provisions of Official Notice 273/2013 issued by the Brazilian Securities and Exchange Commission&#8217;s Corporate Relations Oversight Department, CSN is exempt from (a) preparing the comparative appraisal reports mentioned in Article 264 of Corporate Law; (b) publishing the Material Fact referred to in Article 2 of CVMI 319 in a newspaper; and (c) preparing financial statements audited by independent auditors, in compliance with Article 12 of CVMI 319.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.12.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp; CSN will maintain its headquarters and branches. However, Florestal&#8217;s premises, where it is headquartered, will be extinguished due to the merger. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">As a result of the merger, Florestal will be extinguished, and CSN management will be responsible for all write-down procedures, including those related to the extinction of shares representing Florestal&#8217;s capital stock, pursuant to Article 226, Paragraph 1 of Corporate Law, the necessary adjustments and changes to be made to CSN's accounting registers.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">2.14.</FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp; Any and all expenses arising from the equity appraisal will be borne by CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">&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="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">In witness whereof, the Parties have executed this agreement in six (6) counterparts of equal form and content in the presence of two (2) witnesses.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face="Times New Roman">S&#227;o Paulo, September 10, 2013.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face="Times New Roman">Parties</FONT></U></B><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face="Times New Roman">:&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face="Times New Roman">_________________________________________________________</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face="Times New Roman">FLORESTAL NACIONAL S.A</FONT></B><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face="Times New Roman">.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=PT-BR color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Witnesses</FONT></U></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">:&nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">1. ___________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. ___________________________</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">Taxpayer&#8217;s ID (CPF/MF):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Taxpayer&#8217;s ID (CPF/MF)</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">:&nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">PROTOCOL AND JUSTIFICATION OF THE PARTIAL SPIN-OFF OF</FONT></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp; &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">CSN CIMENTOS S.A.</FONT></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> </FONT></B><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">AND THE MERGER OF THE SPUN-OFF PORTION </FONT></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">BY COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">By this instrument and in accordance with the law, hereinafter jointly referred to as &#8220;Parties&#8221;,</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">A.&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">The Executive Officers of</FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> CSN CIMENTOS S.A., </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">headquartered at Rodovia BR 393 (L&#250;cio Meira) s/n., Km 5,001, Vila Santa Cec&#237;lia, CEP 27260-390, in the city of Volta Redonda, state of Rio de Janeiro, inscribed in the roll of corporate taxpayers under no. 42.564.807/0001-05</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> and with its articles of association</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> filed at Rio de Janeiro State Commercial Registry</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> under no. (NIRE)</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> 333.000.897.72, hereinafter referred to simply as &#8220;Cimentos&#8221;; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">B.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp; The Executive Officers of </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">, headquartered at Avenida Brigadeiro Faria Lima n&#186; 3.400, 15&#186; andar, parte e 19&#186; e 20&#186; andares, Itaim Bibi, CEP 04538-132, in the city and state of S&#227;o Paulo, inscribed in the roll of corporate taxpayers under no. 33.042.730/0001-04</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> and with its articles of association</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> filed at Rio de Janeiro State Commercial Registry</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> under no. (NIRE)</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> 35-3.0039609.0, hereinafter simply referred to as &#8220;CSN&#8221;, </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">AGREE to sign this &#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Protocol and Justification of the Partial Spin-off of CSN Cimentos S.A. and the Merger of the Spun-off Portion by Companhia Sider&#250;rgica Nacional&#8221;</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> (&#8220;Protocol and Justification&#8221;), containing the reasons for and the conditions through which the spun-off net assets of Cimentos will be transferred to CSN, pursuant to Article 223 and the paragraphs attached thereto, and Article 229 of Law 6404/1976 (&#8220;Corporate Law&#8221;), as well as CVM Instruction 319/99 (&#8220;CVMI 319&#8221;).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">1.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">JUSTIFICATION OF THE PARTIAL SPIN-OFF AND MERGER OF THE SPUN-OFF PORTION</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">1.1.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Given that Cimentos&#8217; assets include corporate interests and certain other elements which are no longer necessary for the fulfillment of its corporate purpose (&#8220;Spun-off Assets&#8221;), the spin-off of these Cimentos assets and their consequent merger by CSN (&#8220;Corporate Operation&#8221;) will result in the functional optimization of both companies.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">1.2.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Given that CSN retains one hundred per cent (100%) of the shares issued by Cimentos and that the value of its net assets is already reflected in CSN&#8217;s equity, the merger of the Spun-off Assets will naturally help improve the equity management of CSN and its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">1.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The partial spin-off and the resulting merger of the Spun-off Assets by CSN was carefully analyzed in meetings held by the Parties&#8217; management, technical departments and legal counsel, who concluded that the Corporate Operation will result in economic benefits for both companies, in addition to the advantages mentioned above.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In view of the foregoing and considering that the analyses performed show (i) that this is the most opportune moment for the Corporate Operation and (ii) that there are no factors preventing the realization of the Corporate Operation, the managements of both Parties decided to set forth the reasons and main conditions for the partial spin-off of Cimentos and the merger of the Spun-off Assets by CSN. </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">PROTOCOL </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">OF THE PARTIAL SPIN-OFF AND MERGER OF THE SPUN-OFF PORTION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All goods comprising the Spun-off Assets of Cimentos which will be merged by CSN will </FONT>


<FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">be considered and appraised at their book value.</FONT></P>

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<P style="TEXT-ALIGN: center">6</P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The reference date for the partial spin-off and the merger of the Spun-off Assets is August 31, 2013 (&#8220;Reference Date&#8221;), pursuant to the balance sheet drawn up by Cimentos precisely for this purpose (&#8220;Balance Sheet&#8221;). </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In accordance with Article 224, Paragraph II of Corporate Law, the portion of Cimentos to be spun-off and merged by CSN comprises the following assets and liabilities recorded in the Balance Sheet on the Reference Date of the Corporate Operation:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black 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></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">CSN CIMENTOS S.A.</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">PRO FORMA ACCOUNTING STATEMENTS</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">BALANCE SHEET (R$)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">BALANCES ON 8/31/2013</FONT></B></P></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 color=#2f5e58 face="trebuchet ms,sans-serif">NET ASSETS TO BE SPUN-OFF</FONT></B></P></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 color=#2f5e58 face="trebuchet ms,sans-serif">PRO FORMA BALANCES AFTER SPIN-OFF</FONT></B></P></TD></TR>

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   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">CURRENT ASSETS</FONT></B></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">506,560,579.70 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">104,415,695.89 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">402,144,883.81 </FONT></B></P></TD></TR>

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   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Cash and cash equivalents</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">34,377,714.94 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">34,377,714.94 </FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Trade accounts receivable</FONT></P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">324,622,557.03 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

