<SEC-DOCUMENT>0001292814-14-000794.txt : 20140402
<SEC-HEADER>0001292814-14-000794.hdr.sgml : 20140402
<ACCEPTANCE-DATETIME>20140402094738
ACCESSION NUMBER:		0001292814-14-000794
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		6
CONFORMED PERIOD OF REPORT:	20140630
FILED AS OF DATE:		20140402
DATE AS OF CHANGE:		20140402

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:		14736399

	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>sid20140401_6k.htm
<DESCRIPTION>MANAGEMENT PROPOSAL
<TEXT>

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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 April, 2014</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>

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

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

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

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

<P></P>

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 12pt" lang=PT-BR face=Calibri,sans-serif>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=PT-BR face=Calibri,sans-serif>Corporate Taxpayer&#8217;s ID (CNPJ/MF) 33.042.730/0001-04</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Company Registry (NIRE) 35.300.396.090</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Publicly-held Company</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>1.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Management Proposal</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>2</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>2.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Attachment I &#8211; Officers Comments (</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>as per item 10 of Attachment 24 of ICVM 480</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>5</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>3.</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; PADDING-TOP: 0cm" vAlign=top width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Attachment II &#8211; Allocation of Net Income (</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>as per Attachment 9-1-II of ICVM 481</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>42</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>4.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Attachment III &#8211; Information about Management compensation (</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>as per item 13 of Attachment 24 of ICVM 480</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>46</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>5.</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Attachment IV &#8211; Information about candidates to the positions as members of the Board of Directors (</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>as per items 12.6 to 12.10 of Attachment 24 of ICVM 480</FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 3pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>63</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Corporate Taxpayer&#8217;s ID (CNPJ/MF) 33.042.730/0001-04</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Company Registry (NIRE) 35.300.396.090</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Publicly-held Company</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Dear Shareholders</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Please find below the Management proposal of Companhia Sider&#250;rgica Nacional (&#8220;Company&#8221;) about the issues to be resolved at the Company&#8217;s Annual Shareholders&#8217; Meeting to be summoned for April 25, 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>1. Analysis of the Management accounts, to examine, discuss and vote on the financial statements for the fiscal year ended December 31, 2013.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>We propose to the Company&#8217;s shareholders to analyze the Management accounts and approve the financial statements for the fiscal year ended December 31, 2013, disclosed on February 28, 2014, at the websites of the Brazilian Securities and Exchange Commission (&#8220;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>CVM</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&#8221;) and BM&amp;FBOVESPA S.A. &#8211; Securities, Commodities and Futures Exchange (&#8220;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>BM&amp;FBOVESPA</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&#8221;), by means of the Periodic Information System (IPE) (&#8220;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Financial Statements</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&#8221;).&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In addition, we point out that, pursuant to item III, Article 9 of CVM Rule n&#186; 481 of December 17, 2009 (&#8220;</FONT><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>CVM Rule 481/09</FONT></U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&#8221;), the information mentioned in </FONT><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Attachment I</FONT></U></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> hereto reflects our comments on the Company&#8217;s financial condition.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>We take this opportunity to clarify that the Company&#8217;s Audit Committee advised the approval of the Financial Statements in a meeting held on February 27, 2014, whose extract of the minutes was also made available by the Company at the websites of CVM and BM&amp;FBOVESPA, by means of the Periodic Information System (IPE).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>2. Allocation of net income for the fiscal year ended December 31, 2013 and distribution of dividends.</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>We propose that the net income for the fiscal year ended December 31, 2013 have the following allocation:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm">&nbsp;</P>

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<TR vAlign=bottom>

   <TD width="90%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">12/31/2013</FONT></B></TD></TR>

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   <TD bgColor=#dce6f1 width="90%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Income for the fiscal year</FONT></B></TD>

   <TD style="TEXT-INDENT: 9.839pt" bgColor=#dce6f1 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">509,025</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 15.727pt" width="90%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Legal reserve</FONT></TD>

   <TD style="TEXT-INDENT: 11.279pt" width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(25,451)</FONT></TD></TR>

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   <TD style="BACKGROUND-COLOR: #dce6f1; TEXT-INDENT: 15.727pt" width="90%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Reversal of statutory w orking capital reserve</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9.839pt" bgColor=#dce6f1 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">316,426</FONT></TD></TR>

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   <TD width="90%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Net income to be allocated</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9.839pt" width="10%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">800,000</FONT></B></TD></TR>

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   <TD style="BACKGROUND-COLOR: #dce6f1" width="100%" colSpan=2><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>

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   <TD width="90%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Allocation:</FONT></B></TD>

   <TD width="10%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>

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   <TD style="TEXT-INDENT: 9.015pt" bgColor=#dce6f1 width="90%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Dividends distributed</FONT></TD>

   <TD style="TEXT-INDENT: 9.839pt" bgColor=#dce6f1 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">610,000</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 9.015pt" width="90%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Interest on equity distributed</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9.839pt" width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">190,000</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 6.72pt" bgColor=#dce6f1 width="90%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Total dividends and interest on equity distributed</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 9.839pt" bgColor=#dce6f1 width="10%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">800,000</FONT></B></TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The allocation indicated above was reflected in the Note </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>21&nbsp;</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> to the Company&#8217;s Financial Statements and detailed in the </FONT><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Attachment II</FONT></U></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> hereto, drawn up according to item II, Paragraph 1 of Article 9 of CVM Rule 481/09.</FONT></P>

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<P style="TEXT-ALIGN: center">2</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Therefore, we propose to ratify (i) the distribution of
dividends in the amount of R$210,000,000.00 and the payment of interest on
equity in the amount of R$90,000,000.00, approved at the Board of Directors&#8217;
Meeting held on August 6, 2013; and (ii) the distribution of dividends in the
amount of R$ 400,000,000.00 and the payment of Interest on Equity in the amount
of R$100,000,000.00, approved at the Board of Directors&#8217; Meeting held on
November 13, 2013. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In this regard, considering that the Company ended the
2013 fiscal year with a net income of R$509,024,800.40, dividends distributed
and interest on equity paid to shareholders under the terms of the
aforementioned resolutions shall be ratified, which totaled R$800,000,000.00,
which were allocated as follows: R$483,573,560.38 to the profit account in 2013
and R$316,426,439.62 to the profit reserve account of previous years (working
capital statutory reserve).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>3. Definition of Management overall compensation for
2014 fiscal year.</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>We propose that the Management compensation in 2014
fiscal year is defined in the overall amount of up to </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$78,485,750.00.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>We inform that at the Company&#8217;s Annual Shareholders&#8217;
Meeting held on April 30, 2013, the amount of up to R$74,500,000.00 was approved
as Management annual overall compensation, and the amount realized in the year
was R$29,657,822.00.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The variation between the overall amount approved at the
Shareholders&#8217; Meeting and the amount effectively realized in the year was mainly
due to the impacts of the world&#8217;s macroeconomic condition, which made the
Company to postpone to 2014 the plans to implement a Share-Based Variable
Compensation Program, with an estimated amount of R$43,290,955.00. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>We clarify that the information required for the
appropriate analysis of the Management compensation proposal, pursuant to
Article 12 of CVM Rule 481/09, can be found in </FONT><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Attachment III</FONT></U></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
hereto. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>4. Definition of number of members and appointment of
names to compose the Company&#8217;s Board of Directors </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>We propose that the Board of Directors to be elected at
the Shareholders&#8217; Meeting, with term of office until the 2015 Annual
Shareholders&#8217; Meeting to be composed of eight (8) members, one (1) of them
appointed by the Company&#8217;s employees, pursuant to Article 14 of the Company&#8217;s
Bylaws.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>We inform that the election of members for the Board of
Directors will occur by means of simple vote, composing a complete list of
candidates for the vacancies in the Board of Directors, which shall be submitted
for shareholders' resolution, except if the adoption of multiple vote process is
required.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In the event the adoption of multiple vote process is
requested, each common share shall have as many votes as are the vacancies to be
filled in in the Company&#8217;s Board of Directors and shareholder shall be entitled
to accumulate votes in only one candidate or distribute them among several
candidates. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>We point out that the request to adopt the multiple vote
shall be made by shareholders representing, at least, 5% of the Company&#8217;s voting
capital.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company&#8217;s controlling shareholders informed the
Management that they will appoint to hold the positions as members of the
Company&#8217;s Board of Directors, with term of office until the 2015 Annual
Shareholders&#8217; Meeting, Messrs. </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Benjamin Steinbruch</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, business administrator, individual taxpayer&#8217;s register
(CPF/MF) 618.266.778-87, </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Jacks Rabinovich</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, engineer, individual taxpayer&#8217;s register (CPF/MF)
011.495.638-34, </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Aloysio Meirelles de Miranda
Filho</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, attorney, individual taxpayer&#8217;s register (CPF/MF)
715.343.187-04, </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Antonio Bernardo Vieira Maia</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, business administrator, individual taxpayer&#8217;s register
(CPF/MF) 510.578.677-72, </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fernando Perrone</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, attorney, individual taxpayer&#8217;s register (CPF/MF)
181.062.347-20, </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Yoshiaki Nakano</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, business administrator, individual taxpayer&#8217;s register
(CPF/MF) 049.414.548-04 and </FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Luis Felix Cardamone Neto</FONT></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, business administrator, individual taxpayer&#8217;s register
(CPF/MF) 042.649.938-73.</FONT></P>
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<P style="TEXT-ALIGN: center">3</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Finally, we clarify that pursuant to Article 10 of CVM
Rule 481/09, the information about the candidates to the positions as members of
the Company&#8217;s Board of Directors appointed above are detailed in the
</FONT><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Attachment IV</FONT></U></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
hereto.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif>S&#227;o Paulo, March 25, 2014</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif>The Management</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></B>&nbsp;</P>
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<P style="TEXT-ALIGN: center">4</P>
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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>ATTACHMENT I </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Base Date: 12.31.2013</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></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: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>as per item 10 of Attachment 24 of CVM Rule 480 of
December 7, 2009)</FONT></I></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10. OFFICERS&#8217; COMMENTS</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.1</FONT></I></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
&nbsp;</FONT></B></P>
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  <TR style="HEIGHT: 11pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) general equity and financial
      conditions</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>Amounts in R$
thousand</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>2013</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>2012</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 12pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20.99%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>Shareholders'
      equity</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>8,069,059 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>9,007,513 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20.99%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>8,417,170 </FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif>Indebtdness</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20.99%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>Loans and
      borrowings</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>27,863,222 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>29,437,673 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20.99%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>28,066,918
</FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>(-) Cash and cash
      equivalents</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>9,995,672 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>11,891,821 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20.99%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>15,417,393
</FONT></P></TD></TR>
  <TR style="HEIGHT: 12pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif>Net debt</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif>17,867,550
    </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="22%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif>17,545,852
    </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="20.99%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif>12,649,525
    </FONT></B></P></TD></TR>
  <TR>
    <TD vAlign=top width="100%" colSpan=4>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></I></B>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) capital structure and possibility of redeeming
      shares or quotas </FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 19.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.45pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=4>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The chart below shows the evolution of the
      Company&#8217;s capital structure over the last three fiscal years, with
      financing through equity and debt: </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<TABLE style="WIDTH: 90%" border=1 cellSpacing=0 borderColor=#000000 cellPadding=0>