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   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">324,622,557.03 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Payable to employees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">161,181.93 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">161,181.93 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Advances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">104,571,948.57 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">104,415,695.89 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">156,252.68 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Taxes recoverable </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">9,430,649.53 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">9,430,649.53 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">33,287,426.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">33,287,426.00 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Prepaid expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">109,101.70 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">109,101.70 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">NON-CURRENT ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">724,390,231.40 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">140,447,024.98 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">583,943,206.42 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">LONG-TERM ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">164,702,644.68 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">46,560,040.98 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">118,142,603.70 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Trade accounts receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">42,447,283.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">42,447,283.98 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Advances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">188,063.51 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">188,063.51 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Guarantees and deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">5,395,601.75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">5,395,601.75 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Payable to employees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">84,445.01 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">84,445.01 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Taxes and contributions recoverable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">5,677,562.25 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">5,677,562.25 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Deferred income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">110,527,272.31 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">46,560,040.98 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">63,967,231.33 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Prepaid expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">382,415.87 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">382,415.87 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">PERMANENT ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">559,687,586.72 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">93,886,984.00 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">465,800,602.72 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">INVESTMENTS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">150,671,778.00 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">93,886,984.00 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">56,784,794.00 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Investment in Usiminas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">150,671,778.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">93,886,984.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">56,784,794.00 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">PROPERTY, PLANT AND EQUIPMENT</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">408,195,515.27 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">- </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">408,195,515.27 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">INTANGIBLE ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">820,293.45 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">- </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">820,293.45 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">TOTAL ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">1,230,950,811.10 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">244,862,720.87 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">986,088,090.23 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">CURRENT LIABILITIES</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">65,521,028.97 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">469,109.00 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">65,051,919.97 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Loans and financings</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">14,686,526.93 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">14,686,526.93 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Trade accounts payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">10,700,996.71 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">469,109.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">10,231,887.71 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Payroll and related charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">2,487,074.37 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">2,487,074.37 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Taxes payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">16,407,224.13 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">16,407,224.13 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Advances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">416,751.69 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">416,751.69 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Other liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">457,442.46 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">457,442.46 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">20,365,012.68 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">20,365,012.68 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">NON-CURRENT LIABILITIES</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">18,452,055.74 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">- </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">18,452,055.74 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24.1pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">LONG-TERM LIABILITIES</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">18,452,055.74 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">- </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">18,452,055.74 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 32pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Trade accounts payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">15,767,299.86 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">15,767,299.86 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">34,469.07 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">34,469.07 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Contingent liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">2,650,286.81 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">2,650,286.81 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">SHAREHOLDERS' EQUITY</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">1,146,977,726.39 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">244,393,611.87 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">902,584,114.52 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 32pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Capital stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">1,325,313,887.49 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">220,412,818.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">1,104,901,069.43 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 32pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">33,322,700.45 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">23,980,793.81 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">9,341,906.64 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 32pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif">Accrued income/ losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=windowtext face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">(211,658,861.55)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">(211,658,861.55)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="42%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">TOTAL LIABILITIES</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">1,230,950,811.10 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">244,862,720.87 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="20%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">986,088,090.23 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center">7</P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">The Appraisal Report of the Spun-off Assets to be absorbed by CSN must be received by September 12, 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">The Extraordinary Shareholders&#8217; Meetings of Cimentos and CSN to approve the Corporate Operation must be held by September 30, 2013.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.6.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in equity in the Spun-off Assets of Cimentos as of the Reference Date of the Corporate Operation will be recorded in CSN, which will be the universal successor of the Spun-off Assets, pursuant to Article 229, paragraph 1 of Corporate Law. However, it is hereby stipulated that, in accordance with Article 233, sole paragraph of Corporate Law, CSN will only be liable for those obligations transferred as part of&nbsp; the Spun-off Assets and will not be jointly or severally liable for Cimentos&#8217; other obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Any legal acts occurring between the date of this Protocol and Justification and the approval of the Corporate Operation and undertaken in the name of Cimentos, due to prior commitments or management reasons, even if related to goods comprising the Spun-off Assets will be valid for all legal purposes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Ad referendum</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> to the Extraordinary Shareholders&#8217; Meetings, the Managements of the Parties hereby designate the specialized company APSIS CONSULTORIA E AVALIA&#199;&#213;ES LTDA., a privately-held company headquartered at Rua da Assembleia n&#186; 35, 12&#186; andar, in the city and state of Rio de Janeiro inscribed in the roll of corporate taxpayers under no. 08.681.365/0001-30 and in the Rio de Janeiro State Regional Accountancy Council under no. 005112/O-9 (&#8220;APSIS&#8221;), to appraise the Spun-off Assets. Having been previously informed of its possible designation, APSIS representatives declared that there was no current or potential conflict or communion of interest between the appraisers and either of the Parties in relation to the Corporate Operation, pursuant to Article 5, Paragraph I of CVMI 319.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In accordance with Article 224, Paragraphs I, V and VI of Corporate Law, the Parties clarify that, as Cimentos&#8217; equity is already reflected in CSN&#8217;s equity through equity results, given that the latter is the sole shareholder of Cimentos, the transfer of Cimentos' Spun-off Assets to CSN </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">will not result in an increase in CSN&#8217;s capital stock, an issue of shares or amendments to its By-laws</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.10.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Consequently, exchange ratios do not apply, the ownership structure of the involved companies being identical to that prior to the Corporate Operation.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.11.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Pursuant to Article 224, Paragraphs IV and V of Corporate Law, due to the partial spin-off </FONT>


<FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">and consequent transfer of the Spun-off Assets to CSN, Cimentos&#8217; capital stock will be reduced from one billion, three hundred twenty-five million, three hundred thirteen thousand, eight hundred and eighty-seven reais and forty-nine centavos (R$1,325,313,887.49) to one billion, one hundred four million, nine hundred one thousand and sixty-nine reais and forty-three centavos (R$1,104,901,069.43), resulting in a capital reduction of two hundred twenty million, four hundred twelve thousand, eight hundred and eighteen reais and six centavos (R$220,412,818.06), with no cancellation of shares issued by Cimentos, it being incumbent upon the aforementioned Extraordinary Shareholders&#8217; Meeting of Cimentos to approve the partial spin-off, and also to resolve on the resulting amendment to the article in Cimentos' By-laws defining its capital stock in order to reflect the respective reduction.</FONT></P>

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<P style="TEXT-ALIGN: center">8</P></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.12.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">CSN will maintain its headquarters and branches, given that the merger of the Spun-off Assets does not involve the merger of any Cimentos premises, either headquarters or branches.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.13.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Given (i) that CSN retains all the shares issued by Cimentos, (ii) that the Corporate Operation will not result in a capital increase by CSN, (iii) that there will be no change in CSN shareholders&#8217; interests due to the Corporate Operation and (iv) the provisions of Official Notice 269/2013 issued by the Brazilian Securities and Exchange Commission&#8217;s Corporate Relations Oversight Department, CSN is exempt from (a) preparing the comparative appraisal reports mentioned in Article 264 of Corporate Law; (b) publishing the Material Fact referred to in Article 2 of CVMI 319 in a newspaper; and (c) preparing financial statements audited by independent auditors, in compliance with Article 12 of CVMI 319.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.14.&nbsp;&nbsp; Any and all expenses arising from the equity appraisal will be borne by CSN.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In witness whereof, the Parties have executed this agreement in six (6) counterparts of equal form and content in the presence of two (2) witnesses.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">S&#227;o Paulo, September 10, 2013.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">Parties</FONT></U></B><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">:&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=PT-BR color=black face="Times New Roman">CSN CIMENTOS S.A</FONT></B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">_________________________________________________________</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">Witnesses</FONT></U></B><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">:&nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">1. ___________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. ___________________________</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Nome:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">ID (RG):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ID (RG):</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">Taxpayer&#8217;s ID (CPF/MF):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxpayer&#8217;s ID (CPF/MF):</FONT></B></P>