  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 align=left><B><FONT size=2 face=sans-serif>Amounts in
      R$ thousand</FONT></B></TD>
    <TD bgColor=#c0c0c0 align=right><B><FONT size=2 face=sans-serif>12/31/2013</FONT></B></TD>
    <TD bgColor=#c0c0c0 align=right><B><FONT size=2 face=sans-serif>12/31/2012</FONT></B></TD>
    <TD bgColor=#c0c0c0 align=right><B><FONT size=2 face=sans-serif>12/31/2011</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT size=2 face=sans-serif>Shareholders' equity</FONT></TD>
    <TD align=right><FONT size=2 face=sans-serif>8,069,059</FONT></TD>
    <TD align=right><FONT size=2 face=sans-serif>9,007,513</FONT></TD>
    <TD align=right><FONT size=2 face=sans-serif>8,417,170</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT size=2 face=sans-serif>Gross debt (loans and
      borrowings)</FONT></TD>
    <TD align=right><FONT size=2 face=sans-serif>27,863,222</FONT></TD>
    <TD align=right><FONT size=2 face=sans-serif>29,437,673</FONT></TD>
    <TD align=right><FONT size=2 face=sans-serif>28,066,918</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 align=left><B><FONT color=#ffffff size=2 face=sans-serif>Gross debt/Shareholders' equity</FONT></B></TD>
    <TD bgColor=#003366 align=right><B><FONT color=#ffffff size=2 face=sans-serif>3.45</FONT></B></TD>
    <TD bgColor=#003366 align=right><B><FONT color=#ffffff size=2 face=sans-serif>3.27</FONT></B></TD>
    <TD bgColor=#003366 align=right><B><FONT color=#ffffff size=2 face=sans-serif>3.33</FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Referring to the eventual redemption of shares, the
Company, depending on the market&#8217;s conditions, may implement share buyback
programs. The Company and its subsidiaries did not issue redeemable preferred
shares over the last three fiscal years.</FONT></P>
<P></P></DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">5</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_6></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader6"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm">&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) capacity of payment in relation to the
      financial commitments assumed </FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 19.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.45pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Currently, the Company has a comfortable liquidity
      position, besides a high cash generation. In addition, the Company has
      access to several sources of domestic and foreign financing. Hence, the
      Board of Executive Officers understands that the Company has a sustainable
      capacity of payment to meet its financial commitments assumed.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The graphs below show the cash and cash
      equivalents compared to the maturities of loans and financing on December
      31, 2013, December 31, 2012 and December 31, 2011.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><IMG border=0 src="tabelasx6x1.jpg"></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>*</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Amounts referring to loans and borrowings include
      the transaction costs.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV align=left>&nbsp;</DIV>
<a name="_bclFooter6"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">6</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_7></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader7"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 19.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.45pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT size=2 face=Calibri><IMG border=0 src="tabelasx7x1.jpg"></FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>*</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Amounts referring to loans and borrowings include
      the transaction costs.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE>
<DIV align=left>&nbsp;</DIV>
<a name="_bclFooter7"></a><DIV>
<DIV>
<DIV align=left>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>d) funding sources for working capital and
      investments in non-current assets </FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 19.45pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.45pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The funding sources for working capital and
      investment in non-current assets are lines of trade finance, lines of
      development banks, bonds issued in foreign markets, debentures, bank
      credit certificates (CCB), besides own funds. These funding sources in the
      domestic and foreign markets are described in item
  10.1(f).</FONT></P></TD></TR>
  <TR style="HEIGHT: 11pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>e) funding sources for working capital and
      investments in non-current assets the Company plans to apply to cover
      liquidity deficiencies</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 11pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company is always seeking to maximize the
      return for its shareholders, lengthening debt maturities and improving
      liquidity conditions. The Board of Executive Officers understands if it is
      necessary to cover any liquidity deficiency, the Company may take out
      special lines of credit, credit facility with banks and negotiate with its
      suppliers.</FONT></P></TD></TR></TABLE></DIV>
<P></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<P></P></DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">7</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_8></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader8"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>f) indebtedness levels and characteristics of
      debts, also describing:</FONT></I></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;&nbsp;</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 29.8pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 29.8pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 6pt 0cm"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif>(i)</FONT></I></B><B><I><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></I></B><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=calibri,sans-serif>Relevant loan and credit facility
      agreements</FONT></I></B></P>
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Relevant loan and credit facility agreements as at
      December 31, 2013</FONT></U></P>
      <H2 style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><U><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=calibri,sans-serif>In thousands of R$
      </FONT></U></H2>
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="23%"></TD>
    <TD width="13%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="45%" colSpan=9 align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Consolidated</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=7 align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Parent
      Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Current
      liabilities</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Non-current
      liabilities</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Current
      liabilities</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Non-current
      liabilities</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Rates
      (%)</FONT></B></TD>
    <TD width="1%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12/31/2013</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12/31/2012</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12/31/2013</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12/31/2012</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12/31/2013</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12/31/2012</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12/31/2013</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12/31/2012</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">FOREIGN
CURRENCY</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Prepayment</FONT></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1% to 3.50%</FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">105,874</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">162,290</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,166,615</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,104,271</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">105,874</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">162,290</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,166,615</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,104,271</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Prepayment</FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">3.51% to 7.50%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">207,331</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">8,954</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,276,717</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">878,705</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">343,912</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">121,962</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">4,084,099</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">3,105,474</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Perpetual Bonds</FONT></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">7.00%</FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">3,189</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,781</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,342,600</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,043,500</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Fixed Rate Notes</FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">4.14 to 10%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">156,868</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,265,330</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">5,505,110</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">4,802,225</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">19,439</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,422,531</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,433,517</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,122,809</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Import Financing</FONT></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">6.24%</FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">6,813</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">6,813</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Interest Rate Res.
      635/87</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">BNDES/FINAME</FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12,356</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">32,395</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10,755</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">11,334</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">29,703</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">9,863</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">+ 1.7% and 2.7%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Intercompany</FONT></TD>
    <TD style="TEXT-INDENT: 1.435pt" width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Libor 6M + 2.25 and
    3%</FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">737,297</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">91,505</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">110,268</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">634,124</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Other</FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1.40% to 8.00% +
    1.2%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">49,306</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">9,860</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">442,843</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">409,337</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">534,924</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,488,423</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10,733,885</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">9,248,793</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,217,856</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,834,804</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">7,794,499</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">6,976,541</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">LOCAL CURRENCY</FONT></B></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD style="TEXT-INDENT: 1.435pt" bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">TJLP + 1.5%
      to 3.2% and</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">BNDES/FINAME</FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">97,044</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">346,623</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">962,684</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,535,255</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">57,759</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">253,852</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">853,379</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">835,513</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Fixed 2.5% to 10%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">105.8% to 110.8%
CDI</FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Debentures</FONT></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">846,387</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">128,239</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,932,500</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">4,436,892</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">846,387</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">46,355</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,932,500</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,715,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">and TJLP + 0.85%</FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">106.5% to 110.79%
    CDI</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Prepayment</FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">101,330</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">163,812</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">5,345,000</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">4,800,000</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">79,302</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">147,713</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">3,345,000</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,800,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">and Fixed 8%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">CCB</FONT></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">112.5% CDI</FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,085,436</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">62,072</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">6,200,000</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">7,200,000</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,085,436</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">62,072</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">6,200,000</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">7,200,000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Intercompany</FONT></TD>
    <TD style="TEXT-INDENT: 1.435pt" bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">110.79%
      CDI</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">591,423</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">302,299</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,338,771</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,077,420</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Other</FONT></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">8,527</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10,983</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">15,505</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">16,581</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,119</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,986</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,118</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">3,973</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,138,724</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">711,729</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">14,455,689</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">17,988,728</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,662,426</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">814,277</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">13,671,768</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">14,631,906</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Total Loans and
      Borrowings</FONT></B></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,673,648</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,200,152</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">25,189,574</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">27,237,521</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">3,880,282</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,649,081</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">21,466,267</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">21,608,447</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="23%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Transaction Costs and Issue
      Premiums</FONT></TD>
    <TD bgColor=#f2f2f2 width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(30,841)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(31,030)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(85,951)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(101,939)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(25,588)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(27,578)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(71,607)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(89,958)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Total Loans and Borrowings +
      Ex-</FONT></B></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="23%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Transaction
    Costs</FONT></B></TD>
    <TD width="13%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></TD>
    <TD width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,642,807</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,169,122</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">25,103,623</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">27,135,582</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">3,854,694</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,621,503</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">21,394,660</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt"></FONT></B></TD>
    <TD width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">21,518,489</FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Prepayment balances with the Company&#8217;s
related parties totaled R$2,943,964 on December 31, 2013 (R$2,339,776 on
December 31, 2012) and the balances of Fixed Rate Notes and Intercompany Bonds
totaled R$2,452,956 (R$3,545,340 on December 31, 2012).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman"> </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Funding Transaction
Costs</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>On
December 31, 2013 the funding transaction costs were stated as
follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="20%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="14%"></TD>
    <TD width="1%"></TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Consolidated</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="29%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Parent
      Company</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Current</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Non-current</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Current</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Non-current</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="20%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">IRR
      </FONT></B><FONT style="FONT-FAMILY: Calibri"><FONT style="FONT-SIZE: 9pt"></FONT></FONT><B><SUP><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">(1)</FONT></SUP></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Fixed Rate Notes</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">1,865</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">3,830</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">1,461</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">6.5% to 10.7%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">BNDES</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">631</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">2,660</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">481</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">2,660</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">1.44% to 9.75%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Prepayment</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">8,162</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">15,766</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">5,120</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">2,864</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">10.08% to 12.44%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Prepayment</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">2,213</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">8,368</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">1,739</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">7,496</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">2.68% to 4.04%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">CCB</FONT></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">17,472</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">54,834</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">17,472</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">54,834</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">11.33% to 14.82%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Other</FONT></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">498</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">493</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">776</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="14%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">2,292</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">6.75% to 12.59%
  and</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="14%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">10.7% to 13.27%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">30,841</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">85,951</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">25,588</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="14%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">71,607</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD bgColor=#f2f2f2 width="20%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">&nbsp;
</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.55pt; MARGIN: 6pt 0cm"><SUP><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(1)</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT></SUP><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>IRR &#8211; Annual internal rate of
return</FONT></P></FONT></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm">&nbsp;</P>
<DIV align=left>
<P></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -15.9pt; MARGIN: 6pt 0cm 6pt 15.9pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Maturities of loans, borrowings and
debentures recorded under non-current liabilities</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>On
December 31, 2013, the principal of loans, borrowings and long-term debentures
were as follows, per year of maturity:</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=red face=Calibri,sans-serif>&nbsp;&nbsp;</FONT></P>
<P></P></DIV>
<a name="_bclFooter8"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">8</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_9></A>
<a name="_bclHeader9"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="37%"></TD>
    <TD width="15%" align=center></TD>
    <TD width="1%" align=center></TD>
    <TD width="15%" align=center></TD>
    <TD width="1%" align=center></TD>
    <TD width="15%" align=center></TD>
    <TD width="1%" align=center></TD>
    <TD width="15%" align=center></TD></TR>
  <TR vAlign=bottom>
    <TD width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">Consolidated</FONT></B></TD>
    <TD width="1%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">Parent
      Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2015</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">3,181,503</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">13%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">3,317,566</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">15%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2016</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">3,210,020</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">13%</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2,940,993</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">14%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2017</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">3,628,773</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">14%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">3,307,440</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">15%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2018</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">3,997,706</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">16%</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">3,554,040</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">17%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2019</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">3,813,514</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">15%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2,913,417</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">14%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2019 onwards</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">5,015,458</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">19%</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">5,432,811</FONT></TD>
    <TD width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">25%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">Perpetual Bonds</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2,342,600</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">10%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">&nbsp;
      </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">&nbsp;
      </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">25,189,574</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">100%</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">21,466,267</FONT></B></TD>
    <TD width="1%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt"></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">100%</FONT></B></TD></TR></TABLE></DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">&nbsp;</DIV>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%" align=left>
<P></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Raising of loans and
amortizations, borrowings and debentures </FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The table below shows the amortization and
funding during current year:</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="36%" align=left>&nbsp; </TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=center><B><FONT size=1 face=sans-serif>Consolidated</FONT></B></TD>
    <TD width="1%" align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=center><B><FONT size=1 face=sans-serif>Parent
  Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left>&nbsp;
    </TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=sans-serif>12/31/2013</FONT></B></TD>
    <TD width="1%" align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=sans-serif>12/31/2012</FONT></B></TD>
    <TD width="1%" align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=sans-serif>12/31/2013</FONT></B></TD>
    <TD width="1%" align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT size=1 face=sans-serif>12/31/2012</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="36%" align=left><B><FONT size=1 face=sans-serif>Opening balance</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>29,304,704</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>26,973,247</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>24,139,992</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>23,335,636</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="36%" align=left><FONT size=1 face=sans-serif>Funding</FONT></TD>
    <TD width="1%" align=left><FONT size=1 face=sans-serif></FONT></TD>
    <TD width="15%" align=right><FONT size=1 face=sans-serif>1,697,363</FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD width="15%" align=right><FONT size=1 face=sans-serif>3,520,263</FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD width="15%" align=right><FONT size=1 face=sans-serif>1,363,253</FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD width="15%" align=right><FONT size=1 face=sans-serif>2,712,471</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="36%" align=left><FONT size=1 face=sans-serif>Amortization</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=sans-serif></FONT></TD>
    <TD style="TEXT-INDENT: 1.559pt" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>(4,300,240)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>(4,876,453)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD style="TEXT-INDENT: 1.559pt" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>(3,991,884)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>(4,713,335)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="36%" align=left><FONT size=1 face=sans-serif>Loss of control in
      Transnordestina</FONT></TD>
    <TD width="1%" align=left><FONT size=1 face=sans-serif></FONT></TD>
    <TD style="TEXT-INDENT: 0.732pt" width="15%" align=right><FONT size=1 face=sans-serif>(3,180,821)</FONT></TD>
    <TD width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD width="15%" align=right>&nbsp; </TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right>&nbsp; </TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right>&nbsp; </TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="36%" align=left><FONT size=1 face=sans-serif>Other (*)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><FONT size=1 face=sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>4,225,424</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>3,687,647</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>3,737,993</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><FONT size=1 face=sans-serif></FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT size=1 face=sans-serif>2,805,220</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="36%" align=left><B><FONT size=1 face=sans-serif>Closing
      balance</FONT></B></TD>
    <TD width="1%" align=left><B><FONT size=1 face=sans-serif></FONT></B></TD>
    <TD style="TEXT-INDENT: 0.732pt" width="15%" align=right><B><FONT size=1 face=sans-serif>27,746,430</FONT></B></TD>
    <TD width="1%" align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>
    <TD width="15%" align=right><B><FONT size=1 face=sans-serif>29,304,704</FONT></B></TD>
    <TD width="1%" align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>
    <TD width="15%" align=right><B><FONT size=1 face=sans-serif>25,249,354</FONT></B></TD>
    <TD width="1%" align=right><B><FONT size=1 face=sans-serif></FONT></B></TD>
    <TD width="15%" align=right><B><FONT size=1 face=sans-serif>24,139,992</FONT></B></TD></TR></TABLE>
<P></P>
<P></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(*) It includes unrealized foreign currency and monetary
variations.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
December 2013, the Company fully redeemed the Guaranteed Bonds issued in 2003
through its wholly-owned subsidiary CSN Islands VIII Corp., collateralized by
the Company at an annual rate of 9.75% the amount of US$550 million
(R$1,270,775) of principal and US$27 million (R$62,295) of interest
rates.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company's loans and credit facility agreements
provides for restrictive covenants, usual in agreements of this nature, which
were fully met as at December 31, 2013.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Debentures&nbsp;</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i. Companhia Sider&#250;rgica Nacional</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>6<SUP>th</SUP> issue </FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
September 2012, the Company issued 156,500 non-convertible and unsecured
debentures, 106,500 of 1<SUP>st</SUP> series debentures and 50,000 of
2<SUP>nd</SUP> series debentures, at the unit face value of R$10, totaling
R$1,565,000 with 1<SUP>st</SUP> series compensatory interest 105.80% p.a. of CDI
Cetip and 2<SUP>nd</SUP> series 106.00% p.a. to mature in March and September
2015, respectively, both with the option of early redemption.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Collaterals&nbsp;</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Collaterals granted due to loans are composed of
property, plant and equipment, &#8220;aval&#8221; guarantees and sureties and do not
encompass collaterals granted to subsidiaries and jointly-controlled entities.
On December 31, 2013, the balance totaled R$4,234 (R$12,233 on December 31,
2012).</FONT></P>
<P></P></DIV>
<a name="_bclFooter9"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">9</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_10></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader10"></a><DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US color=black face=arial,sans-serif></FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Relevant loan and credit facility agreements as at
December 31, 2012</FONT></U></P>
<H2 style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><U><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=calibri,sans-serif>In thousands of R$ </FONT></U></H2>
<P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="21%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD>
    <TD width="1%"></TD>
    <TD width="7%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BORDER-TOP: #000000 1px solid" width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Current
    Liabilities</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Non-current
      liabilities</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Current
    liabilities</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" width="15%" colSpan=3 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Non-current
      liabilities</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Rates
      (%)</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">31/12/2012</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">31/12/2011</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">31/12/2012</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">31/12/2011</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">31/12/2012</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">31/12/2011</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">31/12/2012</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">31/12/2011</FONT></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=18><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">FOREIGN
CURRENCY</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Prepayment</FONT></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1% to 3.50%</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">162.290</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">381.333</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.104.271</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">573.388</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">162.290</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">381.333</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.104.271</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">573.388</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Prepayment</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">3.51% to 7.50%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">8.954</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">148.597</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">878.705</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.281.171</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">121.962</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">276.615</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">3.105.474</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">3.398.081</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Perpetual Bonds</FONT></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">7,00%</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.781</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.553</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.043.500</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.875.800</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Fixed Rate Notes</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">4.14 to 10%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.265.330</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">119.030</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">4.802.225</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">5.064.660</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.422.531</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">19.623</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.122.809</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">3.385.078</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Import Financing</FONT></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">6,24%</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">6.813</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">25.509</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">27.310</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">6.813</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">6.515</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">5.758</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">CCB</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1,54%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">176.440</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">176.440</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">BNDES/FINAME</FONT></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Interest rate Res. 635/87 +
      1.7% and 2.7%</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">32.395</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">25.903</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">10.755</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">36.750</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">29.703</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">23.425</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">9.863</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">33.466</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Intercompany</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Libor 6M + 2.25 and
    3%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">91.505</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">534.185</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">634.124</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">119.246</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Other</FONT></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.40% to 8.00% +
    1.2%</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">9.860</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">105.181</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">409.337</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">145.438</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">87.550</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.488.423</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">984.546</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">9.248.793</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">9.004.517</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.834.804</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.505.686</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">6.976.541</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">7.515.017</FONT></B></TD></TR>
  <TR>
    <TD width="100%" colSpan=18><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">DOMESTIC
    CURRENCY</FONT></B></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">BNDES/FINAME</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">TJLP + 1.5% to 3.2% and Fixed
      2.5% to 10%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">346.623</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">430.432</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.535.255</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.744.727</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">253.852</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">226.891</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">835.513</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">782.416</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Debentures</FONT></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">105.8% to 110.8% CDI and TJLP
      + 0.85%</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">128.239</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">672.073</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">4.436.892</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.822.424</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">46.355</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">655.755</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.715.000</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.150.000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Prepayment</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">106.5% to 110.79% CDI and
      fixed 8%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">163.812</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">537.128</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">4.800.000</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">4.523.224</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">147.713</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">510.072</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.800.000</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.466.667</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">CCB</FONT></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">112.5% CDI</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">62.072</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">101.280</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">7.200.000</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">7.200.000</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">62.072</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">101.280</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">7.200.000</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">7.200.000</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Intercompany</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">110.79% CDI</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">302.299</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.356.010</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.077.420</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="7%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Other</FONT></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">10.983</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">9.509</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">16.581</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">37.058</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.986</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.845</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">3.973</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">5.528</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">711.729</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">1.750.422</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">17.988.728</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">16.327.433</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">814.277</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.851.853</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">14.631.906</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">11.604.611</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Total Loans and
      Borrowings</FONT></B></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.200.152</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.734.968</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">27.237.521</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">25.331.950</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.649.081</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">4.357.539</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">21.608.447</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">19.119.628</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="21%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Transaction Costs and Issue
      Premiums</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">(31.030)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">(32.885)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">(101.939)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">(145.445)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">(27.578)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">(27.398)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">(89.958)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="7%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">(114.133)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="21%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">Total Loans and Borrowings +
      Ex-Transaction Costs</FONT></B></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.169.122</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.702.083</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">27.135.582</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">25.186.505</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">2.621.503</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">4.330.141</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">21.518.489</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 7pt">19.005.495</FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Prepayment balances with the Company&#8217;s related parties
totaled R$2,339,776 on December 31, 2012 (R$2,244,927 on December 31, 2011) and
the balances of Fixed Rate Notes e Intercompany Bonds totaled R$3,545,340
(R$3,404,701 on December 31, 2011).</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Funding Transaction Costs</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>On December 31, 2012 the funding transaction
costs were stated as follows</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>: </FONT></P>
<H2 style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><U><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=calibri,sans-serif>In thousands of R$ </FONT></U></H2>
<P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="25%"></TD>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="10%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="25%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Consolidated</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="21%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Parent
      Company</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=left></TD></TR>
  <TR vAlign=bottom>
    <TD width="25%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Short-term</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.4pt" width="10%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Long-term</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Short-term</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="10%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Long-term</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Interest rate
      </FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: calibri"></FONT></FONT><B><SUP><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">(1)</FONT></SUP></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">IRR
      (2)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="25%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Fixed rate notes</FONT></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">1.654</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">1.717</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">701</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2.490</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">6.5% to 10%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">6.75% to 10.7%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="25%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">BNDES</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">510</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">5.260</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">307</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2,899</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">1.3% to 1.7%</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">1.44% to 7.39%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="25%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">BNDES</FONT></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">1,578</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">346</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">1,453</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">242</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2.2% to 3.2%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">7.59% to 9.75%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="25%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Prepayment</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">8.059</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">14.369</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">6.707</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">7.735</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">109.50% and 110.79%
    CDI</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">10.08% to 12.44%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="25%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Prepayment</FONT></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">908</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2.969</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">509</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">1.874</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2.37% and 3.24%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2.68% to 4.04%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="25%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">CCB</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">17.472</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">72.306</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">17.472</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">72.306</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">112.5% CDI</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">11.33% to 14.82%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="25%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Other</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">848</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">4.971</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">427</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="10%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2.412</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">105.8% and 110.8%
    CDI</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12.59% and
13.27%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="25%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">31,030</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">101,939</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">27,578</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="10%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">89,958</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp;
</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(1) TJ &#8211; Annual contracted interest rates</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(2) IRR &#8211; Annual internal rate of return</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -15.9pt; MARGIN: 6pt 0cm 6pt 15.9pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Maturities of loans, borrowings and
debentures recorded under non-current liabilities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>On December 31, 2012, the principal of loans, borrowings
and </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>long-term debentures were as follows, per year of
maturity</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>In thousands of R$</FONT></U></P></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm">&nbsp;</P>
<DIV align=left>&nbsp;</DIV>
<a name="_bclFooter10"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">10</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_11></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader11"></a><DIV>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="37%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Consolidated</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Parent
      Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2014</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2,838,954</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">10%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">3,256,030</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">15%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2015</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">3,776,350</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">14%</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">3,671,510</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">17%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2016</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">3,067,727</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">11%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2,114,650</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">10%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2017</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">3,403,932</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12%</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2,478,440</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">11%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2018</FONT></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">3,611,849</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">13%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2,675,362</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2018 Onw ards</FONT></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">8,495,209</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">31%</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">7,412,456</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">34%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Perpetual
      Bonds</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2,043,500</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">8%</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp;
      </FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">0%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="37%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">27,237,521</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">100%</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">21,608,447</FONT></B></TD>
    <TD width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">100%</FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Amortization and raising of loans, borrowings
and debentures </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>The table below shows the amortization and funding
during current year:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT size=2 face=Calibri></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="36%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD>
    <TD width="1%"></TD>
    <TD width="15%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Consolidated</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="31%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Parent
      Company</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12/31/2012</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12/31/2011</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12/31/2012</FONT></B></TD>
    <TD width="1%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12/31/2011</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Opening Balance</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><B></B></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">26,973,247</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">20,089,447</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">23,335,636</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">15,183,349</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Amortizations</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="TEXT-INDENT: 3.007pt" width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">(4.876.453)</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">7,824,012</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="TEXT-INDENT: 1.44pt" width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">(4,713,335)</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">7,314,956</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Funding</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">3,520,263</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">(3,614,606)</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2,712,471</FONT></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right></TD>
    <TD bgColor=#f2f2f2 width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">(2,818,933)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Other (*)</FONT></TD>
    <TD width="1%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">3,687,647</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">3,589,735</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">2,805,220</FONT></TD>
    <TD width="1%" align=right></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">3,656,264</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Closing balance</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=left><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">29,304,704</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">27,888,588</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">24,139,992</FONT></B></TD>
    <TD bgColor=#f2f2f2 width="1%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" bgColor=#f2f2f2 width="15%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">23,335,636</FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT size=2 face=Calibri></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US color=red face=Calibri,sans-serif></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(*) Including foreign currency and monetary
variations.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company's loans and credit facility agreements
provides for restrictive covenants, usual in agreements of this nature, which
were fully met as at December 31, 2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
January 2012, the Company ensured loan contracted by its subsidiary CSN Steel
S.L., in the amount of &#8364;120,000 thousand, destined to the partial financing to
acquire 100% of shares held by Grupo Alfonso Gallardo, S.L.U. (&#8220;Gallardo Group&#8221;)
in the companies Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;) and Gallardo Sections
S.L.U.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
January 2012, the Company, by means of its wholly-owned subsidiary CSN Resources
S.A., priced an additional issue of bonds, in the amount of US$200,000 thousand,
by reopening the US$1,000,000 thousand bonds and to mature in July
2020.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
September 2012, the Company settled the promissory notes, paying R$800,000 of
principal and R$33,277 of interest rates.</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Debentures </FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=black face=arial,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>i. Companhia Sider&#250;rgica Nacional</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>4<SUP>th</SUP> issue</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
February 2012, the Company settled the fourth issue of debentures, paying
R$600,000 of principal and R$35,285 of interest rates.</FONT></P></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm">&nbsp;</P>
<DIV align=left>&nbsp;</DIV>
<a name="_bclFooter11"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">11</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_12></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader12"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>5<SUP>th</SUP> issue</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
July 2011, the Company issued non-convertible and unsecured 115 debentures, in a
single series, at the unit face value of R$10,000 totaling R$1,150,000 with
compensatory interest of 110.80% p.a. of CDI Cetip to mature in July 2019 with
the option of early redemption. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>6<SUP>th</SUP> issue </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
September 2012, the Company issued 156,500 non-convertible and unsecured
debentures, 106,500 of 1<SUP>st</SUP> series debentures and 50,000 of
2<SUP>nd</SUP> series debentures, at the unit face value of R$10 totaling
R$1,565,000 with compensatory annual interest of 1<SUP>st</SUP> series at
105.80% p.a. of CDI Cetip and of 2<SUP>nd</SUP> series at 106.00% p.a. to mature
in March and September 2015, both with the option of early
redemption</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>ii. Transnordestina Log&#237;stica </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
March 2010, Transnordestina Log&#237;stica S.A. gained approval from the Development
Fund of the Northeast &#8211; FDNE, for its 1<SUP>st</SUP> private issue of debentures
convertible into shares, composed of eight series in the total amount of
R$2,672,400. The first, third and fourth series refer to funds to be applied in
the Miss&#227;o Velha &#8211; Salgueiro &#8211; Trindade and Salgueiro &#8211; Porto de Suape module
which also includes investments in Suape Port and the reconstruction of the
stretch Cabo &#8211; Porto Real de Col&#233;gio. The second, fifth and sixth series refer
to funds to be applied in the Eliseu Martins &#8211; Trindade module. The seventh and
eighth series refer to funds to be applied in the Miss&#227;o Velha &#8211; Pec&#233;m module,
which also includes investments in Porto de Pec&#233;m. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT size=2 face=Calibri></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT size=2 face=Calibri></FONT>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="8%"></TD>
    <TD width="14%"></TD>
    <TD width="14%"></TD>
    <TD width="16%"></TD>
    <TD width="15%"></TD>
    <TD width="17%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Amount</FONT></B></TD>
    <TD align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Unit</FONT></B></TD>
    <TD align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;
      </FONT></TD>
    <TD align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Balance (R$)</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 6px solid" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Series</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 6px solid" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Issued</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 6px solid" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Face
      Value</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 6px solid" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Issue</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1pt; BORDER-RIGHT: #ffffff 6px solid" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Maturity</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 6px solid" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Charges</FONT></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #ffffff 6px solid" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12/31/2012</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1st</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">336,647,184</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">R$ 1.00</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">3/9/2010</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10/3/2027</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">TJLP + 0.85% p.a.</FONT></TD>
    <TD style="TEXT-INDENT: 23.992pt" bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">336,647</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2nd</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">350,270,386</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">R$
      1.00</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">11/25/2010</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10/3/2027</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">TJLP +
      0.85% p.a.</FONT></TD>
    <TD style="TEXT-INDENT: 23.992pt" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">350,270</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">3rd</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">338,035,512</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">R$ 1.00</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">12/1/2010</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10/3/2027</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">TJLP + 0.85% p.a.</FONT></TD>
    <TD style="TEXT-INDENT: 23.992pt" bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">338,036</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">4th</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">468,293,037</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">R$
      1.00</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10/4/2011</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10/3/2027</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">TJLP +
      0.85% p.a.</FONT></TD>
    <TD style="TEXT-INDENT: 23.992pt" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">468,293</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">5th</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">121,859,549</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">R$ 1.00</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">9/21/2012</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10/3/2027</FONT></TD>
    <TD bgColor=#f2f2f2 align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">TJLP + 0.85% p.a.</FONT></TD>
    <TD style="TEXT-INDENT: 23.992pt" bgColor=#f2f2f2 align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">121,860</FONT></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Collaterals </FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Collaterals granted due to loans are composed of
property, plant and equipment, &#8220;aval&#8221; guarantees and sureties and do not
encompass collaterals granted to subsidiaries and jointly-controlled
entities.</FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></P>
<H2 style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><U><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=black face=calibri,sans-serif>In thousands of R$</FONT></U></H2>
<P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left>&nbsp;</P>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="72%"></TD>
    <TD width="13%"></TD>
    <TD width="2%"></TD>
    <TD width="13%"></TD></TR>
  <TR vAlign=bottom>
    <TD width="72%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12/31/2012</FONT></B></TD>
    <TD width="2%" align=center><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12/31/2011</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD width="72%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Property, plant and
      equipment</FONT></TD>
    <TD width="13%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12,233</FONT></TD>
    <TD width="2%" align=right></TD>
    <TD width="13%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">19,383</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="72%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Personal guarantee
    (*)</FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD width="2%" align=left></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid" width="13%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">87,550</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="72%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">12,233</FONT></B></TD>
    <TD width="2%" align=right><B></B></TD>
    <TD style="BORDER-BOTTOM: #000000 3px double" width="13%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">106,933</FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(*) In March 2012, the Company settled the loan with
personal guarantee and paid R$89,438.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(ii) other long-term relationship with financial
institutions; </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(</FONT><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>iii) subordination level between debts; </FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>There is no contractual subordination level between the
Company&#8217;s unsecured financial indebtedness.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Considering the Company's total current and non-current
liabilities, the amount of R$42,313,002 thousand or 99.95% corresponded to
unsecured obligations on December 31, 2013, compared to R$42,418,458 thousand or
95.81% on December 31, 2012 and R$36,169,806 thousand or 94.06% on December 31,
2011 (and the unsecured obligations comprise: (i) provisions for tax, social
security, labor or civil claims; (ii) installment payments, debts without
security interest and debts with personal guarantee.</FONT></P>
<DIV align=left>&nbsp;</DIV>
<a name="_bclFooter12"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">12</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_13></A>
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<a name="_bclHeader13"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The unsecured obligations are subject (observing the
priority granted by laws to the labor and tax liabilities, in the event of
composition with creditors) to preference of Company&#8217;s debts which rely on
security interest, and they totaled, on December 31, 2013, R$20,478 thousand or
0.05% of the sum of the Company&#8217;s current and non-current liabilities, compared
to the amount of R$1,857,299 thousand or 4.19% on December 31, 2012 and
R$2,182,919 thousand or 5.68% on December 31, 2011 (for the purposes of this
comparison, the debts collateralized with third parties assets, including the
Company&#8217;s subsidiaries for the fiscal years ended in 2012 and 2011 were
reclassified as unsecured debts, likewise in 2013, pursuant to the Official
Letter &#8211; Circular Letter/CVM/SEP/No. 01/2014). The security interest created
comprise the pledge and the fiduciary sale of machinery and
equipment.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2011, the unsecured obligations were still subject to
the preference of obligations with floating guarantee in the amount of R$99,807
thousand or 0.26%.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The labor and tax liabilities, as well as the financial
debts with security interest, rely on the preferences and prerogatives provided
for by laws, in an eventual composition with creditors of the
Company.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(iv) any restrictions imposed to the Company,
especially, in relation to indebtedness thresholds and contracting of new debts,
distribution of dividends, sale of assets, issue of new securities and disposal
of share control.</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company's loans and credit facility agreements
provides for restrictive covenants, usual in agreements of this nature, as
exemplified as follows:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Credit facility agreements with BNDES are subject to the
&#8220;Provisions Applicable to BNDES Agreements&#8221;. According to referred provisions,
the borrowers, such as the Company, cannot, without the previous consent of
BNDES: (i) assume new debts (except for those provided in referred Provisions);
(ii) grant preference to other credits; (iii) amortize shares; (iv) issue
debentures or profit-sharing bonds; and (v) sell or encumber its fixed assets
(except in the cases provided for in referred Provisions).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Under the terms of the 5<SUP>th</SUP> and 6<SUP>th</SUP>
issue of the Company&#8217;s Debentures, among other provisions, the Company cannot be
merged, incorporated or spun off, except if the operation has been previously
approved by, at least, 75% of outstanding debentures (except for the intragroup
operations, expressly provided for in the debentures indenture), or if the
redemption of debentures is ensured to the holders, by its face value plus
remuneration, during, at least, 6 months as of the publication of the minutes of
the Shareholders&#8217; Meeting referring to this operation.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Eurobonds issued by the Company&#8217;s foreign
subsidiaries, among other provisions, foresee that the Company, as guarantor,
cannot: (i) be merged, incorporated or sell 100% or a substantial amount of its
assets to third parties, except if the Company is an entity resulting from this
corporate restructuring or if this entity is a company headquartered in Brazil,
in any country of the European Union or in the United States, and assumes
guarantor&#8217;s obligations; (ii) burden its assets to collateralize debt operations
denominated in foreign currency represented by securities traded at the stock
exchanges outside Brazil, except under the terms allowed in the operation
agreements, or if, at the same time, the Company guarantees referred
Eurobonds.</FONT></P>
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<P style="TEXT-ALIGN: center">13</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In Export Credit Notes operations, the Company undertakes to: (i) not distribute non-recurring dividends deriving from the sale of direct or indirect control of operating assets to third parties (not pertaining to the economic group to which the Company pertains) to result, cumulatively: (a) in the Company&#8217;s incapacity to exercise the direct or indirect control over all or substantial amount of its assets and revenues; and (b) significantly restricts the Company&#8217;s capacity to comply with its obligations provided for in the Export Credit Note; and (ii) not carry out spin-offs and/or sale of the Company&#8217;s assets to third parties (not composing the economic group to which the Company pertains) whether by means of a single operation or by means of a series of inter-related operations within same fiscal year, whose net revenues and operating income (ebit) account for more than 10% of net revenues and consolidated operating results of the Company&#8217;s group, as verified in the financial statements for the year in which referred operation was carried out, without the lender&#8217;s previous and express authorization. We clarify there is no restriction to any corporate restructuring and/or activities involving the transfer of mining assets between the Company and and its subsidiaries, including Nacional Min&#233;rios S.A. and/or its current controlling shareholders, provided that these operating assets remain under the direct or indirect control of the Company.</FONT></P>

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   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -26.5pt; MARGIN: 6pt 0cm 6pt 28.15pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>g) thresholds for the utilization of financing already contracted</FONT></I></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> &nbsp;</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>There is a total of R$2,297,779,245.52 available for withdrawal with BNDES, FDNE, FINOR and FNE: </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 1.65pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>This amount corresponds to the thresholds for the utilization of financing contracted by the companies: Companhia Sider&#250;rgica Nacional, Transnordestina Log&#237;stica S.A. and CSN Cimentos S.A.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>h) relevant changes in each item of the financial statements</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>As of January 1,2013, the Company started to adopt the IFRS 10 &#8211; Consolidated Financial Statements, corresponding to CPC 36 (R3) &#8211; &#8220;Consolidated Financial Statements&#8221;, approved by CVM in December 2012 and IFRS 11 &#8211; Joint Arrangements, corresponding to CPC 19 (R2) - "Joint Ventures", approved by CVM in November 2012. Therefore, since the proportional consolidation method is no longer allowed, the Company no longer consolidates its jointly-controlled entities Nacional Min&#233;rios S.A., MRS Log&#237;stica S.A. and CBSI &#8211; Companhia Brasileira de Servi&#231;os e Infraestrutura and started to record them under the equity accounting method. The main impacts were seen in net revenue, cost of products sold, gross and financial income, equity accounting and net income. For comparison purposes, the 2012 consolidated financial statements were reclassified in order to reflect this change. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In addition, due to the partial spin-off of Transnordestina Log&#237;stica S/A on December 27, 2013 and the effectiveness of the new shareholders&#8217; agreement, the Company no longer consolidates Transnordestina Log&#237;stica S/A, and now records it under the equity accounting method.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center">14</P>

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   <TD bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Consolidated Statement of Income (R$ thousand)</FONT></B></TD>

   <TD bgColor=#c0c0c0 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2013</FONT></B></TD>

   <TD bgColor=#c0c0c0 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2012</FONT></B></TD>

   <TD bgColor=#c0c0c0 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2011</FONT></B></TD></TR>

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   <TD bgColor=#003366 align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Sales revenue from goods and/or services</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>17,312,432</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>15,228,589</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>16,519,584</FONT></B></TD></TR>

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   <TD align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Cost of goods sold and/or services rendered</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(12,422,706)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(11,258,667)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(9,800,844)</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003366 align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Gross profit</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>4,889,726</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>3,969,922</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 3px solid" bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>6,718,740</FONT></B></TD></TR>

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   <TD bgColor=#003366 align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Operating income/expenses</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>(1,769,972)</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>(3,251,353)</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>(961,818)</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 11.279pt" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Selling expenses</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(874,875)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(773,488)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(604,108)</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 11.279pt" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">General and administrative expenses</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(485,090)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(467,920)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(575,585)</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 11.279pt" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Other operating income/(expenses)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(568,145)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(2,651,381)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">217,875</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 11.279pt" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Equity in the earnings of s ubsidiaries</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">158,138</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">641,436</FONT></TD>

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

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   <TD bgColor=#003366 align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Earnings before financial income and taxes</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>3,119,754</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>718,569</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>5,756,922</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 11.279pt" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Financial income/(expenses)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(2,567,756)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(2,155,841)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(2,166,471)</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 11.279pt" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Net exchange variation of financial instruments</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">56,157</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">4,490</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">160,668</FONT></TD></TR>

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   <TD bgColor=#003366 align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Earnings before tax on income</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>608,155</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>(1,432,782)</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>3,751,119</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.279pt" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Income tax and social contribution on income</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(74,161)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">952,208</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(83,885)</FONT></TD></TR>

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   <TD bgColor=#003366 align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Consolidated net income (loss) for the period</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>533,994</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>(480,574)</FONT></B></TD>

   <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>3,667,234</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.279pt" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Attributed to controlling shareholders</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">509,025</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(420,113)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3,706,033</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 11.279pt" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Attributed to non-controlling interest</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">24,969</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(60,461)</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(38,799)</FONT></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Calibri,sans-serif></FONT></B></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Comparison of results referring to the fiscal years ended December 31, 2013 and December 31, 2012</FONT></U></B><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=calibri,sans-serif>: </FONT></U></B></H1>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>N</FONT></U><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>et revenue from sales and/or services</FONT></U></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, the consolidated net revenue totaled R$17,312 million, 14% up on 2012, mainly due to higher revenue from steel and mining sectors.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Cost of products and services sold</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, the consolidated cost of products sold totaled R$12,423 million, 10% up on 2012, basically due to higher volume sold by the steel segment and increased production costs of steel segment. </FONT></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>Gross profit</FONT></U></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The gross profit totaled R$4,890 million in 2013, 23% up on 2012, due to the factors mentioned above.</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Selling, general and administrative expenses</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, selling, general and administrative expenses of R$1,360 million were 10% up on 2012, due to a greater sales effort.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Other Operating Income/Expenses</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, &#8220;Other Operating Income/Expenses&#8221; totaled R$568 million, a 79% drop over the previous year, chiefly due to the non-recurring effect in 2012 of reclassification of accumulated investment losses in shares recorded as available for sale.</FONT></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>Equity in the earnings of subsidiaries</FONT></U></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, the equity in the earnings of subsidiaries was positive at R$158 million compared to a positive result of R$641 million in 2012. This reduction is basically due to the adhesion of its jointly-controlled entity Namisa to the tax recovery program (REFIS) in 2013. </FONT></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>Net Financial Result</FONT></U></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, the Company&#8217;s net financial result was negative at R$2,512 million compared to a negative net financial result in 2012 of R$2,151 million, basically due to:</FONT></P>

<UL style="MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0cm" type=disc>

<LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$220 million decrease in financial income, from R$392 million in 2012 to R$172 million in 2013, mainly due to R$52 million decrease in earnings from financial investments and due to the non-recurring effect of R$115 million in 2012;</FONT>

<LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$192 million increase in financial expenses, from R$2,548 million in 2012 to R$2,740 million, chiefly from the R$277 million effect due to the Company&#8217;s adhesion to the tax recovery program (REFIS) in 2013.</FONT> </LI></UL></DIV>

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<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>Provision for Deferred Income Tax and Social Contribution</FONT></U></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, the Company recorded deferred income tax and social contribution expense of R$74 million, compared to deferred income tax and social contribution income of R$952 million in 2012. </FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Consolidated Net Income</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, CSN recorded a consolidated net income of R$534 million, an increase of R$1.0 billion compared to the previous year, due to higher gross profit and the aforementioned non-recurring effects.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Calibri,sans-serif></FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Comparison of results referring to the fiscal years ended December 31, 2012 and December 31,2011</FONT></U></B><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif>: </FONT></U></B></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>Net Revenues from Sales and/or Services</FONT></U></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=Calibri,sans-serif>In 2012, the consolidated net revenue totaled R$15,229 million, a decrease of R$1,291 million compared to R$16,520 million recorded in 2011, mainly due to:</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 37.75pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=Calibri,sans-serif>R$1,667 million reduction in net revenues with the Company&#8217;s adoption of IFRS 10 and IFRS 11;</FONT></P>

<P style="TEXT-ALIGN: left; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 37.75pt" align=left><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=Calibri,sans-serif>R$376 million in net revenues, 19% increase in steel products sales, which reached 5.8 million tonnes in 2012.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Cost of products sold and services rendered</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2012, the cost of products sold totaled R$11,259 million, a R$1,458 million increase compared to R$9,801 million recorded in 2011, basically due to:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$2,271 million increase in costs of goods sold, with higher volume of steel sold and increase in the production costs of steel and mining sectors;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$813 million reduction with the Company&#8217;s adoption of IFRS 10 and IFRS 11.</FONT></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>Gross profit</FONT></U></H1>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The gross profit totaled R$3,970 million in 2012, a R$2,749 million reduction compared to the gross profit of R$6,719 million recorded in 2011, due to:</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$376 million increase in net revenues;</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$2,271 million increase in the cost of products sold;</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$854 million reduction with the Company&#8217;s adoption of IFRS 10 and IFRS 11.</FONT></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>Selling, general and administrative expenses</FONT></U></H1>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2012, the selling, general and administrative expenses totaled R$1,241 million, a R$61 million increase over 2011, chiefly due to:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Increased iron ore freight expenses and consolidation of SWT results as of February 2012;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$267 million decrease with the Company&#8217;s adoption of IFRS 10 and IFRS 11.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Other Operating Income/Expenses</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2012, &#8220;Other Operating Income/Expenses&#8221; of the Company recorded a negative result of R$2,651 million, compared to a positive result of R$218 million in 2011, chiefly due to:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>A non-recurring effect of R$2,023 million in 2012 due to the reclassification of accumulated losses of investments in shares recorded as available for sale;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Non-recurring gain of R$698 million in 2011, referring to the CSN&#8217;s divestment in Riversdale Mining Limited&#8217;s capital.</FONT></P>

<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US face=calibri,sans-serif></FONT></H1></DIV>

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<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>Net Financial Result</FONT></U></H1>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
2012, the Company&#8217;s net financial result was negative at R$2,151 million,
compared to a negative result of R$2,006 million in 2011, chiefly due to the
Company's adoption of IFRS 10 and IFRS 11.</FONT></P>
<H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>Provision for Deferred Income Tax and Social
Contribution</FONT></U></H1>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2012, the Company recorded deferred income tax and
social contribution income of R$952 million, and deferred income tax and social
contribution expense in 2011 of R$84 million.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Consolidated Net Income</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
2012, the Company recorded losses of R$480 million compared to a net income of
R$3,667 million in 2011, chiefly due to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">
</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Non-recurring effect of R$1,335 million in 2012 net
income due to the reclassification of accumulated losses of investments in
shares recorded as available for sale;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">
</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Non-recurring gain of R$698 million in 2011 referring to
CSN&#8217;s divestment in Riversdale Mining Limited&#8217;s capital;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">
</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Decrease in the aforementioned gross profit.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Balance Sheet of the Company (consolidated) &#8211; R$
thousand:</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Comparison of main consolidated equity accounts as of
December 31, 2013, December 31, 2012 and December 31, 2011 prepared under the
IFRS and CPCs.</FONT></P></DIV>
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<P style="TEXT-ALIGN: center">17</P>
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<TABLE style="WIDTH: 100%" border=0 cellSpacing=0>

  <TR>
    <TD width="36%"></TD>
    <TD width="8%"></TD>
    <TD width="8%"></TD>
    <TD width="8%"></TD>
    <TD width="8%"></TD>
    <TD width="8%"></TD>
    <TD width="8%"></TD>
    <TD width="8%"></TD>
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    <TD bgColor=#969696 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Balance Sheet
      (Consolidated)</FONT></B></TD>
    <TD bgColor=#969696 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2013</FONT></B></TD>
    <TD bgColor=#969696 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">AV&#185;</FONT></B></TD>
    <TD bgColor=#969696 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">AH&#178;</FONT></B></TD>
    <TD bgColor=#969696 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2012</FONT></B></TD>
    <TD bgColor=#969696 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">AV&#185;</FONT></B></TD>
    <TD bgColor=#969696 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">AH&#178;</FONT></B></TD>
    <TD bgColor=#969696 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2011</FONT></B></TD>
    <TD bgColor=#969696 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">AV&#185;</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>ASSETS</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#003366 width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#003366 width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#003366 width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#003366 width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#003366 width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#003366 width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD bgColor=#003366 width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Current
      assets</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>16,402,042</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>32.5%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>-14.1%</FONT></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>19,098,586</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>35.8%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>-13.0%</FONT></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>21,944,306</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>46.8%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Cash and cash
      equivalents</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">9,995,672</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">19.8%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-15.9%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">11,891,821</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">22.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-22.9%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">15,417,393</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">32.9%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Trade accounts
      receivable</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,522,465</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">5.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-5.2%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,661,417</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">5.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">64.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,616,206</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3.4%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Inventory</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3,160,985</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">6.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-6.8%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3,393,193</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">6.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-9.2%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3,734,984</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">8.0%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Recoverable taxes</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Other current
assets</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">722,920</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-37.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,152,155</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2.2%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-2.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,175,723</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2.5%</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Non-current
      assets</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>34,000,497</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>67.5%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>-0.5%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>34,184,683</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>64.2%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>37.1%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>24,925,396</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>53.2%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Financial investments valued
      at amortized cost</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">30,756</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-73.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">116,753</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.2%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-16.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">139,679</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.3%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Deferred taxes</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,770,527</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">5.5%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">27.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,177,079</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">4.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">18.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,840,773</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3.9%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Receivables from related
      parties</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">115,549</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.2%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Other non-current
      assets</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,835,325</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3.6%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">12.8%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,627,139</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-41.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,760,720</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">5.9%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Investments</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">13,487,023</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">26.8%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">24.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">10,839,787</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">20.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">419.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,088,225</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">4.5%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Property, plant and
      equipment</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">14,911,426</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">29.6%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-19.5%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">18,519,064</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">34.8%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">6.6%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">17,377,076</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">37.1%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Intangible assets</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">965,440</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1.9%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">6.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">904,861</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">50.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">603,374</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1.3%</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>TOTAL
      ASSETS</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>50,402,539</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>100%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>-5.4%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>53,283,269</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>100%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>13.7%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>46,869,702</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>100%</FONT></B></TD></TR>
  <TR>
    <TD bgColor=#003366 width="100%" colSpan=9><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Current
      liabilities</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>5,564,230</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>11.0%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>-11.4%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>6,550,899</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>12.3%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>0.8%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>6,496,947</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>13.9%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Payroll and labor
      liabilities</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">208,921</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">13.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">184,963</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-8.6%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">202,469</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.4%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Trade accounts
    payable</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,102,037</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2.2%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-45.6%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,025,461</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3.8%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">64.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,232,075</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2.6%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Taxes payable</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">304,095</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.6%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-12.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">272,766</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.5%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-16.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">325,132</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.7%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Loans and
borrowings</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,642,807</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">5.2%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">21.8%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,169,122</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">4.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-19.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,702,083</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">5.8%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Provisions for tax, social
      security, labor and civil claims</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">333,519</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">5.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">316,547</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.6%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3.2%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">306,743</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.7%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Other liabilities</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">972,851</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1.9%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-19.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,582,040</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-8.5%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,728,445</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3.7%</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Non-current
      liabilities</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>36,769,250</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>73.0%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>-3.3%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>37,724,857</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>70.8%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>18.1%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>31,955,585</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>68.2%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Loans and
borrowings</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">25,103,623</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">49.8%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-7.5%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">27,135,582</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">50.9%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">7.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">25,186,505</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">53.7%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Deferred taxes</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">268,833</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.5%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">12.8%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">238,241</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">529.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">37,851</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.1%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Other liabilities</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">10,061,571</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">20.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">8.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">9,009,049</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">16.9%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">61.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">5,593,520</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">11.9%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Provisions for tax, social
      security, labor and civil claims</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">479,664</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">29.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">371,697</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">7.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">346,285</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.7%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Health and pension
    plan</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">485,105</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-14.2%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">565,591</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1.1%</FONT></TD>
    <TD width="8%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">469,050</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1.0%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Other provisions</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">370,454</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-8.5%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">404,697</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.8%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">25.5%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">322,374</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.7%</FONT></TD></TR>
  <TR>
    <TD width="100%" colSpan=9><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>Shareholders'
      equity</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>8,069,059</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>16.0%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>-10.4%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>9,007,513</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>16.9%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>7.0%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>8,417,170</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>18.0%</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Paid-up capital</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">4,540,000</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">9.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">4,540,000</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">8.5%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">170.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1,680,947</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3.6%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Capital reserves</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">30</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">30</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">30</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.0%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Profit reserves</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">2,839,568</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">5.6%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-23.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">3,690,543</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">6.9%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-51.9%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">7,671,620</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">16.4%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Other comprehensive
      income</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">716,972</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">1.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">85.6%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">386,324</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-128.3%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(1,366,776)</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-2.9%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 7.8pt" width="36%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">Non-controlling
      interest</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">(27,511)</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-0.1%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-107.0%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">390,616</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.7%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">-9.4%</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">431,349</FONT></TD>
    <TD width="8%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt">0.9%</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 width="36%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>TOTAL
      LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>50,402,539</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>100%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>-5.5%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>53,283,269</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>100%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>13.7%</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>46,869,702</FONT></B></TD>
    <TD bgColor=#003366 width="8%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 8pt" color=#ffffff>100%</FONT></B></TD></TR></TABLE></DIV>
<a name="_bclHeader18"></a><DIV>&nbsp;</DIV>
<a name="_bclHeader18"></a><DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>C</FONT></U></B><B><U><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>omparison between the balance sheets as of December 31,
2013 and December 31, 2012 </FONT></U></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Current Assets </FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Cash and cash equivalents: the balance of cash and cash
equivalents was R$9,995 million, 16% down over R$11,892 million recorded on
December 31, 2012, mainly composed of financial investments in government and
private bonds and investments at first-tier banks. On December 31, 2013, the
variation of cash balance of R$1,896 million is chiefly due to R$1,026 million
increase in the cash used in financing activities and R$331 million in cash
generation deriving from operating activities, partially offset with R$856
million decrease in investment activities, due to the deconsolidation of TLSA,
as described in 2013 Cash Flows.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Trade accounts receivable: on December 31, 2013, trade
accounts receivable totaled R$2,522 million, 5% down on 2012. This variation is
chiefly due to dividends received from Namisa referring to 2011 and reduction of
receivable average term, from 32 days in 2012 to 30 days in 2013.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Inventories: On December 31, 2013, CSN&#8217;s inventories
totaled R$3,161 million, 7% down on December 31, 2012, due to better management
of inventories, reducing the inventories average turnover from 78 days in 2012
to 64 days in 2013. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Other current assets: 37% decrease, from R$1,152 million
on December 31, 2012 to R$723 million on December 31, 2013, a R$429 million
variation, chiefly due to the termination of escrow deposit with CSN Island VII
which in December 2012 recorded the amount of R$426 million. </FONT></P></DIV>
<a name="_bclHeader18"></a><DIV>&nbsp;</DIV>
<DIV align=left>&nbsp;</DIV>
<a name="_bclFooter18"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">18</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_19></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader19"></a><DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Non-current assets </FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Deferred taxes: on December 31, 2013, the long-term
deferred taxes totaled R$2,770 million, 27% up on 2012. This positive variation
of R$593 million is chiefly due to an increase of deferred income tax and social
contribution on tax losses generated in 2013. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Investments: on December 31, 2013, the investments
account was R$13,487 million, 24% up on the balance recorded on December 31,
2012 of R$10,840 million, basically composed of investments in the
jointly-controlled entities Namisa, MRS and CBSI, which previously were
proportionally consolidated and now are recorded under the equity method. In
addition, due to the partial spin-off of Transnordestina Log&#237;stica S/A on
December 27, 2013 and the resulting effectiveness of a new shareholders&#8217;
agreement, the Company no longer consolidates Transnordestina Log&#237;stica S/A and
now record it by the equity method. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Property, plant and equipment: on December 31, 2013, the
balance of property, plant and equipment totaled R$14,911 million, a 20%
reduction, or R$3,608 million chiefly due to the deconsolidation of property,
plant and equipment, mainly works in progress of the jointly-controlled entity
Transnordestina Log&#237;stica S/A. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Liabilities </FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Trade accounts payable: on December 31, 2013, the
balance of trade accounts payable was R$1,102 million, 46% down on December 31,
2012. In the period, the average term of trade accounts payable decreased from
62 days in 2012 to 26 days in 2013, mainly due to higher settlement of
suppliers&#8217; invoices with the inauguration of the long steel plant by the end of
2013. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Loans, Borrowings and Debentures: the Company&#8217;s
consolidated gross indebtedness totaled R$27,746 million, 5% down on R$29,305
million recorded on December 31, 2012. The main factors which influenced the
decrease of net indebtedness in the period were: </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>-
Deconsolidation of Transnordestina Log&#237;stica S.A.&#8217;s debt in the amount of
R$3,201 million, mostly composed of debentures; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>-
Full redemption of Guaranteed Bonds issued in 2003, by means of its wholly-owned
subsidiary CSN Islands VIII Corp., collateralized by CSN, at an annual rate of
9.75% in the amount of R$1,271 million (principal) and R$62 million (interest
rates);</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>-
Other effects which increased net indebtedness by R$309 million. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Pension plan and health insurance: the balance of R$485
million on December 31, 2013 basically refers to the post-employment health
insurance, in the amount of R$474 million, and the decrease compared to December
31, 2012 is basically due to an increase of nominal discount rate. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Shareholders&#8217; equity: on December 31, 2013, the
shareholders&#8217; equity was R$8,069 million, a decrease of R$938 million compared
to shareholders&#8217; equity on December 31, 2012, chiefly due to (i) R$800 million
referring to the payment of dividends and interest on equity, (ii) R$400 million
reduction referring to the non-controlling interest due to the loss of control
and subsequent deconsolidation of Transnordestina Log&#237;stica S/A (iii) partially
offset by comprehensive income of R$331 million. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Calibri,sans-serif></FONT></B></P></DIV>
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<P style="TEXT-ALIGN: center">19</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Comparison between the balance sheets as of
December</FONT></U></B><B><U><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> 31, 2012 and December 31, 2011 </FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Current assets</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Cash and cash equivalents: mainly composed of financial
investments in government, private bonds and investments in first-tier banks. On
December 31, 2012, the balance of cash and cash equivalents was R$11,892
million, 22% down on R$15,417 million on December 31, 2011. The variation of
cash balance of R$3,525 million is chiefly due to the R$2,553 million reduction
in cash and cash equivalents, with the Company&#8217;s adoption of IFRS 10 and IFRS
11, besides cash generation deriving from operating activities of R$2,529
million, partially offset by cash used in financing activities of R$856 million
and in investment activities of R$3,102 million, as described in 2012 Cash
Flows. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Trade accounts receivable: on December 31, 2012, trade
accounts receivable totaled R$2,661 million, 64% up on 2011. This variation is
chiefly due to a R$867 million increase with the Company&#8217;s adoption of IFRS 10
and IFRS 11 and an increase of steel products sale in the domestic and foreign
markets. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Inventories: on December 31, 2012, CSN&#8217;s inventories
totaled R$3,393 million, 9% down on December 31, 2011, due to R$187 million
reduction in inventories with the Company&#8217;s adoption of IFRS 10 and IFRS 11 and
better inventory management. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Non-current assets</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Deferred taxes: on December 31, 2012, the long-term
deferred taxes totaled R$2,177 million, 18% up on 2011. This positive variation
of R$336 million is chiefly due to R$195 million reduction with the Company&#8217;s
adoption of IFRS 10 and IFRS 11 and an approximate increase of R$478 million in
deferred income tax and social contribution over tax losses. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Investments: on December 31, 2012, the investment
account was R$10,840 million, 419% up on the balance recorded on December 31,
2011 of R$2,088 million, due to the adoption of IFRS 10 Consolidated Financial
Statements as of January 1, 2013, corresponding to CPC 36 (R3) &#8211; &#8220;Consolidated
Financial Statements&#8221; and IFRS 11 &#8211; Joint Arrangements, corresponding to CPC 19
(R2) - &#8220;Joint Ventures&#8221;, no longer consolidating its jointly-controlled entities
Namisa, MRS Log&#237;stica and CBSI, and now recording them by the equity method. In
addition, the available-for-sale securities recorded a variation 13% up on the
balance recorded in December 2011. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Property, plant and equipment: on December 31, 2012, the
balance of property, plant and equipment totaled R$18,519 million, a 6% increase
chiefly due to the Company&#8217;s consolidated investments made in the period, mainly
in the projects: (i) expansion of Casa de Pedra mine and Itagua&#237; Port (R$381
million) and (ii) the construction of long steel plant in Volta Redonda (R$454
million). On the other hand, a reduction of R$1,890 million was recorded due to
the Company&#8217;s adoption of IFRS 10 and IFRS 11.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Intangible assets: on December 31, 2012, the balance of
intangible assets was R$905 million, an increase of R$301 million compared to
December 31, 2011, basically due to the goodwill deriving from SWT acquisition
in January 2012. On the other hand, a reduction of R$371 million was recorded
due the Company&#8217;s adoption of IFRS 10 and IFRS 11.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Liabilities </FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Loans, borrowings and debentures: the Company&#8217;s
consolidated gross indebtedness totaled R$29,305 million, 5% up on R$27,889
million recorded on December 31, 2011. The main factors that contributed to debt
increase in the period were:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>-
New funding in the amount of R$3,722 million; </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>-
Other effects that increased debt by R$3,363 million. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>-
Disbursements of R$4,822 million offset these effects with debt
amortization.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>-
R$847 million reduction with the Company&#8217;s adoption of IFRS 10 and IFRS
11;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Provisions: on December 31, 2012, this item recorded a
balance of R$1,953 million, 5% up on the balance as of December 31,
2011.</FONT><B><I><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> </FONT></U></I></B></P></DIV>
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<P style="TEXT-ALIGN: center">20</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Other liabilities: on December 31, 2012, the balance of
R$10,591 million is chiefly due to a R$4,981 million increase, with the
Company&#8217;s adoption of IFRS 10 and IFRS 11, besides tax installment payment, in
the amount of R$1,252 million and liabilities with related parties in the amount
of R$3,387 million. The liabilities with related parties mainly refer to advance
from clients received from the jointly-controlled entity Nacional Min&#233;rios S.A.,
due to the Company&#8217;s contractual obligation to supply iron ore and port
services.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Pension plan and health insurance: the balance of R$566
million on December 31, 2012 basically refers to the post-employment health
insurance, in the amount of R$548 million. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Shareholders&#8217; Equity: on December 31, 2012, the
shareholders&#8217; equity was R$9,008 million, R$591 million increase in relation to
the shareholders&#8217; equity on December 31, 2011, basically due to an increase of
R$2,859 million in the Company&#8217;s capital stock approved at the Board of
Directors&#8217; meeting of May 10, 2012 and the R$1,753 million variation in other
comprehensive income, partially offset by a reduction of R$3,981 million in the
profit reserve. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 1.65pt"><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 1.65pt"><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Cash Flows</FONT></B></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 21.25pt; MARGIN: 6pt 0cm 6pt 1.7pt"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$ thousand</FONT></P>
<TABLE style="WIDTH: 100%" border=1 cellSpacing=0 borderColor=#000000 cellPadding=0>