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<P style="TEXT-ALIGN: center">9</P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">PROTOCOL AND JUSTIFICATION OF THE PARTIAL SPIN-OFF OF </FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">COMPANHIA METAL&#218;RGICA PRADA AND THE MERGER OF THE SPUN-OFF PORTION BY COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">By this instrument and in accordance with the law, hereinafter jointly referred to as &#8220;Parties&#8221;,</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">A.&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">The Executive Officers of </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">COMPANHIA METAL&#218;RGICA PRADA</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">, headquartered at Rua Engenheiro Francisco Pita Brito n&#186; 138, CEP 04753-900, in the city and state of S&#227;o Paulo, inscribed in the roll of corporate taxpayers under no. 56.993.900/0001-31, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">and with its articles filed at the S&#227;o Paulo State Commercial Registry (&#8220;JUCESP&#8221;) under no. (NIRE)</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> 35-3.0004858.0 hereinafter referred to simply as &#8220;Prada&#8221;; and</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">B.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp; The Executive Officers of </FONT><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">, headquartered at Avenida Brigadeiro Faria Lima n&#186; 3.400, 15&#186; andar, parte e 19&#186; e 20&#186; andares, Itaim Bibi, CEP 04538-132, in the city and state of S&#227;o Paulo, inscribed in the roll of corporate taxpayers under no. 33.042.730/0001-04</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> and with its articles of association</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> filed at Rio de Janeiro State Commercial Registry</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> under no. (NIRE)</FONT><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> 35-3.0039609.0, hereinafter simply referred to as &#8220;CSN&#8221;,</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">AGREE to sign this &#8220;</FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Protocol and Justification of the Partial Spin-off of</FONT></I><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> Companhia Metal&#250;rgica Prada </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">and the Merger of the Spun-off Portion by</FONT></I><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> Companhia Sider&#250;rgica Nacional</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&#8221; (&#8220;Protocol and Justification&#8221;), containing the reasons for and the conditions through which the spun-off net assets of Prada will be transferred to CSN, pursuant to Article 223 and the paragraphs attached thereto, and Article 229 of Law 6404/1976 (&#8220;Corporate Law&#8221;), as well as CVM Instruction 319/99 (&#8220;CVMI 319&#8221;).</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">3.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">JUSTIFICATION OF THE PARTIAL SPIN-OFF AND MERGER OF THE SPUN-OFF PORTION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">3.1.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Given that Prada&#8217;s assets include corporate interests and certain other elements which are no longer necessary for the fulfillment of its corporate purpose (&#8220;Spun-off Assets&#8221;), the spin-off of these Prada&#8217;s assets and their consequent merger by CSN (&#8220;Corporate Operation&#8221;) will result in the functional optimization of both companies.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">3.2.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Given that CSN retains one hundred per cent (100%) of the shares issued by Prada and that the value of its net assets is already reflected in CSN&#8217;s equity, the merger of the Spun-off Assets will naturally help improve the equity management of CSN and its subsidiaries.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">1.3.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The partial spin-off and the resulting merger of the Spun-off Assets by CSN was carefully analyzed in meetings held by the Parties&#8217; management, technical departments and legal counsel, who concluded that the Corporate Operation will result in economic benefits for both companies, in addition to the advantages mentioned above.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">1.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In view of the foregoing and considering that the analyses performed show (i) that this is the most opportune moment for the Corporate Operation and (ii) that there are no factors preventing the realization of the Corporate Operation, the managements of both Parties decided to set forth the reasons and main conditions for the partial spin-off of Prada and the merger of the Spun-off Assets by CSN. </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">4.</FONT></B><B><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">PROTOCOL </FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman">OF THE PARTIAL SPIN-OFF AND MERGER OF THE SPUN-OFF PORTION</FONT></B></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.1.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; All goods comprising the Spun-off Assets of Prada which will be merged by CSN will be considered and appraised at their book value.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.2.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The reference date for the partial spin-off and the merger of the Spun-off Assets is August 31, 2013 (&#8220;Reference Date&#8221;), pursuant to the balance sheet drawn up by Prada precisely for this purpose (&#8220;Balance Sheet&#8221;). </FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In accordance with Article 224, Paragraph II of Corporate Law, the portion of Prada to be spun-off and merged by CSN comprises the following assets and liabilities recorded in the Balance Sheet on the Reference Date of the Corporate Operation:</FONT></P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">CIA METAL&#218;RGICA PRADA </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">PRO FORMA ACCOUNTING STATEMENTS</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">BALANCES ON 8/31/2013</FONT></B></P></TD>