  <TR>
    <TD width="53%"></TD>
    <TD width="20%"></TD>
    <TD width="13%"></TD>
    <TD width="11%"></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">Cash Flow</FONT></B></TD>
    <TD style="TEXT-INDENT: 2.76pt" bgColor=#c0c0c0 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2013</FONT></B></TD>
    <TD bgColor=#c0c0c0 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2012</FONT></B></TD>
    <TD style="TEXT-INDENT: 2.76pt" bgColor=#c0c0c0 align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2011</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">Net
      cash from operating activities</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2,198,079</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">2,528,973</FONT></TD>
    <TD style="TEXT-INDENT: 2.76pt" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">4,201,780</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">Net
      cash used in investment activities</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">(2,245,806)</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">(3,102,210)</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">(5,275,011)</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">Net
      cash from financing activities</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">(1,881,419)</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">(855,779)</FONT></TD>
    <TD style="TEXT-INDENT: 2.76pt" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">4,740,715</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">Foreign
      exchange variation on cash and cash equivalents</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">32,997</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">(119,853)</FONT></TD>
    <TD style="TEXT-INDENT: 2.76pt" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">1,510,631</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt" color=#ffffff>Increase
      (decrease) in cash and cash equivalents</FONT></B></TD>
    <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt" color=#ffffff>(1,896,149)</FONT></B></TD>
    <TD bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt" color=#ffffff>(1,548,869)</FONT></B></TD>
    <TD style="TEXT-INDENT: 2.76pt" bgColor=#003366 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt" color=#ffffff>5,178,115</FONT></B></TD></TR></TABLE>
<P style="TEXT-ALIGN: left; TEXT-INDENT: -1.7pt; MARGIN: 6pt 0cm 6pt 1.7pt" align=left>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>As
of January 1,2013, with the adoption of IFRS 10 Consolidated Financial
Statements, corresponding to CPC 36 (R3) &#8211; &#8220;Consolidated Financial Statements&#8221;
and IFRS 11 &#8211; Joint Arrangements, corresponding to CPC 19 (R2) - &#8220;Joint
Ventures, the Company no longer consolidates its jointly-controlled entities
Namisa, MRS Log&#237;stica and CBSI and now record them by the equity method&#8221;. For
comparison purposes, the 2012 consolidated cash flows were adjusted in order to
reflect this change. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Comparison between 2013 and 2012 cash
flows</FONT></U></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company&#8217;s free cash flow in 2013 was negative at
R$1,896 million, compared to a negative cash flow of R$1,549 million in
2012.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Operating Activities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 3.6pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The generation of operating cash was R$2,198 million and
R$2,529 million in 2013 and 2012, respectively. The R$330 million reduction in
the cash deriving from operating activities is mainly due to R$269 million
increase in the Company&#8217;s working capital, basically due to a variation in the
trade accounts payable.</FONT><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Investment Activities</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The cash flow used in investment activities was R$2,245
million in 2013 and R$3,102 million in 2012. The R$857 million reduction is
chiefly due to:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 18pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Receivables deriving from derivative
operations of approximately R$426 million in 2013, due to the settlement of CSN
Island VIII&#8217;s swap;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 18pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$301 million variation basically due to the
effect of SWT acquisition in 2012;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 18pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$246 million reduction of investments in
fixed assets;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 10pt 18pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Deconsolidation of cash and cash equivalents
when sharing control of TLSA in the total amount of R$ 146 million.
</FONT></P></DIV>
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<P style="TEXT-ALIGN: center">21</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Financing Activities</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The cash flow used in financing activities in 2013 was
R$1,881 million. The R$1,025 million variation compared to 2012, due to a
reduction of R$1,317 million in funding and amortizations, an increase of R$461
million of dividends and interest on equity, partially offset by R$800 million
variation, due to a disbursement in 2012 related to SWT acquisition.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Comparison between 2012 and 2011 cash
flows</FONT></U></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company&#8217;s free cash flow in 2012 was negative at
R$1,549 million compared to a positive free cash flow of R$5,178 million in
2011. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Operating Activities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The generation of operating cash was R$2,529 million and
R$4,202 million in 2012 and 2011, respectively. A R$1,673 million reduction in
cash deriving from operating activities, is chiefly due to a R$2,253 million
reduction in view of a cash effect of net income and R$580 million reduction in
the Company&#8217;s working capital.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Investment Activities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The cash flow used in investment activities was R$3,102
million in 2012 and R$5,275 million in 2011. A reduction of R$2,173 million is
mainly due to a R$1,664 million reduction of investments in fixed
assets.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Financing Activities</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The cash flow used in financing activities in 2012 was
R$856 million compared to a cash flow generated by financing activities of
R$4,741 million in 2011. The difference of R$5,596 million derives from the
following factors:</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$4,303 million reduction in loans and
borrowings;</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$960 million increase in amortizations; and</FONT></P>
<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 7pt" lang=EN-US face="times new roman"> </FONT><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$803 million referring to SWT acquisition.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 3.6pt"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>These effects were partially offset by R$657 million
reduction in payments of dividends and interest on equity.</FONT></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.2 </FONT></I></B></P>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) Company&#8217;s results of operations,
      especially</FONT></I></B></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(i) Description of any relevant revenue
      component</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company is highly integrated,
      operating in the entire steel production chain, from the extraction of
      iron ore until the production and trade of coils, tin-coated for packages,
      shapes, including interest in railways, port terminals, production of
      cement and electricity generation. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company&#8217;s production integrated system,
      combined to the quality of management, makes the Company to have one of
      the world&#8217;s steel lowest production costs.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company seeks to maximize the return to its
      shareholders through a concentrated performance in five key activities:
      (i) mining; (ii) steel; (iii) logistics; (iv) cement; and (v)
      electricity.</FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>1. Mining</FONT></B></P>
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>1.1. Iron Ore</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The owned mine Casa de Pedra, located in the
      municipality of Congonhas, in the state of Minas Gerais, supplies the
      Company with the iron ore necessary for its steel production. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In July 2007, the Company by means of its
      jointly-controlled entity, Nacional Min&#233;rios S.A. (&#8220;Namisa&#8221;), acquired
      Companhia de Fomento Mineral, located in the state of Minas Gerais, with
      mines close to Casa de Pedra, increasing its production capacity.
      </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Also in 2007, the Company entered in the iron ore
      overseas market through Namisa. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The highest amount of the Company&#8217;s net revenues
      referring to the trading of iron ore derive from exports, mainly to Asia,
      especially China. CSN, jointly with Namisa, has been consolidating its
      position as a relevant player</FONT><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> </FONT></I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>in the iron ore seaborne market.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Considering total sales of iron ore
      finished products of Casa de Pedra mine and Namisa, CSN traded 25.7
      million tonnes in 2013, of which 10.3 million tonnes were traded by
      Namisa. In addition, in 2013, the Company produced and destined to own
      consumption 5.7 million tonnes of iron ore.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2012, considering total sales of
      iron ore finished products from Casa de Pedra mine and Namisa was 25.8
      million tonnes, 14 million tonnes sold by Namisa. The volume destined to
      own consumption was 6.1 million tonnes of iron ore.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2011, considering total sales of
      iron ore finished products from Casa de Pedra mine and Namisa was 29.3
      million tonnes, of which 13.7 million tonnes were sold by Namisa. The
      volume produced and destined to own consumption was 6.8 million tonnes of
      iron ore.</FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>1.2. Limestone</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The limestone mine of Bocaina, located
      in Arcos/MG, is in charge of supplying calcitic and dolomitic limestone,
      metal flux consumed by CSN to produce steel at Presidente Vargas steel
      mill (&#8220;UPV&#8221;) in Volta Redonda-RJ. In 2013, the mine supplied to UPV
      approximately 1.89 million tonnes/year of steel limestone for steel
      production and 0.92 million tonnes/year of non-steel limestone to produce
      clinker in Arcos. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2012, the mine supplied nearly 2.1
      million tonnes of steel limestone for steel production, besides 0.8
      million tonnes of non-steel limestone for clinker
manufacturing.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2011, the mine supplied nearly 1.9
      million tonnes of steel limestone for steel production, besides 0.5
      million tonnes of non-steel limestone for clinker
manufacturing.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>On its turn, the clinker plant, main
      raw material to produce cement supplied 0.7, 0.6 and 0.3 million tonnes of
      clinker in 2013, 2012 and 2011, respectively for CSN Cimentos milling unit
      located in Presidente Vargas steel mill (UPV), in Volta
Redonda.</FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>1.3. Tin</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>One of the essential raw materials to
      produce tin plates is tin, produced by Estanho de Rond&#244;nia S.A (&#8220;ERSA&#8221;), a
      CSN&#8217;s subsidiary, with installed production capacity of approximately 3.6
      thousand tonnes/year of tin. ERSA is composed of Minera&#231;&#227;o Santa B&#225;rbara,
      Itapu&#227; do Oeste, from where cassiterite is extracted, and tin works in
      Ariquemes, from where tin is obtained, both in the state of
      Rond&#244;nia.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The tin produced by ERSA is consumed by
      the Company in the production of tin plate at Presidente Vargas steel
      mill. ERSA&#8217;s tin sales to Presidente Vargas steel mill stood at 1.1, 0.8
      and 0.5 million tonnes in 2013, 2012 and 2011, respectively.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>1.4. Tecar</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The Solid Bulk Terminal (Tecar) is
      liable for the shipment of entire iron ore transacted by the Company in
      the seaborne market. In addition, other products are unloaded at Tecar,
      such as coal, oil coke, sulfur and zinc concentrate for own consumption
      and several clients.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2013, Tecar shipped 28.9 million
      tonnes of own and third parties iron ore and 3.1 million tonnes of coal,
      coke and other reducers were unloaded, besides 55,000 tonnes of clinker
      for own consumption. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2012, Tecar shipped 27 million
      tonnes of own and third parties iron ore and 3.2 million tonnes of coal,
      coke and other reducers were unloaded, besides 87,000 tonnes of clinker
      for own consumption.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2011, Tecar shipped 29.8 million
      tonnes of own and third parties iron ore and 3.6 million tonnes of coal
      and coke for own consumption and several clients were unloaded.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2013, Tecar shipped 28.9 million tonnes of own and
third parties iron ore and 3.1 million tonnes of coal, coke and other reducers
were unloaded, besides 55,000 tonnes of clinker for own consumption. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2012, Tecar shipped 27 million tonnes of own and
third parties iron ore and 3.2 million tonnes of coal, coke and other reducers
were unloaded, besides 87,000 tonnes of clinker for own consumption.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2011, Tecar shipped 29.8 million tonnes of own and
third parties iron ore and 3.6 million tonnes of coal and coke for own
consumption and several clients were unloaded.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>2. Steel</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Dominating the entire steel production chain, the
Company serves several industry segments, with a diversified line of high
added-value line of products. The Company produces the most varied types of
galvanized covered anti-corrosion materials and less susceptible to price
fluctuations in the international market. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The main markets serviced by the Company are:
automotive; civil construction; large chains (distribution); white goods
(household appliances); OEM (capital goods) and metal packages.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The Company has five lines of galvanization in Brazil,
thus distributed: three lines in Presidente Vargas steel mill, in Volta Redonda,
one line in Porto Real, state of Rio de Janeiro and another one in CSN branch
located in the state of Paran&#225;, in Arauc&#225;ria, where it operates cold strip mill
and pre-painting processes. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>CSN also relies on three foreign subsidiaries: CSN LLC,
installed in Terre Haute, in the State of Indiana, USA, which operates cold
strip mill and galvanization, Lusosider in Paio Pires, Portugal, which also
produces covered rolled steel and Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;), installed in
Unterwellenborn, Germany, which produces steel shapes, with annual production
capacity of 1.1 million tonnes. SWT acquisition in 2012 sets CSN&#8217;s entry into
the long steel segment. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>CSN has an installed capacity of 1 million tonnes/year
of tin plate, largely used in the package sector. The Company also produces the
Galvalume, steel covered with zinc and aluminum, which combines brightness and
durability, besides pre-painted steel, both largely applied in the civil
construction and white goods sectors.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>At the end of 2013, a unit in Volta Redonda was
inaugurated, which manufacturers, long steel, with annual production capacity of
500,000 tonnes, among concrete reinforcing bars and wire rod. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>2.1 - Presidente Vargas steel mill</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The Company&#8217;s main steel unit, the Presidente Vargas
steel mill has an annual installed capacity of 5.6 million tonnes of raw steel.
In 2013, the production of raw steel reached 4.5 million tonnes. The production
of rolled steel reached 4.6 million tonnes. In 2012, 4.8 million tonnes of raw
steel were produced and 4.6 million tonnes of rolled steel. In 2011, 4.9 million
tonnes of raw steel and 4.7 million tonnes of rolled steel were
produced.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>2.2- Porto Real Branch</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>CSN&#8217;s branch in Porto Real is strategically located
between the cities of Rio de Janeiro and S&#227;o Paulo, mainly serving the
automotive sector, with a wide range of international standard products and
services. It relies on one line of hot galvanization, cutting services and a
modern laser solder center. In 2013, its production reached 354,000 tonnes,
basically targeting the automotive sector, while in 2012, the production reached
300,000 tonnes and in 2011, the production totaled 242,000 tonnes. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>2.3 &#8211; Cia. Metalic Nordeste</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>CSN&#8217;s subsidiary, Cia. Metalic Nordeste, with head
offices in the state of Cear&#225;, is a manufacturer of two piece steel beverage
cans, also produces aluminum cover caps for beverage cans. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2013, Metalic sold 507 million cans and 681 million
caps, while in 2012 and 2011, 518 million and 686 million cans were sold,
respectively. </FONT></P>
<P></P></DIV>
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<P style="TEXT-ALIGN: center">24</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>2.4- Companhia Metal&#250;rgica Prada</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Founded in 1936, Companhia Metal&#250;rgica Prada (&#8220;Prada&#8221;)
was acquired by CSN in 2006. With the Latin America&#8217;s largest industrial complex
concerned with the production of steel packages and lithograph services, Prada
has two plants located in S&#227;o Paulo where its lithographic complex is located
and the manufacturing of packages for chemical aerosol products and one in
Uberl&#226;ndia-MG concerned with food packages, representing a relevant tin mill
steel client of CSN. Prada also operates in the distribution and services
market. Currently, in the Southeast region, it owns a Services Center and six
distribution centers of productions, such as: sheets, blanks, coils, UDC shapes,
welded tubes, steel deck and metal roof for the most diverse industry segments.
Prada is amongst the largest companies in the flat steel distribution and
processing segment and by means of a wide range of cutting services, structure
and logistics, adding value to CSN&#8217;s product portfolio.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Its lines are capable of meeting volumes and technical
specifications required by food, chemistry, aerosol and services industries.
</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, Prada by means of the distribution segment sold
386,000 thousand tonnes of products, besides providing processing services in
43,000 tonnes of steel. In 2012 and 2011, 435,000 and 468,000 tonnes were sold,
respectively, through the distribution segment. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>2.5- Companhia Sider&#250;rgica Nacional, LLC </FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Companhia Sider&#250;rgica Nacional LLC (&#8220;CSN LLC&#8221;) located
in the United States administers a cold rolled steel and galvanization mill,
installed in the State of Indiana. In 2013, 297,000 tonnes of cold rolled and
galvanized coils were produced and sold in LLC. While in 2012 and 2011, this
unit produced 258,000 tonnes and 260,000 tonnes, respectively of these same
products.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif>2.6- Lusosider</FONT></B><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif>
</FONT></I></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif>Projectos Siderurgicos S.A.</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Installed in Paio Pires, Portugal, Lusosider Projectos
Sider&#250;rgicos, S.A. (&#8220;Lusosider&#8221;) operates the cold rolling and hot
galvanization. In 2013, it produced and sold in the European market, 276,000
tonnes of galvanized products, cold rolled steel and pickled oil/oiled coil,
while in 2012 and 2011, these volumes reached 208,000 and 242,000 tonnes,
respectively. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>2.7- Stahlwerk Th&#252;ringen GmbH (SWT)</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2012, CSN acquired Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;),
consolidating its results as of February 2012. Located in Unterwellenborn,
Germany, the plant is specialized in the production of steel shapes employed in
construction.&nbsp; In 2013, SWT produced and sold in the European market,
755,000 tonnes of steel shapes and in 2012, this volume added 724,000 tonnes of
shapes. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>3. Logistics</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>3.1 Port</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Tecon, containers and general cargo terminal,
administered by Sepetiba Tecon S.A., a CSN&#8217;s subsidiary, in 2013 handled over
257,000 containers, 33.8 thousand tonnes of steel products and 21.6 thousand
tonnes of general cargo.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>3.2 Railway</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>CSN holds interest in three railway companies: MRS
Log&#237;stica S.A. (&#8220;MRS&#8221;), FTL &#8211; Ferrovia Transnordestina Log&#237;stica S.A. (&#8220;FTL&#8221;)
and Transnordestina Log&#237;stica S.A. (&#8220;TLSA&#8221;). </FONT></P>
<P></P></DIV>
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<P style="TEXT-ALIGN: center">25</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>MRS</FONT></U></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>MRS operates the railway which connects Casa de Pedra
mine to Presidente Vargas steel mill and to the terminals at the Itagua&#237; Port.
In 2013, MRS carried 156 million tonnes, volume 0.43% higher than in 2012 when
155 million tonnes were carried, a volume 2% higher than in 2011.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>CSN directly and indirectly holds 33.27% of MRS
Log&#237;stica&#8217;s voting capital, which operates the former Southeast Network of Rede
Ferrovi&#225;ria Federal S.A (RFFSA), in the Rio de Janeiro &#8211; S&#227;o Paulo - Belo
Horizonte connection.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>MRS&#8217;s main performance segment is those clients referred
to as heavy haul (ore, coal and coke loads), carrying approximately 115 million
tonnes, corresponding to 74% of total amount carried by the Company, as well as
long-term agreements. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In the containers sector, MRS maintained its position
among the largest domestic railway sector carriers, by carrying 61.6 thousand
containers in 2013.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The railway transportation services rendered by MRS are
essential in the supply of raw materials and flow of final products. The total
amount of iron ore, coal and coke consumed by Presidente Vargas steel mill is
carried by MRS, as well as part of steel produced by CSN.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>TLSA</FONT></U></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>TLSA, with the federal government&#8217;s support is building
the railway Nova Transnordestina, with an extension of 1,728 km, which will
connect the railway terminal in Eliseu Martins (PI) to the Ports of Suape (PE)
and Pec&#233;m (CE), crossing several cities in the states of Piau&#237;, Pernambuco and
Cear&#225;.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The railway&#8217;s projected operation capacity is 30 million
tonnes/year which must play an important role in the development of the
Northeast region and create a logistics option for the local economic
development, in the oil and byproducts, grains, mining, agriculture and other
sectors. On December 31, 2013 CSN&#8217;s stake in TLSA was 77.3%.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>On
December 27, 2013, the partial spin-off of TLSA was approved, as well as the
merger of spun-off portion by FTL &#8211; Ferrovia Transnordestina Log&#237;stica. The
spin-off comprises part of a business reorganization proposal and resulted in
the separation to FTL, of almost the total assets connected to the Network I
which comprises the railway stretches between the cities of S&#227;o Lu&#237;s to
Mucuripe, Arrojado to Recife, Itabaiana to Cabedelo and Recife to Macau, and the
maintenance in TLSA of assets and liabilities connected to the Network II which
comprises the railway stretches between the cities of Miss&#227;o Velha &#8211; Salgueiro,
Salgueiro &#8211; Trindade, Trindade &#8211; Eliseu Martins, Salgueiro &#8211; Porto de Suape and
Miss&#227;o Velha &#8211; Porto de Pec&#233;m.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>
&nbsp;</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>FTL</FONT></U></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>CSN holds 88.4% interest in FTL, operator of RFFSA&#8217;s
former northeast network, which crosses seven states: Maranh&#227;o, Piau&#237;, Cear&#225;,
Rio Grande do Norte, Para&#237;ba, Pernambuco and Alagoas, with total extension of
4,534 km, with current transportation capacity of approximately two million
tonnes/year, pointing out the transportation of fuel, cement, aluminum and ore,
among other products. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In December 2013, first month of FTL operation, 100,000
tonnes were carried, pointing out the transportation of fuel, cement, aluminum
and ore, among other products, especially in the stretch between S&#227;o Lu&#237;s,
Teresina and Fortaleza.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>4. Energy</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>CSN is one of Brazil&#8217;s largest electricity industrial
consumers, which ranks it in an outstanding position together with other large
Electro-intensive Groups. Thus, since 1999, CSN has been investing in
electricity generation projects, aiming to ensure its self-sufficiency. Its
assets in this segment are It&#225; hydroelectric power plant in Santa Catarina,
where CSN holds 29.5%, corresponding to an average 167 MW, by means of 48.75%
equity interest in It&#225; Energ&#233;tica S. A., the Igarapava hydroelectric power plant
in the state of Minas Gerais, with 23 MW capacity and 17.9% interest and the
Thermoelectric co-generation center, at the Presidente Vargas steel mill, in
Volta Redonda,</FONT><B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 12pt" lang=EN-US face=Calibri,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>with installed capacity of 235 MW. This unit uses own
residual gases from steel production as fuel.&nbsp; </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>These assets ensure to CSN a generation capacity
sufficient to meet the group&#8217;s electricity needs.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The installation of a top-rotor shaft is under
conclusion and will add 21 MW to the Group's current generation capacity.
Thinking of future expansions, CSN still studies new investments in electricity
generation, aiming its self-sufficiency.</FONT></P>
<P></P></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>5. Cement</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The cement industry is complementary to steel industry
and supplies the entire civil construction segment, a sector of essential
relevance for the country&#8217;s economic development. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>CSN Cimentos S.A. (&#8220;CSN Cimentos&#8221;), the Company&#8217;s
subsidiary, by means of its first plant located in Volta Redonda/RJ sold
approximately 2 million tonnes of cement in 2013, a 4% growth compared to the
previous year.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 120%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The cement produced by CSN of CP-III type is currently
traded in the region of Baixada Fluminense, south of the state of Rio de
Janeiro, Para&#237;ba Valley and Greater S&#227;o Paulo, besides the south of the state of
Minas Gerais. Currently, CSN has six distribution centers, essential factor to
increase sales dissemination and ensure its competitiveness. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Net Revenues</FONT></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Tables and graphs below show the Company&#8217;s consolidated
net revenue:</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm">&nbsp;</P>
<TABLE style="WIDTH: 100%" border=1 cellSpacing=0 borderColor=#000000 cellPadding=0>

  <TR>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD>
    <TD width="10%"></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#d9d9d9 width="20%" colSpan=2 align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">R$ million</FONT></B></TD>
    <TD bgColor=#d9d9d9 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Steel</FONT></B></TD>
    <TD bgColor=#d9d9d9 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Mining</FONT></B></TD>
    <TD bgColor=#d9d9d9 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Port Logistics </FONT></B></TD>
    <TD bgColor=#d9d9d9 width="10%" align=right><STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Railway
      Logistics&nbsp;</FONT></STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD bgColor=#d9d9d9 width="10%" align=right><STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Energy</FONT></STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD bgColor=#d9d9d9 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Cement&nbsp; </FONT></B></TD>
    <TD bgColor=#d9d9d9 width="10%" align=right><STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Elim./Corp.</FONT></STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;</FONT></TD>
    <TD bgColor=#d9d9d9 width="10%" align=right><STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Consolidated</FONT></STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">&nbsp;</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD rowSpan=3 width="10%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2013</FONT></TD>
    <TD style="TEXT-INDENT: 5.279pt" width="10%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Domestic market</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">9,696</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">680</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">195</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,074</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">212</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">416</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(1,025)</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">11,247</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5.279pt" width="10%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Foreign market</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,697</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">4,617</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(1,249)</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">6,065</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5.279pt" bgColor=#366092 width="10%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>Total</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>12,393</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>5,297</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>195</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>1,074</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>212</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>416</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>(2,274)</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>17,312</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD rowSpan=3 width="10%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2012</FONT></TD>
    <TD style="TEXT-INDENT: 5.279pt" width="10%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Domestic market</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">8,478</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">713</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">152</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,067</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">229</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">388</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(567)</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10,459</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5.279pt" width="10%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Foreign market</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2,324</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">3,772</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(1,326)</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">4,770</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5.279pt" bgColor=#366092 width="10%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>Total</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>10,802</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>4,485</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>152</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>1,067</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>229</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>388</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>(1,894)</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>15,228</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD rowSpan=3 width="10%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">2011</FONT></TD>
    <TD style="TEXT-INDENT: 5.279pt" width="10%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Domestic market</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">8,190</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">834</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">143</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,023</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">183</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">333</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">(565)</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">10,142</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5.279pt" width="10%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">Foreign market</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">1,287</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">5,022</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">-</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">69</FONT></TD>
    <TD width="10%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt">6,378</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD style="TEXT-INDENT: 5.279pt" bgColor=#366092 width="10%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>Total</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>9,478</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>5,856</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>143</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>1,023</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>183</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>333</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>(496)</FONT></B></TD>
    <TD bgColor=#366092 width="10%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 8pt" color=#ffffff>16,520</FONT></B></TD></TR></TABLE>
<P></P>
<P></P>
<P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(ii) Factors materially affecting the operating
results</FONT></I></B></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The most relevant sources of the Company&#8217;s revenues
derive from the production and trading of steel products and iron ore. Thus,
Brazil&#8217;s and the world&#8217;s economic activity level has strong influence on its
results.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The largest amount of the Company&#8217;s steel sales occurs
in the domestic market. Therefore, a relevant factor of influence on results is
the domestic economy&#8217;s growth pace, especially the most intensive sectors in the
use of steel, especially the automotive, white goods sectors and civil
construction. These sectors are directly influenced by the availability and cost
of credit to consumer. The macroeconomic politics decision, such as the level of
interest rates, or which affect credit, such as taxes or other mechanisms are
continuously monitored. The impact of infrastructure works is also a relevant
factor, whether related to events, such as the World Cup and the Olympic Games
or the growth of productive sectors, such as oil or civil construction, PAC
works, amongst others.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Another factor of influence is the balance between
world&#8217;s steel supply and demand, which determines the price levels and also
influences the imports level. </FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In the mining sector, results are directly influenced by
the balance between world&#8217;s iron ore supply and demand. The highest amount of
the Company&#8217;s net revenues refers to the sale of iron ore deriving from exports
mainly to Asia, especially China.</FONT></P>
<P></P>
<P></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Referring to costs, metal coal and coke prices, metals
such as aluminum, zinc and tin, as well as the foreign exchange rates, are
relevant factors in steel production. In case of mining and logistics (railway
transportation), the cost of diesel is a relevant component and as the Company
has expansion projects, the cost of equipment and services is an essential
variable to be monitored.</FONT></P>
<P></P></DIV>
<a name="_bclFooter27"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">27</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_28></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader28"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<DIV align=left>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 0px; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) revenue variation attributable to changes in
      prices, exchange rates, inflation, changes in volumes and the introduction
      of new products and services</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 19.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.45pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In the steel industry, besides the international
      prices, other factors may affect the prices of our products, such as
      foreign exchange rates, import duties, domestic supply and demand.
      </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Referring to mining, most of our sales derive from
      iron ore exports, therefore, pegged to the international
prices.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In case of cement, revenue is in Reais and
      inflationary variation may modify results. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Since most of revenues derive from steel and
      mining sectors, the Company quantifies below the effects of changing
      volumes and prices over its revenues in these two segments. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, the net revenue reached R$17.3 billion,
      14% higher than that recorded in previous year, mainly due to higher
      revenue from steel and mining segments. The steel net revenues totaled
      R$12.4 billion or 63% of consolidated net revenues, with sales of 6.1
      million of tonnes of steel, 4.6 billion in the domestic market and 1.5
      million in the foreign market (including exports and foreign sales through
      the subsidiaries Lusosider, CSN LLC and SWT). The mining net revenues
      totaled R$5.3 billion or 27% of consolidated net revenues, with sales of
      25.7 million tonnes of iron ore finished products, mainly for the foreign
      market.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2012, the Company&#8217;s net revenues reached R$15.2
      billion. Steel net revenues were R$10.8 billion or 63% of consolidated net
      revenues, with steel sales of 5.8 million tonnes. Out of this total, 77%
      were sold in the domestic market and 23% in the foreign market (including
      exports and sales overseas through subsidiaries Lusosider, CSN LLC and
      SWT). The mining net revenues totaled R$4.5 billion in 2012, a 26% share
      in the Company&#8217;s consolidated net revenues, with sales of iron ore
      finished products of 25.8 million tonnes, mainly to the foreign
      market.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2011, the Company&#8217;s net revenues reached R$16.5
      billion. The steel net revenues were R$9.5 billion or 55% of the
      consolidated net revenues, with steel sales of 4.9 million tonnes. Out of
      this total, 86% were sold in the domestic market and 14% in the foreign
      market (including exports and sales overseas through subsidiaries
      Lusosider and CSN LLC). The mining net revenues totaled R$5.9 billion in
      2011, 35% share in the Company&#8217;s consolidated net revenues, with sales of
      iron ore finished products of 23.8 million tonnes, mainly to the foreign
      market.</FONT></P></TD></TR></TABLE></DIV>
<P></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 0px; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) impact of inflation, price variation of main
      inputs and products, foreign exchange and interest rates on the Company&#8217;s
      operating and financial results</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 19.45pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.45pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Part of the Company's costs and expenses is pegged
      to the Brazilian Real, with inflation adjustment clause in the agreements.
      </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>As mentioned in item (a), the prices of certain
      inputs directly influence the Company&#8217;s results, especially:</FONT></P>
      <UL style="MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0cm" type=disc>
        <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Coal, coke, pellets and metals, in case of steel
        industry, pegged to the U.S. dollar;</FONT>
        <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fuel in case of mining and railway
        transportation; </FONT>
        <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Clinker in case of cement. </FONT></LI></UL>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Besides production inputs, another relevant factor
      is the price of equipment and services, since the Company has a
      substantial portfolio of investment projects in all its business
      areas.</FONT></P>
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Effects on the Company&#8217;s
      operating results</FONT></U></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, the consolidated cost of products sold
      reached R$12,423 million, 10% up over cost of products sold in 2012,
      basically due to the higher volume sold by steel industry and an increase
      of production costs in the steel industry. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2012, the cost of products sold reached
      R$11,259 million, 15% up over the R$9,801 million recorded in 2011,
      basically due to:</FONT></P>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 38.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$2,271 million increase in the cost of products
      sold, with higher volume of steel sold and increase in the production
      costs of steel and mining segments;</FONT></P>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 38.5pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$813 million decrease with the Company&#8217;s adoption
      of IFRS 10 and IFRS 11.</FONT></P>
      <H1 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Effects on the Company&#8217;s financial
      result</FONT></U></B></H1>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, the Company&#8217;s net financial result was
      negative at R$2,512 million compared to a negative net financial result in
      2012 of R$2,151 million, basically due to:</FONT></P>
      <UL style="MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0cm" type=disc>
        <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$220 million decrease in financial revenues
        from R$392 million in 2012 to R$172 million in 2013;</FONT>
        <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$192 million increase in financial expenses,
        from R$2,548 million in 2012 to R$2,740 million, mainly due to the R$277
        million effect due to the Company&#8217;s adhesion to the tax recovery program
        (REFIS) in 2013.</FONT> </LI></UL>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2012, the Company&#8217;s net financial results were
      negative at R$2,151 million, compared to a negative result of R$2,006
      million in 2011, mainly due to the Company&#8217;s adoption of IFRS 10 and IFRS
      11.</FONT></P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: center">28</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.3 Relevant effects that the following events have caused or are expected to cause on the Company&#8217;s financial statements and its results:</FONT></I></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) introduction or disposal of operating segment</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 14.4pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>CSN entered into the long steel segment through the acquisition of Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;) on January 31, 2012 for &#8364;483 million. Located in Unterwellenborn, Germany, SWT produces long steel, with production installed capacity of 1.1 million tonnes of metal shapes/year, destined to the civil construction. </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) creation, acquisition or disposal of equity interest</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 14.4pt"><B><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Acquisition of shares from companies of Grupo Alfonso Gallardo, S.L.U.</FONT></U></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 14.4pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>On January 31, 2012, the Company by means of its subsidiary CSN Steel acquired 100% of shares held by Grupo Gallardo in the companies (i) Dankerena Guip&#250;zcoa, S.L. e Grupo Alfonso Gallardo Th&#252;ringen, S.L.U., Spanish holdings which jointly held 100% of shares of Stahlwerk Th&#252;ringen GmbH (&#8220;SWT&#8221;) and (ii) Gallardo Sections S.L.U. (the &#8220;Transaction&#8221;). </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 14.4pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Transaction&#8217;s total amount was &#8364;483 million, considering the assumption of zero indebtedness.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 14.4pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Located in Unterwellenborn, Germany, SWT produces long steel, with production installed capacity of 1.1 million tonnes of steel shapes/year.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 14.4pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>CSN started to consolidate SWT&#8217;s results in its financial statements as of February 2012, recording sales of 724,000 tonnes/year.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) non-usual events or operations</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>At the Board of Directors&#8217; Extraordinary Meeting held on May 10, 2012, the Board members unanimously approved the Company&#8217;s capital increase, by capitalizing part of the unrealized profit reserve, in the amount of R$2,859,052,636.29, without issuing new shares, and capital increasing from R$1,680,947,363.71 to R$4,540,000,000.00.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center">29</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.4 </FONT></B></P>
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    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=3>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) relevant changes in the accounting practices
      </FONT></I></B></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>New standards and interpretations not yet
      adopted</FONT></U></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>The following standards, amendments and
      interpretations of IFRS issued by IASB are not effective yet and were not
      early adopted by the Company for the fiscal year ended December 31,
      2013:</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>Standard</FONT></B></P></TD>
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      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>Description</FONT></B></P></TD>
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      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>Effectiveness</FONT></B></P></TD></TR>
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    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>IAS 32</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>"Financial Instruments: Presentation" refers to
      the offset of assets and liabilities. It brings further clarification to
      the guidance on the application contained in IAS 32, about the
      requirements to offset financial assets and liabilities in the balance
      sheet.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 2.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>January 1, 2014</FONT></P></TD></TR>
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    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>Revisions of IFRS 10, IFRS 12 and IAS
27</FONT></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>Amendments to IFRS10 define an investment entity
      and require that the reporting entity classified into the definition of an
      investment entity does not consolidate its subsidiaries, but instead,
      measures it subsidiaries by fair value through profit or loss in its
      consolidated and separate financial statements. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>Amendments to IFRS 12 and IAS 27 introduce new
      reporting requirements to the investment entities.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>January 1, 2014</FONT></P></TD></TR>
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    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>IFRIC 21</FONT></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>It clarifies when an entity should recognize a
      liability for a tax when the event generating payment occurs. For a tax
      requiring that its payment originates due to the achievement of certain
      metrics, the interpretation indicates that no liability should be
      recognized until the metrics is achieved.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 4.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>January 1, 2014</FONT></P></TD></TR>
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    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 50.3pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US color=#181619 face=arial,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>IAS 39 Revision</FONT></P>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 50.3pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>This revision softens the discontinuation of hedge
      accounting when the renewal of a derivative designated as hedge reaches
      certain criteria.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 50.3pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>January 1, 2014</FONT></P></TD></TR>
  <TR style="HEIGHT: 0.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>Amendment to IAS 36</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>The amendment reduces the circumstances to report
      the recoverable value of assets or cash generating units and clarifies the
      disclosures required.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>January 1, 2014</FONT></P></TD></TR>
  <TR style="HEIGHT: 0.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="19%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 1.45pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>IFRS 9</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="57%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>"Financial Instruments". IFRS 9 maintains, but
      simplifies the combined measurement model and establishes two main
      measurement categories for financial assets: amortized cost and fair
      value. The basis of classification depends on the entity&#8217;s business model
      and the characteristics of financial asset's contractual cash flow. IAS 39
      guidance on the impairment of financial assets and accounting hedge is
      still applicable. The amendment to IFRS 9 postponed the effectiveness date
      from 2013 to 2015. It also removed the obligatoriness of re-publishing
      comparative information and started to request additional information on
      transition to IFRS 9.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 0.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>January 1, 2015</FONT></P></TD></TR>
  <TR>
    <TD width="100%" colSpan=3>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>CPC has not issued yet the related pronouncements
      and changes co-related to certain new and revised IFRSs mentioned above.
      In view of CPC&#8217;s and CVM&#8217;s commitment to keep up to date the set of
      standards issued based on updates made by IASB, we expect these
      pronouncements and changes to be issued by CPC and approved by CVM until
      the date of their mandatory adoption.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>As to the amendments and new standards listed in
      the table above, the Company estimates that its adoption will not result
      in relevant effects on its financial statements.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) relevant effects of changes in the accounting
      practices</FONT></I></B></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>As of January 1, 2013, the Company adopted the
      IFRS 10 &#8211; Consolidated Financial Statements, corresponding to CPC 36(R3) -
      &#8220;Consolidated Financial Statements&#8221; approved by CVM in December 2012 which
      establishes the reporting and preparation principles of the consolidated
      financial statements when an entity controls one or more entities and IFRS
      11 - Joint Arrangements, corresponding to CPC 19(R2) - "Joint Ventures"
      approved by CVM in November 2012, which requires a new valuation of joint
      arrangements, focusing on the agreement&#8217;s rights and obligations, instead
      of its legal form. IFRS 10 replaces the consolidation requirements of
      SIC-12 Consolidation of Special Purpose Entities and IAS 27 Consolidated
      and Separate Financial Statements. IFRS 11 replaces IAS 31 Interests in
      Joint Ventures and SIC-13 Jointly Controlled Entities &#8211; Non-Monetary
      Contributions by Venturers.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>Therefore, since the proportional consolidation
      method for companies deemed as joint ventures is no longer allowed, the
      Company no longer consolidates its jointly controlled entities, Nacional
      Min&#233;rios S.A., MRS Log&#237;stica S.A. and CBSI - Companhia Brasileira de
      Servi&#231;os de Infraestrutura and now record them by the equity method. In
      addition, in the adoption of IFRS 10 and 11, Management decided to adopt
      as accounting practice the removal of effects on results from transactions
      carried out with jointly controlled entities. As a result, part of equity
      in the earnings of subsidiaries was reclassified to financial expenses,
      cost of products sold, income tax and social contribution.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>The Company also applied, as of January 1, 2013,
      the IFRS 12 &#8211; Disclosure of Interest in Other entities, corresponding to
      CPC 45 &#8211; &#8220;Disclosure of Interest in Other Entities&#8221; approved by CVM in
      December 2012, which requires disclosures on the nature of the Company&#8217;s
      interest in other entities, the risks related to these interests and the
      effects of these interests on profit or loss and on cash
    flows.</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) qualified opinion and emphasis of matter in
      auditor&#8217;s report:</FONT></I></B></P></TD></TR>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.45pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=3>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 57.6pt 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Qualified opinion</FONT></U></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0.8pt 6pt 0cm"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>There is no qualified opinion on the
      independent auditor&#8217;s report for the fiscal years ended in 2013, 2012 and
      2011.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 57.6pt 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 57.6pt 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Emphasis of matter:</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>December 31, 2013, 2012 and 2011</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The independent auditor's report emphasized that
      the Company's individual financial statements were prepared according to
      the accounting practices adopted in Brazil. These practices differ from
      IFRS, applicable to the separate financial statements, only referring to
      the valuation of investments in subsidiaries, associated companies and
      joint ventures by the equity method, while for the purposes of IFRS, this
      would be at cost or fair value.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>On December 31, 2013.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Restatement of corresponding amounts
      </FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 12pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In addition, the auditors point out and the
      Company&#8217;s Management ratified that due to the change in the accounting
      policy referring to the application of the following accounting
      pronouncements: (i) IFRS 10 &#8211; Consolidated Financial Statements,
      corresponding to CPC 36 (R3) &#8211; Consolidated Financial Statements; (ii)
      IFRS 11 &#8211; Joint Arrangements, corresponding to CPC 19 (R2) &#8211; Joint
      Ventures, the related, individual and consolidated amounts referring to
      the balance sheet as of December 31, 2012 and related statements of
      income, comprehensive income, changes in shareholders&#8217; equity, cash flows
      and value added (additional information) for the fiscal year ended on that
      date, reported for comparison purposes, have been adjusted and restated as
      provided for CPC 23 &#8211; Accounting Policies, Changes in Estimates and
      Rectification or Errors, and the international standard IAS 8 Accounting
      Policies, Changes in Accounting Estimates and Errors and CPC 26 (R1) &#8211;
      Presentation of Financial Statements and the international standard IAS 1
      (R) Presentation of Financial Statements.
</FONT></P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.5 Executive Officers should indicate and comment on
critical accounting policies adopted by the Company, including Management&#8217;s
accounting estimates concerning uncertain and relevant matters to describe the
Company&#8217;s financial situation and results that require subjective or complex
judgments, such as: provisions, contingencies, revenue recognition, tax credits,
long-lived assets, the useful life of non-current assets, pension plans, foreign
currency translation adjustments, environmental recovery costs, criteria for
impairment tests on assets and financial instruments.&nbsp; </FONT></I></B></P>
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    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company&#8217;s critical accounting
      policies:</FONT></I></B></P></TD></TR>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.45pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The preparation of the financial
      statements </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>in accordance with the International
      Financial Reporting Standards (IFRS)</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>and the rules issued by the</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Brazilian&nbsp;Accounting Pronouncements Committee
      (CPC) requires the use of certain accounting estimates and also the
      judgment by the Company&#8217;s management in the process of adoption of the
      Company&#8217;s accounting policies</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>. &nbsp;</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The estimates are based on the best
      knowledge existing in each fiscal year. Changes in facts and circumstances
      may lead to a revision on these estimates. Therefore, </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>actual results may vary in relation to the
      estimates presented</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>.&nbsp;</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif>The significant assumptions and estimates, which
      are considered by the Company&#8217;s Management as </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>requiring a higher judgment level and having
      greater complexity</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif> for the preparation of
      </FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>financial statements</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#181619 face=Calibri,sans-serif> are presented as follows: </FONT></P>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(a)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;
      </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fair value of business
      combination</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>The identifiable assets acquired and liabilities
      undertaken in a business combination are measured at fair value on the
      acquisition date</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, in compliance with CPC 15(R1)
      &#8220;Business Combination&#8221;. Consequently, when we determine the allocation of
      the acquisition price, there is an adjustment to the fair value of certain
      items&#8212;such as inventories, property, plant and equipment, mines, present
      value of noncurrent assets and liabilities, among others&#8212;in accordance
      with valuation reports prepared by independent appraisers. The Company has
      12 months (measurement term), as of the acquisition date, to additionally
      recognize better information on the fair value recognized on the
      acquisition date. </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>The acquisition method is
      applied to account for each Company&#8217;s business combination</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>. </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>The Company recognizes non-controlling interest in
      its financial statements by the proportional amount of the fair value of
      the acquired company&#8217;s net assets</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Goodwill is represented by the positive difference
      between paid and/or payable value for the purchase of a business and the
      net amount of fair value of assets and liabilities of the subsidiary
      acquired. If there is negative goodwill, the Company must recognize it
      immediately in the period&#8217;s results on the acquisition date.</FONT></P>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(b)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Useful life of
      assets</FONT></B></P>
      <P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt 24pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Depreciation is calculated by the straight-line
      method, based on the remaining economic useful life of the assets in
      accordance with Note 10 to the consolidated financial statements. The
      useful lives initially established by independent experts are revised at
      least once per year for all units. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>If some components of property, plant and
      equipment have different useful life, these components are separately
      recognized as property, plant and equipment items.</FONT></P>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(c)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Mineral reserves and useful
      life of mines</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>The estimates of proven and
      probable mineral reserves are regularly evaluated and updated. These
      reserves are determined using generally geological accepted estimation
      techniques. Calculating the reserves requires the use of several
      assumptions by the mining team, and any changes in these assumptions can
      have a significant impact on recorded proven and probable reserves and
      useful life of mines.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(d)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Impairment of tangible and
      intangible assets</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 24pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Assets with an indefinite useful life, such as
      goodwill, are not subject to amortization and are tested on an annual
      basis to verify impairment. Assets subject to amortization or depreciation
      are revised for impairment purposes whenever events or changes in
      circumstances show that the book value may not be recoverable. The value
      recognized as impairment loss corresponds to the book value of the asset
      exceeding its recoverable value. The latter is the highest value between
      an asset fair value net of sale costs and its value in use. For the
      purposes of impairment valuation, assets are divided into the lowest
      levels for which there are identifiable cash inflows separately (CGUs).
      Non-financial assets, except for goodwill, which have been impaired, are
      subsequently reviewed to analyze a possible impairment reversal on the
      reporting date.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>In the case of equity securities (shares)
      classified as available-for-sale, a significant or prolonged decline in
      the fair value of an investment in an equity instrument below its cost is
      also objective evidence of impairment. To determine what is considered a
      &#8220;significant&#8221; or &#8220;prolonged&#8221; decline requires judgment, which includes the
      assessment of several factors such as the historical changes in the equity
      prices, the duration and proportion in which the fair value of the
      investment is lower than its cost, and the financial health and short-term
      prospects of the business for the investee, including industry and segment
      performance, changes in technology, and operating and financial cash
      flows.</FONT></P>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(e)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Post-employment and pension
      benefits</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The pension plans granted by the
      Company cover essentially all its employees. The amounts recorded depend
      on several assumptions, determined by actuarial calculation, in accordance
      with CPC 33(R1) &#8211; Employee Benefits. These assumptions are described in
      Note 28 to the Company&#8217;s consolidated financial statements and include,
      among others, internal rate of return </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>and nominal wage growth. When the benefits of a
      plan are increased, the increased benefit portion relating to employee&#8217;s
      previous service is recognized in the statement of income at the
      straight-line method during the average period until benefits become
      vested. Under the condition that benefits become immediately vested,
      expense is instantly recognized in the income.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>The Company opted to account for all actuarial
      gains and losses resulting from defined benefit plans directly in other
      comprehensive income, which later are transferred to retained profits or
      losses. If the plan is extinguished, all the accumulated actuarial gains
      and losses are recorded in the income</FONT><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>The parent company and some subsidiaries offered a
      post-retirement healthcare benefit to its employees. The expected costs of
      these benefits were accumulated during the employment period, being
      calculated through the same accounting method used for defined benefit
      pension plans. </FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>These obligations are annually evaluated jointly
      with qualified independent actuaries.</FONT></P>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(f)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Provisions&nbsp;</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 24pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Provisions for legal proceedings are
      recorded</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> only when the expectation of loss is
      considered probable and an amount can be safely estimated. This
      determination is carried out jointly by the Company&#8217;s Management and legal
      advisors. The estimates are duly recognized in the financial statements in
      accordance with CPC 25 &#8211; Provisions, Contingent Liabilities and Contingent
      Assets.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company is party to legal
      suits&nbsp;and administrative proceedings involving tax issues which are
      deemed as unconstitutional, therefore the Company believes these taxes
      should not be paid. The amounts recorded for such tax disputes and other
      contingencies can undergo future changes due to developments in each case,
      including changes in the legislation, final court decisions specific for
      the Company, which in the uncertain legal Brazilian environment, as well
      as in other jurisdictions, require significant estimates and judgments to
      be made by the Company&#8217;s Management regarding the results of future
      events. More details on provisions can be found in Note 17 to the
      Company&#8217;s consolidated financial statements</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P></TD></TR></TABLE></DIV>
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      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -15.85pt; MARGIN: 0cm 0cm 0pt 15.85pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(g)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Deferred income tax and
      social contribution</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Deferred tax is calculated based on temporary
      differences arising between the book values of assets and liabilities for
      accounting purposes and corresponding amounts applied for tax purposes.
      Any changes in the tax rates resulting from amendments to the legislation
      will lead to adjustments to the estimated deferred tax.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Deferred tax assets and liabilities are offset
      when there is a right to set off current tax assets against current tax
      liabilities and when they relate to income taxes levied by the same
      taxation authority on the same entity subject to taxation.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>A deferred income tax and social contribution
      asset is recognized for all tax losses, tax credits, and temporary
      differences to the extent that it is probable that taxable profits will be
      available against which those tax losses, tax credits, and deductible
      temporary differences can be utilized.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Deferred income tax and social contribution assets
      are reviewed at the end of each reporting period and reduced to the extent
      that their realization is no longer probable</FONT><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(h)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Allowance for doubtful
      accounts</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 24pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The allowance for doubtful accounts was
      established in an amount considered sufficient to support possible losses.
      Management&#8217;s assessment of these provisions takes into account the
      client&#8217;s history and financial situation and the opinion of our legal
      advisors regarding the receipt of these credits for the recording of this
      provision.</FONT></P>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 18pt"><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>(i)</FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></B><B><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fair value of derivative
      financial instruments</FONT></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt 14.2pt"><B><FONT style="LINE-HEIGHT: 115%; LAYOUT-GRID-MODE: line; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company recognizes in its balance sheet all
      derivative financial instruments at fair value. Certain derivative
      instruments do not qualify for hedge accounting. Changes in the fair value
      of any of these derivative instruments are immediately recognized in the
      income statement under &#8220;Financial result&#8221;. Even though the Company uses
      derivatives for hedging purposes, it does not apply to hedge
      accounting.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>With regard to fair value measurement, it is
      necessary to consider factors such as future foreign exchange and interest
      rates. To better understand the possible impacts caused by fluctuations of
      exchange and interest rates on the Company&#8217;s main instruments and
      positions, see Note 13 to the Company&#8217;s consolidated financial
      statements.</FONT></P></TD></TR></TABLE>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.6 Internal controls adopted to ensure the preparation
of reliable financial statements</FONT></I></B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>:&nbsp;</FONT></P>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) the degree of efficiency of these controls,
      indicating eventual inadequacies and measures adopted to correct
      them:</FONT></I></B></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company possesses a Corporate Risk Management
      area, which is subordinate to the Executive Administrative Board, whose
      duty is to identify measure and monitor operational, financial and
      strategic risks, in addition to ensuring compliance with the prevailing
      laws and regulations and the Company&#8217;s internal policies.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Internal controls responsible for mitigating risks
      are executed by the operational areas and independently monitored by the
      Corporate Risk area, which prepares and accompanies action plans to
      correct any deficiencies identified and reported to the
      Management.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Executive Internal Audit Board, which reports
      to the Board of Directors, is also responsible for monitoring internal
      controls through the performance of independent tests.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Management believes in the efficiency of the
      internal controls adopted to ensure the quality, precision and reliability
      of its accounting statements.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Management therefore believes that the
      Company&#8217;s accounting statements accurately represent the results of its
      operations, as well as its equity and financial situation on the
      respective dates.</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) deficiencies and recommendations on internal
      controls included in the independent auditor&#8217;s
    report:</FONT></I></B></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The independent auditor&#8217;s report for the fiscal
      year ended December 31, 2013 had not been completed at the moment when
      this Management Proposal was filed, therefore it was not possible to
      report its assessment on the Company&#8217;s internal controls, aiming to ensure
      the reliability and accurate preparation of the Company&#8217;s financial
      statements.</FONT></P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.7 Aspects referring to eventual public offering of shares: </FONT></I></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) how funds resulting from the offering were utilized:</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The proceeds were used to repay short-term debts, to extend the debt profile and for general corporate purposes. </FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) any relevant discrepancy between the effective use of the funds and the funding proposals disclosed in the respective offering memorandum:</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) in case of any discrepancy, explain the reasons for such an event:</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.8 Relevant items not disclosed in the Company's financial statements:</FONT></I></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> &nbsp;</FONT></B></P>