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   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">CURRENT ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">396,805,772.56 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">19,318,583.92 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">377,487,188.64 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Cash and cash equivalents</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">9,949,533.25 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">9,949,533.25 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Trade accounts receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">143,431,395.08 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">19,306,681.77 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">124,124,713.31 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Securities receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">37,630,981.17 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">37,630,981.17 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Payable to employees</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">370,003.95 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">370,003.95 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Advances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">4,017.02 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">4,017.02 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Taxes recoverable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">7,044,880.58 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">7,044,880.58 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Inventories</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">197,245,498.37 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">197,245,498.37 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">NON-CURRENT ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">360,174,804.06 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">82,913,358.62 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">277,261,445.44 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">LONG-TERM ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">86,949,795.33 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">27,047,592.62 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">59,902,202.71 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Compulsory loans</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">203,027.95 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">203,027.95 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Amounts receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">25,632,580.82 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">25,632,580.82 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Guarantees and deposits</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">8,248,074.18 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">8,248,074.18 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Securities receivable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">25,573,733.40 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">25,573,733.40 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Deferred taxes</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">315,472.92 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">70,686.56 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">244,786.36 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">Deferred income tax and social contribution</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">26,976,906.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">26,976,906.06 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">- </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">PERMANENT ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">273,225,008.73 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">55,865,766.00 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">217,359,242.73 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">INVESTMENTS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">133,733,118.58 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">55,865,766.00 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">77,867,352.58 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Investment in Usiminas</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">55,865,766.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">55,865,766.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">- </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Goodwill from investments - CBL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">138,728,006.25 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">138,728,006.25 </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="41%" noWrap>

   <P style="TEXT-INDENT: 16pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Impairment - CBL</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">(60,860,653.67)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">(60,860,653.67)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">PROPERTY, PLANT AND EQUIPMENT</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">137,855,398.48 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">- </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">137,855,398.48 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">INTANGIBLE ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">1,636,491.67 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">- </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">1,636,491.67 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">TOTAL ASSETS</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">756,980,576.62 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">102,231,942.54 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">654,748,634.08 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">CURRENT LIABILITITES</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">309,056,742.39 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">82,961,601.30 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">226,095,141.09 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Trade accounts payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">266,871,157.82 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">82,907,903.57 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">183,963,254.25 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Payroll and related charges</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">11,912,341.88 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">11,912,341.88 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Taxes payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">5,958,245.43 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">5,958,245.43 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Advances</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">2,809,221.37 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">2,809,221.37 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Accounts payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">1,519,421.74 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">53,697.73 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">1,465,724.01 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Other liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">1,182,929.32 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">1,182,929.32 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">3,745,294.83 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">3,745,294.83 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Contingent liabilities</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">15,058,130.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">15,058,130.00 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">NON-CURRENT LIABILITIES</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">199,060,018.61 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">5,000,000.00 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">194,060,018.61 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24.1pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">LONG-TERM LIABILITIES</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">199,060,018.61 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">5,000,000.00 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">194,060,018.61 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 32pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">Advance on future capital increase - CSN</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

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

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">5,000,000.00 &nbsp;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">5,000,000.00 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">- </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 32pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Accounts payable</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">8,092,591.29 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">8,092,591.29 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.5pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 24pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Provisions</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">185,967,427.32 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.5pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">185,967,427.32 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">SHAREHOLDERS' EQUITY</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">248,863,815.62 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">14,270,341.24 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="TEXT-INDENT: 16.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">234,593,474.38 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 32pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Capital stock</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">769,845,140.74 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">1,000.00</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">769,844,140.74 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 32pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Capital reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">24,378,829.49 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">24,378,829.49 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 32pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">14,269,341.24 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">14,269,341.24</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">- </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 32pt; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">Accrued income/ losses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">(559,629,495.85)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 15pt; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 8pt" face="trebuchet ms,sans-serif">(559,629,495.85)</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="41%" noWrap>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">TOTAL LIABILITIES</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="2%" noWrap>

   <P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; BORDER-LEFT: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">756,980,576.62 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; BORDER-RIGHT: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="18%" noWrap align=right>

   <P style="MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">102,231,942.54 </FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: #2f5e58 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #c4cecb; HEIGHT: 15pt; BORDER-TOP: #2f5e58 1pt solid; PADDING-TOP: 0cm" width="21%" noWrap align=right>

   <P style="TEXT-INDENT: 8.05pt; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=#2f5e58 face="trebuchet ms,sans-serif">654,748,634.08 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">The Appraisal Report of the Spun-off Assets to be absorbed by CSN must be received by September 12, 2013.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">The Extraordinary Shareholders&#8217; Meetings of Prada and CSN to approve the Corporate Operation must be held by September 30, 2013.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.6.</FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in equity in the Spun-off Assets of Prada as of the Reference Date of the Corporate Operation will be recorded in CSN, which will be the universal successor of the Spun-off Assets, pursuant to Article 229, paragraph 1 of Corporate Law. However, it is hereby stipulated that, in accordance with Article 233, sole paragraph of Corporate Law, CSN will only be liable for those obligations transferred as part of the Spun-off Assets and will not be jointly or severally liable for Prada other obligations.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.7.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Any legal acts occurring between the date of this Protocol and Justification and the approval of the Corporate Operation and undertaken in the name of Prada, due to prior commitments or management reasons, even if related to goods comprising the Spun-off Assets will be valid for all legal purposes.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.8.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Ad referendum</FONT></I><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"> to the Extraordinary Shareholders&#8217; Meetings, the Managements of the Parties hereby designate the specialized company APSIS CONSULTORIA E AVALIA&#199;&#213;ES LTDA., a privately-held company headquartered at Rua da Assembleia n&#186; 35, 12&#186; andar, in the city and state of Rio de Janeiro inscribed in the roll of corporate taxpayers under no. 08.681.365/0001-30 and in the Rio de Janeiro State Regional Accountancy Council under no. 005112/O-9 (&#8220;APSIS&#8221;), to appraise the Spun-off Assets. Having been previously informed of its possible designation, APSIS representatives declared that there was no current or potential conflict or communion of interest between the appraisers and either of the Parties in relation to the Corporate Operation, pursuant to Article 5, Paragraph I of CVMI 319.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In accordance with Article 224, Paragraphs I, V and VI of Corporate Law, the Parties clarify that, as Prada&#8217;s equity is already reflected in CSN&#8217;s equity through equity results, given that the latter is the sole shareholder of Prada, the transfer of Prada's Spun-off Assets to CSN </FONT><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">will not result in an increase in CSN&#8217;s capital stock, an issue of shares or amendments to its By-laws</FONT></U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">.&nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.10.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Consequently, exchange ratios do not apply, the ownership structure of the involved companies being identical to that prior to the Corporate Operation.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.11.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Pursuant to Article 224, Paragraphs IV and V of Corporate Law, due to the partial spin-off and consequent transfer of the Spun-off Assets to CSN, Prada&#8217;s capital stock will be reduced from seven hundred sixty-nine million, eight hundred forty-five thousand, one hundred and forty reais and seventy-four centavos (R$769,845,140.74) to seven hundred sixty-nine million, eight hundred forty-four thousand, one hundred and forty reais and seventy-four centavos (R$769,844,140.74), resulting in a capital reduction of one thousand reais (R$1,000.00), with no cancellation of shares issued by Prada, it being incumbent upon the aforementioned Extraordinary Shareholders&#8217; Meeting of Prada to approve the partial spin-off, and also to resolve on the resulting amendment to the article in Prada&#8217;s By-laws defining its capital stock in order to reflect the respective reduction.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.12.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">CSN will maintain its headquarters and branches, given that the merger of the Spun-off Assets does not involve the merger of any Prada premises, either headquarters or branches.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.13.&nbsp;&nbsp;&nbsp; </FONT></B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Given (i) that CSN retains all the shares issued by Prada, (ii) that the Corporate Operation will not result in a capital increase by CSN, (iii) that there will be no change in CSN shareholders&#8217; interests due to the Corporate Operation and (iv) the provisions of Official Notice 269/2013 issued by the Brazilian Securities and Exchange Commission&#8217;s Corporate Relations Oversight Department, CSN is exempt from (a) preparing the comparative appraisal reports mentioned in Article 264 of Corporate Law; (b) publishing the Material Fact referred to in Article 2 of CVMI 319 in a newspaper; and (c) preparing financial statements audited by independent auditors, in compliance with Article 12 of CVMI 319.</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.45pt; MARGIN: 0cm 0cm 0pt 35.45pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2.14.&nbsp;&nbsp;&nbsp; Any and all expenses arising from the equity appraisal will be borne by CSN.</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">In witness whereof, the Parties have executed this agreement in six (6) counterparts of equal form and content in the presence of two (2) witnesses.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">S&#227;o Paulo, September 10, 2013.