<DIV align=center>

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



<TR style="HEIGHT: 13.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 13.7pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) assets and liabilities directly or indirectly held by the Company that are not included in its balance sheet (off-balance sheet items), such as:</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 35.4pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(i) operating leases, taken and extended;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 35.4pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(ii) receivable portfolio write-offs that create any risks or responsibilities for the Company, plus all relevant liabilities where applicable;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 35.4pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(iii) future goods and services purchase and sale agreements;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 35.4pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(iv) incomplete building agreements;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 35.4pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(v) future loan proceed agreements.</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 19.45pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 19.45pt; PADDING-TOP: 0cm" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company has the following relevant liabilities that are not included in its financial statements (amounts in R$ thousand):</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Take-or-Pay Agreements</FONT></B></P></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>

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



<TR>

   <TD width="9%"></TD>

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

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

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

   <TD width="26%"></TD>

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

   <TD width="5%"></TD>

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

   <TD width="5%"></TD>

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

   <TD width="5%"></TD>

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

   <TD width="5%"></TD>

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

   <TD width="5%"></TD>

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

   <TD width="5%"></TD>

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

   <TD width="5%"></TD>

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

   <TD width="5%"></TD></TR>

<TR vAlign=bottom>

   <TD width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

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

   <TD width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

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

   <TD width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

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

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="11%" colSpan=3 align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Payments in the period</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="35%" colSpan=11 align=left></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="9%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Counterparty</FONT></B></TD>

   <TD width="1%" align=left><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Nature of services</FONT></B></TD>

   <TD width="1%" align=left><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="26%" align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Terms and conditions</FONT></B></TD>

   <TD width="1%" align=left><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2012</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2013</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2013</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2014</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2015</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2016</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">After 2016</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="5%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Total</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">MRS Log&#237;stica</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Transportation of iron ore</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Contractual clause providing for guaranteed revenue on railw ay freight. In the </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">case of CSN, this means a minimum payment of 80% of freight estimate.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">142.190</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">100.368</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">214.639</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">214.639</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">107.319</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">536.597</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">MRS Log&#237;stica</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Transportation of steel products</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Transportation of at least 80% of annual volume agreed w ith MRS.</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">68.248</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">66.047</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">65.516</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">65.516</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">27.298</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">158.330</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">MRS Log&#237;stica</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Transportation of iron ore, coal </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">and coke</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Transportation of 8,280,000 metric tons per year of iron ore and 3,600,000 </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">metric tons per year of coal, coke and other reducing agents.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">23.334</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">128.387</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">132.770</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">132.770</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">132.770</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">132.770</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">1.194.931</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">1.726.011</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">FCA (*)</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Transportation of mining </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">products</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Transportation of at least 1,900,000 metric tons per year.</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">734</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">4.101</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">FCA</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Rail transportation of clinker by </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">FCA to CSN Cimentos</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Transportation of at least 675,000 metric tons per year of clinker in 2011 and </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">738,000 metric tons per year of clinker starting 2012.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2.733</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">1.478</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">27.300</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">27.300</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">27.300</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">27.300</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">63.701</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">172.901</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">White Martins</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Gas (oxygen, nitrogen, argon) </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">supply</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">CSN undertakes to buy at least 90% of the annual volume of gas contracted </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">with White Martins.</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">110.999</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">27.941</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">95.301</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">95.301</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">95.301</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">285.903</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">CEG Rio</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Natural gas supply</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">CSN undertakes to buy at least 70% of the monthly natural gas volume.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">441.804</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">438.504</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">145.416</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">145.416</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Vale S.A</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Iron ore pellet supply</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">CSN undertakes to buy at least 90% of the volume of iron ore pellets secured </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">by contract. The take-or-pay volume is determined every 18 months.</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">444.642</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">383.327</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">114.962</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">114.962</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Compag&#225;s</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Natural gas supply</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">CSN undertakes to buy at least 80% of the monthly natural gas volume </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">contracted with Compag&#225;s.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">18.874</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">18.414</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">18.349</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">18.349</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">18.349</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">18.349</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">128.446</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">201.842</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">COPEL</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Pow er supply</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">CSN undertakes to buy at least 80% of the annual energy volume contracted </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">with COPEL.</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">15.202</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">18.697</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">8.553</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">8.553</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">8.553</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">8.553</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">28.510</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">62.722</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">K&amp;K Tecnologia</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Processing of blast furnace </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">sludge generated by the pig iron manufacturing process</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">CSN undertakes to supply at least 3,000 metric tons per month of blast furnace </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">sludge for processing at K&amp;K sludge concentration plant.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">7.585</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">8.460</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">7.074</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">7.074</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">7.074</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">7.074</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">44.212</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">72.508</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Harsco Metals</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Processing of slag resulting </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">from the pig iron and steel manufacturing process</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Harsco Metals undertakes to process metal products and slag crushing </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">byproducts resulting from CSN's pig iron and steel manufacturing process, receiving for this processing the amount corresponding to the product of the multiplication of unit price (R$/t) by total production of liquid steel from CSN steel mill, ensuring a minimum production of liquid steel of 400,000 metric tons.</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">40.506</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">42.504</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">15.944</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">15.944</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#f2f2f2 vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Siemens</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Manufacturing repair, recovery </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">and production of ingot casting machine units</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Siemens undertakes to manufacture, repair, recover and produce, in w hole or</FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt"><BR>in part, ingot casting machine units to provide the necessary off-line and on-line<BR>maintenance of continuous ingot casting machine assemblies of the Presidente<BR>Vargas plant (UPV). Payment is set at R$/t of produced steel plates.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">46.424</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">40.596</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">17.213</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">17.213</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="25%" colSpan=3 align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">(*) in phase of renegotiation.</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" vAlign=middle width="5%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD vAlign=middle width="9%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="26%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">1.363.275</FONT></B></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">1.278.824</FONT></B></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">863.037</FONT></B></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">569.502</FONT></B></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">423.964</FONT></B></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">194.046</FONT></B></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">1.459.800</FONT></B></TD>

   <TD vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double" vAlign=middle width="5%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">3.510.349</FONT></B></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm">&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">36</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Concession Agreements</FONT></B></P>

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   <TD width="15%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Concession</FONT></B></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD width="36%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Company</FONT></B></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="36%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Nature of services</FONT></B></TD>

   <TD width="1%" align=center><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2014</FONT></B></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2015</FONT></B></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2016</FONT></B></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">2017</FONT></B></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">After 2017</FONT></B></TD>

   <TD width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Total</FONT></B></TD></TR>

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   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">MRS</FONT></TD>

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   <TD bgColor=#f2f2f2 vAlign=middle width="36%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">30-year concession, renew able for another 30 years, to provide iron ore railw ay transportation services </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">from the Casa de Pedra mine, in Minas Gerais, coke and coal from the Itagua&#237; Port, in Rio de Janeiro, to Volta Redonda, transportation of export goods to the Itagua&#237; and Rio de Janeiro Ports, and shipping of finished goods to the domestic market. </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><I><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">90,952</FONT></I></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><I></I></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><I><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">90,952</FONT></I></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><I></I></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><I><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">90,952</FONT></I></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><I></I></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><I><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">90,952</FONT></I></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><I></I></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><I><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">750,356</FONT></I></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><I></I></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">1,114,164</FONT></B></TD></TR>

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   <TD vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">FTL (Ferrovia </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Transnordestina Log&#237;stica)</FONT></TD>

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   <TD vAlign=middle width="36%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">30-year concession granted on December 31, 1997, renew able for an additional 30 years, to operate the </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Northeastern Brazil railroad system. This railw ay system covers 4,238 kilometers of railroads in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="7%" align=right><I><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">7,296</FONT></I></TD>

   <TD vAlign=middle width="1%" align=right><I></I></TD>

   <TD vAlign=middle width="7%" align=right><I><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">7,296</FONT></I></TD>

   <TD vAlign=middle width="1%" align=right><I></I></TD>

   <TD vAlign=middle width="7%" align=right><I><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">7,296</FONT></I></TD>

   <TD vAlign=middle width="1%" align=right><I></I></TD>

   <TD vAlign=middle width="7%" align=right><I><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">7,296</FONT></I></TD>

   <TD vAlign=middle width="1%" align=right><I></I></TD>

   <TD vAlign=middle width="7%" align=right><I><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">68,702</FONT></I></TD>

   <TD vAlign=middle width="1%" align=right><I></I></TD>

   <TD vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">97,886</FONT></B></TD></TR>

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   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Tecar</FONT></TD>

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   <TD bgColor=#f2f2f2 vAlign=middle width="36%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Concession to operate TECAR, a dry bulk terminal, one of the four terminals that make up Port of Itagua&#237;, </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">located in Rio de Janeiro, for a term running through in 2022, renew able for an additional 25 years.</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">185,771</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">185,771</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">185,771</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">185,771</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">928,855</FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">1,671,939</FONT></B></TD></TR>

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   <TD vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Tecon</FONT></TD>

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   <TD vAlign=middle width="36%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">Concession for a 25-year term initiated in July 2001, renew able for an additional 25 years, to operate the </FONT><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">container terminal at Port of Itagua&#237;.</FONT></TD>

   <TD vAlign=middle width="1%" align=left></TD>

   <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">24,756</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">24,756</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">24,756</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">24,756</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="7%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">198,045</FONT></TD>

   <TD vAlign=middle width="1%" align=right></TD>

   <TD vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">297,069</FONT></B></TD></TR>

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   <TD bgColor=#f2f2f2 vAlign=middle width="15%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="36%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">&nbsp; </FONT></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=left></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">308,775</FONT></B></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">308,775</FONT></B></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">308,775</FONT></B></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">308,775</FONT></B></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">1,945,958</FONT></B></TD>

   <TD bgColor=#f2f2f2 vAlign=middle width="1%" align=right><B></B></TD>

   <TD style="BORDER-BOTTOM: #000000 3px double; BORDER-TOP: #000000 1px solid" bgColor=#f2f2f2 vAlign=middle width="7%" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 7pt">3,181,058</FONT></B></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) other items not included in the financial statements:</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 0pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.9. With regard to each item not included in the financial statements indicated in item 10.8, comment on the following:</FONT></I></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) how such items change, or may change in the future, the revenues, expenses, operating result, financial expenses or other items in the Company&#8217;s financial statements:</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>See item 10.8</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) the nature and purpose of the operation:</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>See item 10.8</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) the nature and amount of the obligations assumed and rights created in favor of the Company as a result of the operation:</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>See item 10.8</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center">37</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.10. Main elements of the Company's business plan:</FONT></I></B></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 3pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) investments, including:</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 3pt 35.4pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(i) a quantitative and qualitative description of investments in progress and estimated investments;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 3pt 35.4pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(ii) sources of investment funding; and </FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 3pt 34.6pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(iii) material divestments in progress and estimated divestments.</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) acquisitions already announced of plants, equipment, patents or other assets that may materially affect the Company&#8217;s production capacity;</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 10pt"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Quantitative and qualitative description of investments in progress and estimated investments</FONT></U></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company&#8217;s operational activities require regular investments aimed at increasing its productivity and operational efficiency and expanding its productive capacity in its steel, mining, logistics, cement and energy businesses.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2013, the Company&#8217;s investments totaled R$2,827 million, of which R$1,659 million was invested in the Parent Company, with the following highlights: </FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Casa de Pedra mine and Port of Itagua&#237;: R$638 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Long Steel: R$351 million;</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 18pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Expansion of cement production capacity: R$239 million.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The remaining balance of R$1,168 million was invested in subsidiaries and jointly-owned subsidiaries, with the following highlights: </FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Transnordestina: R$667 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>MRS: R$247 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Container terminal - Tecon: R$115 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Namisa: R$40 million.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2012, the Company&#8217;s investments totaled R$3.144 million, of which R$1.627 million was invested in the Parent Company, as follows:</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Expansion of the Casa de Pedra mine and Port of Itagua&#237;: R$381 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Construction of long steel mill: R$454 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Expansion of clinker mill: R$73 million.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The remaining balance of R$1.517 million was invested in its subsidiaries or jointly-owned subsidiaries, with the following highlights:</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Transnordestina Log&#237;stica: R$984 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>MRS Log&#237;stica: R$328 million.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In 2011, the Company&#8217;s investments totaled R$4.401 million, of which R$2,386 million was invested in its subsidiaries or jointly-owned subsidiaries, with the following highlights:</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Transnordestina Log&#237;stica: R$1.691 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>MRS Log&#237;stica: R$447 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Namisa: R$100 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>CSN Cimentos: R$61 million.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The remaining balance of R$2,015 million was invested in the Parent Company, with the following highlights:</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Current investments: R$549 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Expansion of the Casa de Pedra mine: R$251 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Expansion of Port of Itagua&#237;: R$238 million;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 6pt 0cm 6pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=wingdings>&#252;</FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><FONT style="LINE-HEIGHT: 8pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Long Steel: R$216 million.</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company&#8217;s main planned investments are detailed below:</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Mining (iron ore)</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In a first phase, CSN intends to increase Casa de Pedra&#8217;s production capacity to 40 million tonnes of iron ore per year, while the Port of Itagua&#237;/RJ (Tecar) has reached a capacity of 45 million tonnes in 2013.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Steel</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>CSN has been diversifying its steel activities, entering the long steel segment through the start up of its long steel mill in Volta Redonda/RJ, with a production capacity for 500,000 tonnes per year, including rebar and wire rods. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>With regard to long steel, CSN has expanding its service centers, having invested recently in the expansion of the hot-rolling mill in Mogi das Cruzes/SP. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Cement</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>In 2009, CSN Cimentos began operations of its first factory in Volta Redonda, with an annual capacity of 2.4 million tonnes, and in 2012 it produced and sold approximately 2.0 million tonnes of cement. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Furthermore, CSN plans to expand its cement production to 5.4 million tonnes per year, with the addition volume of 3 million tonnes coming from a facility integrated with the cement windmill and clinker furnace in Arcos, where the Company already operates a clinker furnace using own-mine limestone. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Transnordestina Log&#237;stica S.A. &#8211; TLSA</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>With support from the federal government, TLSA is building Nova Transnordestina, a 1,728 km-long railway connecting the railway terminal in Eliseu Martins (PI) to the Ports of Suape (PE) and Pec&#233;m (CE), crossing several cities in the states of Piau&#237;, Pernambuco and Cear&#225;. </FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The railway&#8217;s projected annual operating capacity of 30 million tonnes will play a significant role in the development of the Northeast and provide logistical support for the region's economic expansion, in the oil and by-product, grain, mining and agricultural sectors, among others.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face=Calibri,sans-serif>FTL - Ferrovia Transnordestina Log&#237;stica S.A.</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Recently created company with the purpose of merging the spun-off portion of Transnordestina Log&#237;stica S.A. and operating the former Northeastern Network. Concession of a 30-year term, granted on December 31, 1997, renewable for an additional 30 years, to operate the Northeastern Brazil railroad system. This railway system covers 4,238 kilometers of railroads in the states of Maranh&#227;o, Piau&#237;, Cear&#225;, Para&#237;ba, Pernambuco, Alagoas and Rio Grande do Norte.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Ports (Tecon)</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The container terminal (Tecon), managed by Sepetiba Tecon S.A., CSN&#8217;s subsidiary, is a hub port. According to the Brazilian Association&nbsp;of&nbsp;Public Use Container Terminals (ABRATEC), Tecon is the largest container terminal in Rio de Janeiro and one of the largest in its segment in Brazil.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 120%; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>To expand Tecon, the Company is concluding the equalization of Berth 301. This project aims to transform Berth 301 into a continuous quay, allowing simultaneous operation of large vessels, which will increase the terminal&#8217;s capacity.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Energy</FONT></B></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 10pt"><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In the energy segment, the Company is concluding the installation of a top&nbsp;rotor shaft, with capacity for 21MW, in the Blast Furnace 3 of the Presidente Vargas mill, in Volta Redonda/RJ.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Sources of Funding for Investments</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company expects to finance these investments through its own cash, public or private financing, and/or strategic partnership.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Material Divestments in Progress and Estimated Divestments</FONT></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>There are currently no material divestments in progress or estimated divestments. </FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 3pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) new products and services, including: </FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 3pt 35.45pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(i) description of research in progress that has already been disclosed;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 3pt 35.45pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(ii) total amounts spent by the Company on research to develop new products or services;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 3pt 35.45pt"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(iii) projects under development already disclosed; and</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=green face=Calibri,sans-serif>&nbsp;&nbsp;</FONT></I></B></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 6pt 35.4pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(iv) total amounts spent by the Company on the development of new products or services. </FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>CSN invests in research and development to improve its processes and products, aiming to meet new market demands and expectations of its clients. Among the products developed, the following stand out:</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Advanced high strength DUAL PHASE 600 steel for the automotive industry;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Galvanized ferritic-fainitic&nbsp;steel FB 450 and FB 590</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Steel sheet specially developed for aerosol sprays class TH 415 </FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Automotive extra fine&#174; CSN steel </FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Structural steel for construction &#8212; CSN ARQ CIVIL</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Expenses on research for innovation of new products and services totaled R$6,042 thousand in 2013.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Projects under development:</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Advanced high strength DUAL PHASE 800 steel for cars whose demand will increase due to the INOVAR-AUTO program of the federal government;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Galvanized steel for PHS (Press Hardenable Steels), thus increasing competitiveness in the demanding automotive market;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Interstitial Free (IF) long steel for wire rod;</FONT></P>