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">Parties</FONT></U></B><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">:&nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">_________________________________________________________</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">COMPANHIA METAL&#218;RGICA PRADA</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=PT-BR color=black face="Times New Roman">_________________________________________________________</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Witnesses</FONT></U></B><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">:&nbsp;</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">1. ___________________________&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2. ___________________________</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Name:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Name:</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">ID (RG):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ID (RG):</FONT></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR color=black face="Times New Roman">Taxpayer&#8217;s ID (CPF/MF):&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Taxpayer&#8217;s ID (CPF/MF):</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: 12pt" lang=EN-US color=black face="Times New Roman">EXHIBIT II</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">INFORMATION ON THE APPRAISERS</FONT></B></P>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">1.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">List of appraisers recommended by the Management</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">APSIS CONSULTORIA E AVALIA&#199;&#213;ES LTDA., a privately-owned company, headquartered at Rua da Assembleia n&#186; 35, 12&#186; andar, in the City and State of Rio de Janeiro, inscribed in the roll of corporate taxpayers (CNPJ/MF) under no. 08.681.365/0001-30 and registered with the Rio de Janeiro State Regional Accounting Council (CRC/RJ) under no. 005112/O-9 (&#8220;APSIS&#8221;).</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">2.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Description of the capabilities of the recommended appraisers</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">The company has been operating in the market since the 1970s, providing integrated equity consulting services for companies in Brazil and abroad. Registration: CRC/RJ-005112/O-9.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">The appraisals are carried out by a highly qualified multidisciplinary team in line with market changes and needs, in accordance with international accounting standards (IFRS), issued and amended by the International Accounting Standards Board (IASB), and the standards issued by the Brazilian Accounting Pronouncements Committee (CPC), as well as other pertinent standards and regulations. The company is a member of the Brazilian Committee of Business Appraisers (CBAN) and the National Association of Finance, Management and Accounting Executives (ANEFAC), and is fully qualified to issue an appraisal report at book value of the merged company's net equity, in accordance with the prevailing rules. </FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">3.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Copy of the work and compensation proposals of the recommended appraisers</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">See Exhibit A.</FONT></P></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -35.25pt; MARGIN: 0cm 0cm 0pt 53.25pt"><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">4.</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Description of any relevant relationship in the last three (3) years between the recommended appraisers and parties related to the Company, as defined by the accounting rules governing this subject. </FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">APSIS has no contractual relationship with CSN Group companies that could jeopardize its independence in relation to the execution of this work. </FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">Publicly-Held Company</FONT></B></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT><FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Corporate Taxpayer&#8217;s ID (CNPJ/MF): 33.042.730/0001-04</FONT></B></FONT></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: 12pt" lang=PT-BR color=black face="Times New Roman">EXHIBIT A</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: 12pt" lang=PT-BR color=black face="Times New Roman">PROPOSAL FOR SERVICES</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman">APSIS CONSULTORIA E AVALIA&#199;&#213;ES LTDA.</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=PT-BR color=black face="Times New Roman"></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: windowtext 1.5pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><I><FONT style="LINE-HEIGHT: 116%; FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">(pursuant to item 3 of Exhibit 21 of CVM Instruction 481 of December 17, 2009)</FONT></I></P></DIV>

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

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

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;September 26, 2013</FONT></DIV>

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

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

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

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

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

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

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>David Moise Salama </B></FONT></DIV>

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

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

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

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