   <P style="TEXT-ALIGN: left; TEXT-INDENT: -17.85pt; MARGIN: 0cm 0cm 0pt 17.85pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>New family of FM CSN EXTRA HARD products, aiming to expand the use of steel sheets with the CSN brand in the packaging segment.</FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt 18pt" align=left><FONT style="LINE-HEIGHT: 115%; TEXT-AUTOSPACE: ; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The total amount spent in 2013 on the development of new products and services was R$13,899 thousand.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt" lang=EN-US face=arial,sans-serif>&nbsp;&nbsp;</FONT></P>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10.11 Other factors significantly impacting operating performance that were not identified or commented on in other items of this section.</FONT></I></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>All relevant and pertinent information was identified or commented on in the other items in this section.</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>ATTACHMENT II</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>ALLOCATION OF NET INCOME</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Reference Date: December 31, 2013</FONT></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: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(In accordance with Attachment 9-1-II of CVM Rule 481 of December 17, 2009)</FONT></I></P></DIV>

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   <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>1. Inform the net income for the fiscal year:</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Net income for fiscal year 2013, before the legal reserve, was R$509,024,800.40. After the legal reserve, we have an available income of R$483,573,560.38.</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>

   <P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>2. inform the overall amount and amount per share of dividends, including prepaid </FONT></B><B><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>dividends and interest on equity already declared</FONT></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>:&nbsp;</FONT></B></P></TD></TR></TABLE></DIV>

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<TR>

   <TD width="38%"></TD>

   <TD width="12%"></TD>

   <TD width="16%"></TD>

   <TD width="18%"></TD>

   <TD width="14%"></TD></TR>

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   <TD style="TEXT-INDENT: 74.759pt" bgColor=#1f497d vAlign=middle align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Payment</FONT></B></TD>

   <TD bgColor=#1f497d vAlign=middle align=center><STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Payment<BR>date</FONT></STRONG></TD>

   <TD bgColor=#1f497d vAlign=middle align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Amount</FONT></B></TD>

   <TD bgColor=#1f497d vAlign=middle align=center><STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Gross amount</FONT></STRONG><FONT style="FONT-FAMILY: Calibri"><FONT style="FONT-SIZE: 9pt">&nbsp;<BR></FONT></FONT><STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>(R$ per share)</FONT></STRONG></TD>

   <TD style="TEXT-INDENT: 0.36pt" bgColor=#1f497d vAlign=middle align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Type of shares</FONT></B></TD></TR>

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   <TD align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">(1) DIVIDENDS DELIBERATED ON 08/06/2013</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">08/15/2013</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">210,000,000.00</FONT></TD>

   <TD style="TEXT-INDENT: 42.6pt" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">0.14404</FONT></TD>

   <TD style="TEXT-INDENT: 0.239pt" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common shares</FONT></TD></TR>

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   <TD align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">(1) DIVIDENDS DELIBERATED ON 11/13/2013</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">11/28/2013</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">400,000,000.00</FONT></TD>

   <TD style="TEXT-INDENT: 42.6pt" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">0.27435</FONT></TD>

   <TD style="TEXT-INDENT: 2.399pt" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common shares</FONT></TD></TR>

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   <TD align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">(2) INTEREST ON EQUITY DELIBERATED 08/06/2013</FONT></TD>

   <TD style="TEXT-INDENT: 2.519pt" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">08/15/2013</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">90,000,000.00</FONT></TD>

   <TD style="TEXT-INDENT: 42.6pt" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">0.06173</FONT></TD>

   <TD style="TEXT-INDENT: 0.239pt" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common shares</FONT></TD></TR>

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   <TD align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">(2) INTEREST ON EQUITY DELIBERATED 11/13/2013</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">11/28/2013</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">100,000,000.00</FONT></TD>

   <TD style="TEXT-INDENT: 42.6pt" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">0.06859</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common shares</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 3.239pt" colSpan=2 align=left><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">TOTAL DIVIDENDS AND INTEREST ON EQUITY</FONT></B></TD>

   <TD style="TEXT-INDENT: 3.479pt" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">800,000,000.00</FONT></B></TD>

   <TD style="TEXT-INDENT: 38.52pt" align=right><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">0.54871</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">-</FONT></B></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><SUP><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="times new (w1)">(1)</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></SUP><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Dividends distributed with authorization of the Board of Directors.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 6pt 0cm 6pt 15.9pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Interest on equity distributed with authorization of the Board of Directors. The Company does not have preferred shares.</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -14.2pt; MARGIN: 6pt 0cm 6pt 15.9pt">&nbsp;</P></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>3. Inform the percentage of net income for the fiscal year distributed:</FONT></I></B></P></TD></TR></TABLE></DIV>

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<TR>

   <TD width="80%"></TD>

   <TD width="20%"></TD></TR>

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   <TD bgColor=#244062 width="80%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BACKGROUND-COLOR: #244062" width="20%" align=center><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt" color=#ffffff>2013</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 2.159pt" width="80%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Net income for the fiscal year</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">509,024,800.40</FONT></TD></TR>

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   <TD width="80%" align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">Dividends and interest on equity</FONT></TD>

   <TD width="20%" align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt">483,573,560.38</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 2.039pt" bgColor=#003366 width="80%" align=left><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt" color=#ffffff>Income distributed</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #003366" width="20%" align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 9pt" color=#ffffff>95%</FONT></B></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm">&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.75pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>4. Inform the overall amount and amount of dividends per share distributed based on the net income for previous fiscal years</FONT></I></B><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>:&nbsp;</FONT></B></P></TD></TR></TABLE></DIV>

<DIV align=center>&nbsp;</DIV>

<DIV align=center>

<TABLE style="WIDTH: 100%" border=1 cellSpacing=0 borderColor=#000000 cellPadding=0>



<TR>

   <TD width="42%"></TD>

   <TD width="24%"></TD>

   <TD width="19%"></TD>

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

<TR vAlign=bottom>

   <TD style="BACKGROUND-COLOR: #003366; TEXT-INDENT: 1pt" vAlign=middle align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Payment</FONT></B></TD>

   <TD style="BACKGROUND-COLOR: #003366; TEXT-INDENT: 1pt" vAlign=middle align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Amount</FONT></B></TD>

   <TD bgColor=#003366 vAlign=middle align=center><STRONG><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Gross amount<BR>(R$ per share)</FONT></STRONG></TD>

   <TD style="TEXT-INDENT: 1.44pt" bgColor=#003366 vAlign=middle align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Type of shares</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">DIVIDENDS DELIBERATED ON 11/13/2013</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">316,426,439.62</FONT></TD>

   <TD align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">0.21703</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common shares</FONT></TD></TR></TABLE></DIV>

<DIV align=center>&nbsp;</DIV>

<DIV align=center>

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



<TR style="HEIGHT: 11.6pt">

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.6pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>

   <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>5. Inform, net of prepaid dividends and interest on equity already declared:</FONT></I></B></P></TD></TR>

<TR style="HEIGHT: 11.95pt">

   <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.95pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>

   <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR></TABLE></DIV>

<a name="_bclFooter41"></a><DIV>

<DIV>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>

<P style="TEXT-ALIGN: center">41</P>

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



<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>
<A name=page_42></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader42"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>6. If dividends or interest on equity have been
      declared based on net income recorded in the semiannual balance sheet or
      balance sheets for shorter periods:</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) Inform the amount of dividends and interest on
      equity already declared.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm">&nbsp;</P></TD></TR></TABLE></DIV>
<DIV align=center>
<TABLE style="WIDTH: 100%" border=1 cellSpacing=0 borderColor=#000000 cellPadding=0>

  <TR>
    <TD width="40%"></TD>
    <TD width="20%"></TD>
    <TD width="20%"></TD>
    <TD width="20%"></TD></TR>
  <TR vAlign=bottom>
    <TD style="BACKGROUND-COLOR: #003366; TEXT-INDENT: 1pt" width="40%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Payment</FONT></B></TD>
    <TD bgColor=#003366 width="20%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Payment
      date</FONT></B></TD>
    <TD bgColor=#003366 width="20%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Amount</FONT></B></TD>
    <TD style="TEXT-INDENT: 1.44pt" bgColor=#003366 width="20%" align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Type of shares</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">(1) DIVIDENDS DELIBERATED ON
      08/06/2013</FONT></TD>
    <TD width="20%" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">08/15/2013</FONT></TD>
    <TD width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">210,000,000.00</FONT></TD>
    <TD width="20%" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">(1) DIVIDENDS DELIBERATED ON
      11/13/2013</FONT></TD>
    <TD width="20%" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">11/28/2013</FONT></TD>
    <TD width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">83,573,560.38</FONT></TD>
    <TD width="20%" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">(2) INTEREST ON EQUITY
      DELIBERATED 08/06/2013</FONT></TD>
    <TD width="20%" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">08/15/2013</FONT></TD>
    <TD width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">90,000,000.00</FONT></TD>
    <TD width="20%" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">(2) INTEREST ON EQUITY
      DELIBERATED 11/13/2013</FONT></TD>
    <TD width="20%" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">11/28/2013</FONT></TD>
    <TD width="20%" align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">100,000,000.00</FONT></TD>
    <TD width="20%" align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">TOTAL DIVIDENDS AND INTEREST
      ON EQUITY</FONT></TD>
    <TD width="60%" colSpan=3 align=right>
      <P style="MARGIN-RIGHT: 35%"><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">483,573,560.38</FONT></P></TD></TR>
  <TR vAlign=bottom>
    <TD width="40%" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">GROSS PAYMENT AMOUNT (R$ per
      share)</FONT></TD>
    <TD width="60%" colSpan=3 align=right>
      <P style="MARGIN-RIGHT: 35%"><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">0.331680</FONT></P></TD></TR></TABLE></DIV>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) Inform the date of the respective
      payments.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>See the table above.</FONT></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>
  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>7. Provide a comparative table with the following
      amounts per share of each type and class:</FONT></I></B></P></TD></TR>
  <TR>
    <TD width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a)</FONT></I></B><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
      </FONT></I></B><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Net income for the fiscal year and for
      the three (3) previous fiscal years.</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244062; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244062; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=Calibri,sans-serif>2013</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244062; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=Calibri,sans-serif>2012</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244062; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15.99%" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=Calibri,sans-serif>2011</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #244062; HEIGHT: 15pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=Calibri,sans-serif>2010</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=Calibri,sans-serif>Net Income (Loss)</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif>509,024,800.40</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif>(420,113,150.41)</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15.99%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif>3,706,033,124.37</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif>2,516,376,039.97</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="35%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=Calibri,sans-serif>Number of shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif>1,457,970,108</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif>1,457,970,108</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15.99%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif>1,483,033,685</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif>1,483,033,685</FONT></P></TD></TR>
  <TR style="HEIGHT: 13.1pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=Calibri,sans-serif>Treasury shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=Calibri,sans-serif>-</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" face=Calibri,sans-serif>-</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15.99%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif>(25,063,577)</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=black face=Calibri,sans-serif>(25,063,577)</FONT></P></TD></TR>
  <TR style="HEIGHT: 15pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="35%" noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif>Net Income (Loss) per
      share, excluding treasury shares</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=white face=Calibri,sans-serif></FONT></B><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=Calibri,sans-serif>0.34913 &nbsp;</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="17%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=Calibri,sans-serif>(0.28815)</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="15.99%" noWrap>
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=Calibri,sans-serif>2.54191 </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #003366; HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom width="16%">
      <P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" color=white face=Calibri,sans-serif>1.72594</FONT></B></P></TD></TR>
  <TR>
    <TD width="100%" colSpan=5></TD></TR>
  <TR style="HEIGHT: 11.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 6pt 0cm 6pt 36pt"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>b)</FONT></I></B><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT></I></B><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Dividends and interest on equity distributed in
      the last three (3) previous fiscal
  years&nbsp;</FONT></I></B>&nbsp;</P></TD></TR></TABLE></DIV>
<DIV align=center>
<TABLE style="WIDTH: 100%" border=1 cellSpacing=0 borderColor=#000000 cellPadding=0>

  <TR>
    <TD width="10%"></TD>
    <TD width="34%"></TD>
    <TD width="19%"></TD>
    <TD width="20%"></TD>
    <TD width="16%"></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#003366 align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Fiscal
      Year</FONT></B></TD>
    <TD bgColor=#003366 align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Payment</FONT></B></TD>
    <TD bgColor=#003366 align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Amount</FONT></B></TD>
    <TD bgColor=#003366 align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Amount per
      share</FONT></B></TD>
    <TD bgColor=#003366 align=center><B><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt" color=#ffffff>Type of
      shares</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">2013</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Dividends and Interest on
      Equity</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">800,000,000.00</FONT></TD>
    <TD style="TEXT-INDENT: 42.48pt" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">0.54871</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common
      shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">2012</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Dividends and Interest on
      Equity</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">860,000,000.00</FONT></TD>
    <TD style="TEXT-INDENT: 42.48pt" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">0.58986</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common
      shares</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">2011</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Dividends and Interest on
      Equity</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">1,200,000,000.00</FONT></TD>
    <TD style="TEXT-INDENT: 42.48pt" align=left><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">0.82306</FONT></TD>
    <TD align=center><FONT style="FONT-FAMILY: Calibri; FONT-SIZE: 9pt">Common
      shares</FONT></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>8. In case net income was allocated to the legal
      reserve:</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) Identify the amount allocated to the legal
      reserve.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Of the net income for the fiscal year, 5% was
      allocated to the legal reserve account, totaling
      R$25,451,240.02.</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) Detail the method used to calculate the legal
      reserve.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Calculated based on 5% of net income.
    </FONT></P></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
<DIV align=center>
<TABLE style="WIDTH: 60%" border=1 cellSpacing=0 borderColor=#000000 cellPadding=0>

  <TR>
    <TD width="56%"></TD>
    <TD width="43%"></TD></TR>
  <TR vAlign=bottom>
    <TD bgColor=#244062 align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">&nbsp; </FONT></TD>
    <TD bgColor=#244062 align=right><B><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt" color=#ffffff>2013</FONT></B></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">Net
      Income for the Yea r</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">509,024,800.40</FONT></TD></TR>
  <TR vAlign=bottom>
    <TD align=left><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">Lega l
      Res erve - 5%</FONT></TD>
    <TD align=right><FONT style="FONT-FAMILY: calibri; FONT-SIZE: 10pt">25,451,240.02</FONT></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>9. In case the company has preferred shares with
      the right to fixed or minimum dividends:</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 11.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.75pt; PADDING-TOP: 0cm" vAlign=top width="100%" colSpan=5>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company does not have preferred
      shares.</FONT></P></TD></TR></TABLE></DIV>
<DIV align=center>&nbsp;</DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<DIV align=center>&nbsp;</DIV>
<a name="_bclFooter42"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">42</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_43></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader43"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>10. In relation to the minimum mandatory
      dividends:</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) Describe the calculation method set forth in
      the bylaws.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Article 33 of the Company&#8217;s Bylaws sets forth
      that the dividend distribution shall not be less than 25% (twenty-five
      percent) of the net income for the fiscal year, pursuant to Article 202 of
      Law 6,404 of December 15, 1976.</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) Inform whether they have been fully
      paid.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Yes.</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) Inform any amount withheld.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>11. In case the mandatory dividends were
      withheld:</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) Inform the amount withheld.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) Describe in detail the company&#8217;s financial
      situation, including the aspects related to liquidity analysis, working
      capital and positive cash flows.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable. </FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) Justify the withholding of
      dividends.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>12. If a portion of net income was allocated to
      the contingency reserve:</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) Identify the amount allocated to the
      reserve.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) Identify any losses deemed probable and their
      causes.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) Explain why the loss was deemed
      probable.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>d) Justify the constitution of the
      reserve.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
  <TR>
    <TD width="100%">&nbsp;</TD></TR>
  <TR style="HEIGHT: 11.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 11.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>13. If a portion of net income was allocated to
      the unearned income reserve:</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) Inform the amount allocated to the unearned
      income reserve.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
  <TR style="HEIGHT: 12.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) Inform the nature of the unearned income that
      originated the reserve.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
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    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 12.1pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>14. If a portion of net income was allocated to
      the statutory reserves:</FONT></I></B></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) Describe the clauses of the bylaws that
      established the reserve.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The paragraph 3 of Article 30 of the Company&#8217;s
      Bylaws sets forth the establishment of a Working Capital Reserve, by
      proposal of the Management, subject to resolution at Shareholders&#8217;
      Meeting, with part of the net income for the year, without prejudice to
      the minimum mandatory dividends.</FONT></P></TD></TR></TABLE></DIV>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) Identify the amount allocated to the
      reserve.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>For fiscal year 2013, there was no allocation to
      statutory reserve.</FONT></P></TD></TR>
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      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c) Describe how the amount was
      calculated.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
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    <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 12.1pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>15. If the withholding of profit was provided for
      in the capital budget:</FONT></I></B></P></TD></TR>
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    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
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    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: silver; HEIGHT: 12.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>16. If a portion of net income was allocated to
      the fiscal incentive reserve:</FONT></I></B></P></TD></TR>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 12.1pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a) Inform the amount allocated to the
      reserve.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>
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    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 35.85pt; PADDING-TOP: 0cm" vAlign=top width="100%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b) Explain the nature of the
      allocation.</FONT></I></B></P>
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Not
applicable.</FONT></P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: center">44</P>
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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>
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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>ATTACHMENT III</FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Reference Date: December 31, 2013</FONT></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: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></I>&nbsp;</P>
<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 6pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><I><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;(In accordance with Item 13 of Attachment 24 of
CVM Rule 480 of December 7,&nbsp; 2009)</FONT></I></P></DIV>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><I><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>13.1 Policies and practices for the compensation of
members of the board of directors, executive board, fiscal council, statutory
committees, audit, risk and financial and compensation committees, addressing
the following aspects:</FONT></I></B></FONT></FONT></B></H2>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a.
objectives of the compensation policy or practice:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors:</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company offers compensation compatible with each
position&#8217;s responsibilities, considering that the Board of Directors determines
the Company&#8217;s policies and guidelines, overseeing their implementation by the
Company&#8217;s executive officers.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Executive Board:</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company guarantees competitive compensation, in line
with that offered in the market to senior management, compatible with each
position&#8217;s responsibilities, taking into consideration the executive&#8217;s
responsibility and commitment to the Company&#8217;s strategic goals, within an
increasingly competitive and globalized scenario.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Non-Statutory Executive Board:</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company&#8217;s compensation practices focus on ensuring
both internal equilibrium (between members of management) and external
equilibrium (compensation that is competitive in relation to the market) to
attract, retain and motivate its executives and achieve the Company&#8217;s strategic
goals, within an increasingly competitive and globalized scenario.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Audit Committee:</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company guarantees compensation compatible with the
position&#8217;s responsibilities, considering that audit committee members have to
guarantee transparency of information and render accounts to management.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=red face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>b.
compensation breakdown, including:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(i) a description of the compensation elements and the
purpose of each;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors:</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Members of the Board of Directors receive fixed
remuneration only, i.e. a monthly salary determined by the Board of Directors&#8217;
meeting, guaranteeing compensation compatible with the position. All Board
members are paid the same amount, except for those who are also members of the
Audit Committee and, therefore, receive an additional amount due to the exercise
of both positions</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Executive Board:</FONT></U></P>
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<P style="TEXT-ALIGN: center">45</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Members of the </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Executive Board</FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> are entitled to overall annual compensation comprising
</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>a fixed portion (monthly salary) and a </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>variable&nbsp;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
portion (bonus </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>based on goals achieved </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>and other bonuses*), </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>ensuring compensation compatible with their
positions</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>*
Other Bonuses: The</FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> Company may eventually pay extra bonuses as part of
variable compensation as recognition for specific jobs, projects or special
goals, basically linked to said projects. These bonuses are usually calculated
based on monthly salaries or other compensation elements compatible with the
expected outcome of the project as well as the goals attributed to each
executive officer</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT><STRIKE><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US color=red face=Calibri,sans-serif> &nbsp;</FONT></STRIKE></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>They are also entitled to other benefits, including a
health plan, dental plan, life insurance, private pension plan and an annual
health checkup. The Company&#8217;s CEO is also entitled to a helicopter and two
armored vehicles and driver.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Non-Statutory Executive Board:</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Members of the Non-Statutory </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Executive Board</FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> receive fixed and variable compensation. The fixed
portion includes a monthly salary, paid vacations and the mandatory
13<SUP>th</SUP> salary, in accordance with the labor laws, aiming to guarantee
compensation compatible with their positions</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.
The variable compensation offers the possibility to earn more than the salary,
depending on the </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>results achieved by the Company and the officer&#8217;s
specific area</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>as well as individual performance</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
or strategy of attraction and retention. The variable compensation is paid
</FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>annually as part of the profit sharing
program, ensuring compensation compatible with their positions</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Other benefits include a health plan, dental plan, life
insurance, private pension plan, meal and supermarket vouchers, an annual health
checkup,</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> and </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>bonus for voluntary vacation</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Audit Committee:</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Members of the Audit Committee receive fixed
remuneration only, comprising a monthly salary determined by a Board of
Directors&#8217; meeting, ensuring compensation compatible with the
position.</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(ii) the proportion of each component in relation to
overall compensation;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In the case of members of the Board of Directors and
Audit Committee, their fixed compensation represents 100% of their overall
compensation</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In the case of members of the Statutory and
Non-Statutory </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Executive Board, their </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>fixed compensation generally corresponds to 100% of
their total compensation. In certain cases, however, the proportions will be 50%
fixed and 50% variable or a different ratio that better matches the executive
officer&#8217;s responsibilities and the conditions agreed upon with the
Company</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; BACKGROUND: lime; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>&shy;</FONT></B><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
(iii) methodology for calculating and adjusting each compensation
element;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors:</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The fixed annual compensation of the Board of Directors'
members is paid in 12 monthly installments, and there are no previously
established adjustment criteria</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Statutory Executive Board:</FONT></U></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The fixed annual compensation is paid in 12 monthly
installments</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, besides the possibility of variable compensation, as
mentioned above. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The variable compensation is </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>paid within the calendar year in a pre-defined month,
which may vary with each officer, but, in general, payment is in April of each
year after the percentage of goals achieved has been verified</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The overall compensation (salary + bonus) is determined at the beginning of each 2-year mandate and may be renegotiated upon contract renewal if in the interest of both parties</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 10pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Non-Statutory Executive Board:</FONT></U><B><I><U><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> &nbsp;</FONT></U></I></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fixed annual compensation is paid in thirteen monthly installments. Non-Statutory Officers also receive 33.33% of their monthly salary as a vacation payment as provided by labor legislation, and an extra 36.67% of their salary as a bonus for voluntary vacations. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Pay rises are determined based on salary variations on the executive market or based on accrued inflation in the last twelve months. Pay rises are annual. The variable compensation is paid every April, </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>after the percentage of goals achieved has been verified</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, and executive officers may receive up to 12 salaries.</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 10pt 0cm"><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Audit Committee: </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The fixed annual compensation of the </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>members of the Audit Committee is paid in 12 monthly installments. There are no pre-defined adjustment criteria.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp;</FONT></I><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>(iv) reasons that justify </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>each compensation element</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>BOARD OF DIRECTORS: fixed compensation based on market practices</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>EXECUTIVE OFFICERS: fixed compensation based on market practices and variable compensation based on the Company&#8217;s results and individual performance</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 10pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>NON-STATUTORY EXECUTIVE OFFICERS: fixed compensation based on market practices and variable compensation based on the Company&#8217;s results and individual performance. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>AUDIT COMMITTEE: fixed compensation based on market practices</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>NOTE: The variable compensation is based on the Company&#8217;s results, and those of the officer&#8217;s specific area, as well as individual performance</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>c. </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>main performance indicators for determining each compensation element</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>:&nbsp;</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fixed compensation: the responsibilities of the position, based on evaluation through a specific methodology, conducted by an external consulting firm specialized in compensation</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Variable compensation: based on the results of the Company and each specific operational segment that may be subordinated to the executive officer</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> or non-statutory executive officer. </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The indicators taken into consideration</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, whether relating to the Company or the operational segments, </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>include net income, net revenue, total expenses before depreciation and EBITDA margin</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>. </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>A percentage of each executive officer&#8217;s variable compensation is based on pre-determined individual goals</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>. </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Executive officers may also receive additional variable portion as recognition for specific jobs, projects or special goals attained</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>d. </FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>the structuring of compensation to reflect the evolution of performance indicators</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>:&nbsp;</FONT></I></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>At the beginning of each year, the Company defines its overall goals. Subsequently, these goals are divided, as applicable, among the Company&#8217;s different operational segments, so that each executive officer is able to negotiate the specific goals that each operational segment should achieve. In addition, each executive officer also negotiates his own individual goals to be achieved in the same fiscal year. Compliance with these goals is periodically assessed throughout the year and verified at year-end. The final assessment is one of the parameters used to calculate the variable compensation, along with the percentage achievement of each indicator described in sub-item &#8220;c&#8221; above. Maximum variable compensation is based on salary units paid to the executive officer</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> or non-statutory executive officer</FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>, and the final amount will correspond to the level of </FONT>

<a name="page_48"></a><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>attainment of the goals, in accordance with the scale
negotiated with the executive officer</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
or non-statutory executive officer.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>It is also noteworthy that all goals established for
each executive officer</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> </FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>correspond to a certain percentage of achievement of the
goals mentioned above given that, in general, 50% of the weighted average will
correspond to the Company&#8217;s financial indicators and the operational segment
under the responsibility of said executive officer, and the remaining 50%, to
his individual performance</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>e.
</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>alignment of compensation policies and practices with
the Company&#8217;s interest in the short, medium and long
term</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>:&nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The Company&#8217;s compensation policy is in line with its
short, medium and long-term interests, determined by the Strategic Management
Cycle, through which goals are broken down through strategic planning, budget
planning, performance follow-up and verification of results, establishing
performance-based compensation. These practices are sustained due to</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>:&nbsp;</FONT></P>
<UL style="MARGIN-TOP: 0cm; MARGIN-BOTTOM: 0cm" type=disc>
  <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>A focus on strategic objectives, involving initiatives
  that significantly contribute to the continuous improvement of the Company&#8217;s
  performance.</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Assessment and verification of the organization's
  results objectives foreseen in the budget and variations to judge if these
  objectives are being complied with</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Determination based on a breakdown of the Company&#8217;s
  goals</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Clear description, formulas and pre-defined sources,
  ensuring easy understanding and verification</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT>
  <LI style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Comparison of best practices and standardization of
  the evaluation</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT> </LI></UL>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>These elements aim at excellence of the Company&#8217;s
results</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>For 2014, the Company is studying to implement a
share-based variable compensation plan. The study will include the objective and
all details of the program (items such as the eligible, alignment with the
Company&#8217;s interests, conditions for share acquisition, criteria for establishing
the acquisition and exercise price, exercise term, criteria for suspension,
change or extinction of the plan, etc.).</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>The study will also consider if the global macroeconomic
conditions are favorable for the implementation of the program in 2014.
</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Even through the preliminary study is oriented to a
share-based program, there could be a new orientation to a different
compensation model in line with the strategy of attraction and retention of
managers, with the long-term goal to align the interests of the Company and
those of its managers.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>f.
existence of compensation supported by direct or indirect subsidiaries or
controlling companies:</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&nbsp; &nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>There is no compensation supported by direct or indirect
subsidiaries or controlling companies</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.
&nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>g.
</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>existence of any compensation or benefit bound to a
specific corporate event such as disposal of the Company&#8217;s
control</FONT></I></B><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>:&nbsp;</FONT></I></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>There is no compensation or benefit bound to corporate
events</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>. &nbsp;</FONT></P>
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<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><I><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>13.2 Total compensation of the Board of Directors,
Statutory Executive Board and Fiscal
Council</FONT></I></B></FONT></FONT></B></H2>
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<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="100%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total compensation for the
      fiscal year ended December 31, 2011 &#8211; Annual Amounts</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Statutory Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fiscal
      Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>No. of
    members&#185;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>6.83</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>5.42</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>12.25</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fixed annual
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,588,800 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$7,649,468 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$9,238,268
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Salary or </FONT><I><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>pro
labore</FONT></I></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$984,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$5,342,535 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$6,326,535
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Direct and indirect
      benefits</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,238,426 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,238,426
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Participation in
      committees</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$340,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$340,000 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$264,800 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,068,507 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,333,307
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Variable
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$18,988,121 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$18,988,121
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Bonus</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$15,823,434 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$15,823,434
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Profit
sharing</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Participation in
      meetings</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Commissions</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$3,164,687 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$3,164,687
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Post-employment
      benefits</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$90,779 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$90,779 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Benefits due to
      interruption of position </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Share-based
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,588,800 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$26,728,367 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$28,317,167
  </FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&#185;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>The number of members of each body corresponds to the
annual average of the number of members of each body calculated on a monthly
basis with two decimal digits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Number of members of the Board of Directors in 2011:
82/12 months = 6.83 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Number of members of the Executive Board in 2011: 65/12
months = 5.42 members</FONT></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">49</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_50></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader50"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="100%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total compensation for the
      fiscal year ended December 31, 2012 &#8211; Annual Amounts</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Statutory Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fiscal
      Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>No. of
    members&#185;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>6.67</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>6.25</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 11pt" lang=EN-US color=black face=Calibri,sans-serif>12.91</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fixed annual
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,536,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$9,370,291 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$10,906,291
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Salary or </FONT><I><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>pro
labore</FONT></I></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$960,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$6,623,189 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$7,583,189
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Direct and indirect
      benefits</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,422,465 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,422,465
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Participation in
      committees</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$320,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$320,000 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$256,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,324,638 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,580,638
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Variable
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$19,632,854 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$19,632,854
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Bonus</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$16,360,711 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$16,360,711
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Profit
sharing</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Participation in
      meetings</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Commissions</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$3,272,142 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$3,272,142
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Post-employment
      benefits</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$114,537 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$114,537 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Benefits due to
      interruption of position </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Share-based
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,536,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$29,117,682 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$30,653,682
  </FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&#185;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>
The number of members of each body corresponds to the annual average of the
number of members of each body calculated on a monthly basis with two decimal
digits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Number of members of the Board of Directors
in</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif> 2012: 80/</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>12 months </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>= 6.67 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Number of members of the Executive Board in </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>2012: 75/</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>12 months </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>= 6.25 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">50</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_51></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader51"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="100%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total compensation for the
      fiscal year ended December 31, 2013 &#8211; Annual Amounts</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Statutory Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fiscal
      Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>No. of
    members&#185;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>7.00</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>6.00</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>13.00</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fixed annual
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,641,600 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$10,860,312 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$12,501,912
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Salary or </FONT><I><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>pro
labore</FONT></I></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,008,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$7,154,018 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$8,162,018
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Direct and indirect
      benefits</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$2,275,490 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$2,275,490
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Participation in
      committees</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$360,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$360,000 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$273,600 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,430,804 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,704,404
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Variable
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$17,038,199 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$17,038,199
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Bonus</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$14,198,499 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$14,198,499
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Profit
sharing</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Participation in
      meetings</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Commissions</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$2,839,700 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$2,839,700
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Post-employment
      benefits</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$117,712 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$117,712 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Benefits due to
      interruption of position </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Share-based
      compensation&#178;</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,641,600 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$28,016,222 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$29,657,822
  </FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&#185;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>
The number of members of each body corresponds to the annual average of the
number of members of each body calculated on a monthly basis with two decimal
digits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Number of members of the Board of Directors
in</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif> 2013: 84/</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>12 months </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>= 7 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Number of members of the Executive Board in </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>2013: 72/</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>12 months </FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>= 6 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">51</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_52></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader52"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="100%" colSpan=5>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total Compensation &#8211; 2014
      Forecast</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Statutory Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fiscal
      Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>No. of
    members&#185;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>9.67</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>7.33</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>17.00</FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fixed annual
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$2,102,400 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$11,101,913 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$13,204,313
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Salary or </FONT><I><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>pro
labore</FONT></I></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,392,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$7,261,796 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$8,653,796
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Direct and indirect
      benefits</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$2,387,758 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$2,387,758
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Participation in
      committees</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$360,000 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$360,000 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$350,400 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,452,359 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$1,802,759
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Variable
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$21,841,448 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$21,841,448
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Bonus</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$18,201,207 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$18,201,207
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Profit
sharing</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Participation in
      meetings</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Commissions</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$ 0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Other</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$3,640,241 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$3,640,241
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Post-employment
      benefits</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$149,033 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$149,033 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Benefits due to
      interruption of position </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Share-based
      compensation&#178;</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$43,290,955 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$43,290,955
  </FONT></P></TD></TR>
  <TR style="HEIGHT: 30pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="32%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total
      compensation</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$2,102,400 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$76,383,350 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$0 </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 30pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$78,485,750
  </FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>&#185;</FONT><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>
The number of members of each body corresponds to the annual average of the
number of members of each body calculated on a monthly basis with two decimal
digits.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Number of members of the Board of Directors in 2014:
116/12 months = 9.67 members</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Number of members of the Executive Board in 2014: 88/12
months = 7.33 members</FONT></P>
<P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>&#178; Due to the impacts from the global macroeconomic
scenario, the Company had to transfer to 2014 the plans to implement a
Share-Based Variable Compensation Program</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>
estimated at R$43,290,955.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">52</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_53></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader53"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>13.3 Variable compensation in the last three years and
compensation expected for the current year for the Board of Directors, Statutory
Executive Board and Fiscal Council: </FONT></I></B></FONT></FONT></B></P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Variable compensation &#8211; fiscal year
      ended December 31, 2011</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Statutory Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fiscal
      Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Number of
      members</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>5.42</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>5.42</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Bonus</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Minimum amount expected for
      the compensation plan&#178;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Maximum amount expected for
      the compensation plan</FONT><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>&#185;&nbsp;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$17,258,174</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$17,258,174</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Amount expected for the
      compensation plan &#8211; goals achieved</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$17,258,174</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$17,258,174</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Actual amount booked
      </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$15,823,434</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$15,823,434</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Profit
      sharing</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Minimum amount expected for
      the compensation plan</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Maximum amount expected for
      the compensation plan</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Amount expected for the
      compensation plan &#8211; goals achieved</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Actual amount
      booked</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Variable compensation &#8211; fiscal year
      ended December 31, 2012</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Statutory Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fiscal
      Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Number of
      members</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>6.25</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>6.25</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Bonus</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Minimum amount expected for
      the compensation plan&#178;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Maximum amount expected for
      the compensation plan</FONT><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>&#185;&nbsp;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>R$18,841,062</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>R$18,841,062</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Amount expected for the
      compensation plan &#8211; goals achieved</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>R$18,841,062</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>R$18,841,062</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Actual amount booked
      </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$16,360,711</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$16,360,711</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Profit
      sharing</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Minimum amount expected for
      the compensation plan</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Maximum amount expected for
      the compensation plan</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Amount expected for the
      compensation plan &#8211; goals achieved</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Actual amount
      booked</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom noWrap>&nbsp;</TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; PADDING-TOP: 0cm" vAlign=bottom noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Variable compensation &#8211; fiscal year
      ended December 31, 2013</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Statutory Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fiscal
      Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Number of
      members</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>6.00</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>6.00</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Bonus</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Minimum amount expected for
      the compensation plan&#178;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Maximum amount expected for
      the compensation plan</FONT><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>&#185;&nbsp;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>R$19,139,762</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>R$19,139,762</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Amount expected for the
      compensation plan &#8211; goals achieved</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>R$19,139,762</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>R$19,139,762</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Actual amount booked
      </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>R$14,198,499</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif>R$14,198,499</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Profit
      sharing</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Minimum amount expected for
      the compensation plan</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Maximum amount expected for
      the compensation plan</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Amount expected for the
      compensation plan &#8211; goals achieved</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Actual amount
      booked</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">53</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_54></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader54"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Variable compensation projected for the
      current fiscal year (2014)</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Statutory Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Fiscal
      Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #bfbfbf; HEIGHT: 12.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Total</FONT></B></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Number of
      members</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>7.33</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>7.33</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Bonus</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Minimum amount expected for
      the compensation plan&#178;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$0</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Maximum amount expected for
      the compensation plan</FONT><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US face=Calibri,sans-serif> </FONT></B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>&#185;&nbsp;</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$18,201,207</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$18,201,207</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Amount expected for the
      compensation plan &#8211; goals achieved</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$18,201,207</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 9pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$18,201,207</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Actual amount booked
      </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>&nbsp;</TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Profit
      sharing</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Minimum amount expected for
      the compensation plan</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR>
  <TR style="HEIGHT: 12.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=bottom noWrap>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Maximum amount expected for
      the compensation plan</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" noWrap>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="HEIGHT: 12.75pt" height=17>&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>&#185;
The maximum amount expected for the variable compensation considers the
achievement of 100% the goals established, and there being no additional amounts
in case of achievement of more than 100% of the goals.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>&#178;The Company&#8217;s variable compensation model conditions
the payment of the bonus to the achievement of a &#8220;trigger&#8221; (established each
year). In case it is not achieved, the payment cannot be made in the year under
consideration, which is the reason why the minimum amount expected is
R$0.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></I></B></FONT></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>13.4 Share-based compensation during the last three
fiscal years and expected for the current fiscal year, paid to the members of
the Board of Directors and Statutory Executive
Board:</FONT></I></B></FONT></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The Company did not implement in the last
fiscal year a share-based compensation plan, but it is studying the possibility
of implementation, in accordance with details presented in item
&#8220;13.1.e&#8221;.</FONT></FONT></FONT></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=red face="times new roman"></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>13.5 State the number of shares or other ownership
interests held by members of the Board of Directors, Statutory Executive Board
or Fiscal Council, either directly or indirectly, in Brazil or abroad, as well
as other securities convertible into shares or other ownership interests issued
by the Company, its direct or indirect controllers, subsidiaries or
jointly-owned subsidiaries at the close of the last fiscal year:
</FONT></I></B></FONT></FONT></B></P>
<DIV align=left>
<TABLE style="WIDTH: 100%" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="40%" colSpan=2>
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>COMPANY</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="60%" colSpan=4>
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>December 31, 2013</FONT></B></P></TD></TR>
  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="40%" colSpan=2>
      <P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="18%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="14%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="12%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.3pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Company</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Type</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Companhia Sider&#250;rgica Nacional</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>&nbsp;Common shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">1,556</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="18%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="14%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif">1,556</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<a name="_bclFooter54"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">54</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_55></A>&nbsp;
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="41%" colSpan=2>
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>SUBSIDIARIES</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="59%" colSpan=4>
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>December 31, 2013</FONT></B></P></TD></TR>
  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="41%" colSpan=2>
      <P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="12%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Total</FONT></B></P>
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Company</FONT></B></P></TD></TR>
  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.3pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Company</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Type</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Vicunha Siderurgia S.A.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=3 width="24%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Rio Purus Participa&#231;&#245;es S.A.</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">500</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">500</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">500</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR>
  <TR>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">Preferred shares</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">500</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">500</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">500</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="24%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="12%">&nbsp;</TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 27.1pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27.1pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="40%" colSpan=2>
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>SUBSIDIARIES</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 27.1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="60%" colSpan=4>
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>December 31, 2013</FONT></B></P></TD></TR>
  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="40%" colSpan=2>
      <P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" rowSpan=2 width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Statutory Executive Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fiscal Council</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.35pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" rowSpan=2 width="13%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Total</FONT></B></P>
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Company</FONT></B></P></TD></TR>
  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.3pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Company</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Type</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Cia. Metalic Nordeste</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Companhia Metal&#250;rgica Prada </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Congonhas Min&#233;rios S.A.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>CSN Cimentos S.A.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>CSN Gest&#227;o de Recursos Financeiros
    Ltda.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Capital stock quotas</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" face=Calibri,sans-serif>Estanho de Rond&#244;nia S.A.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Minera&#231;&#227;o Nacional S.A.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="23%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Sepetiba Tecon S.A.</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: left; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>Common shares</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">0</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="13%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm" align=center><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 9pt; FONT-WEIGHT: normal" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#17365d face=Calibri,sans-serif></FONT>&nbsp;</P>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm">&nbsp;</H2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">55</P>
<HR align=center SIZE=2 width="100%" noShade>

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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif></FONT></FONT></FONT></B>&nbsp;</H2>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>13.6 Share-based compensation for the Board
of Directors and Statutory Executive Board in the last fiscal year and expected
for the current fiscal year: </FONT></FONT></FONT></B></H2>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The Company did not implement in the last
three fiscal years a share-based compensation plan, but it is studying the
possibility of implementation, in accordance with details presented in item
&#8220;13.1.e&#8221;</FONT></FONT></FONT></B><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp; </FONT></P>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>13.7 Information regarding stock options held
by members of the Board of Directors and Statutory Executive Board at the close
of the last fiscal year:</FONT></FONT></FONT></B><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif> &nbsp;</FONT></FONT></B></H2>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>None.&nbsp; </FONT></P>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>13.8 Stock options exercised and stock given
as share-based compensation to members of the Board of Directors and the
Statutory Executive Board in the last three fiscal years:
</FONT></FONT></FONT></B></H2>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>None.&nbsp; </FONT></P>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>13.9 Necessary information for the
understanding of data disclosed in items 13.6 to 13.8 (including the method used
for share and option pricing):</FONT></FONT></FONT></B><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif> &nbsp;</FONT></FONT></B></H2>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The Company did not implement in the last
three fiscal years a share-based compensation plan, but it is studying the
possibility of implementation, in accordance with details presented in item
&#8220;13.1.e&#8221;</FONT></FONT></FONT></B><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp; </FONT></P>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>13.10 Information on private pension plans
granted to Board members and Statutory Executive Officers:&nbsp;
</FONT></FONT></FONT></B></H2>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=Calibri,sans-serif>The Company offers its statutory executive
officers the private pension plan CBS Previd&#234;ncia - Caixa Beneficente dos
Empregados da Companhia Sider&#250;rgica Nacional through which participants may
contribute with 3% to 5% of their salary or earnings, which the Company matches
100%.</FONT></FONT></FONT></B></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
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<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">56</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_57></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader57"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV align=center>
<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 9.95pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 9.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="38%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: silver; HEIGHT: 9.95pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="62%" colSpan=2>
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" color=#0f243e face=Calibri,sans-serif>CBS Previd&#234;ncia &#8211; Caixa Beneficente dos Empregados
      da Companhia Sider&#250;rgica Nacional</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 16.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="38%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: silver; HEIGHT: 16.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="26%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 16.75pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" vAlign=top width="36%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Executive Board</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 18.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="38%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Number of members<SUP>(&#185;)</SUP></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="26%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 18.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="36%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>3</FONT></P></TD></TR>
  <TR style="HEIGHT: 17.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="38%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Name of the plan</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="26%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="36%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Supplementary Benefit Mixed Plan </FONT></P></TD></TR>
  <TR style="HEIGHT: 17.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="38%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Number of management members entitled to
      retire</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="26%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="36%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>3</FONT></P></TD></TR>
  <TR style="HEIGHT: 19.5pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="38%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Conditions for early retirement </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 19.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="26%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 19.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="36%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><SUP><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>(2)</FONT></SUP></P></TD></TR>
  <TR style="HEIGHT: 36.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="38%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Updated amount of accumulated contributions up to
      the close of the last fiscal year, excluding contributions paid directly
      by management members</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 36.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="26%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 36.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="36%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>R$821,994.04</FONT></P></TD></TR>
  <TR style="HEIGHT: 40.5pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="38%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Total amount of accumulated contributions up to
      the close of the last fiscal year, excluding contributions paid directly
      by management members</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 40.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="26%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 40.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="36%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>R$73,578.27</FONT></P></TD></TR>
  <TR style="HEIGHT: 21.75pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="38%">
      <P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Early withdrawal and its conditions </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; HEIGHT: 21.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="26%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 21.75pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="36%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=Calibri,sans-serif>Yes, members who no longer work for the Sponsor
      and </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>do not receive CBS
  payments</FONT></P></TD></TR></TABLE></DIV>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><SUP><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=calibri,sans-serif>(1)</FONT></B></SUP><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=calibri,sans-serif> </FONT></I></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>Executive officers on December 31,
2013</FONT></H2>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><SUP><B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=calibri,sans-serif>(2)</FONT></B></SUP><B><I><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#0f243e face=calibri,sans-serif> </FONT></I></B><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>Early retirement: Participants must apply
to be granted the benefit of early retirement, after which payment will occur in
successive monthly installments, in accordance with the conditions established
in the regulations of the plan, which are available on the Intranet of the
company, and it must be approved by PREVIC and published in the DOU &#8211;
</FONT><I><FONT style="FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>Federal Official Gazette</FONT></I><FONT style="FONT-STYLE: normal; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US color=#0f243e face=calibri,sans-serif>, with its initial value fixed in
accordance with the option for the form of receipt.</FONT></H2>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif></FONT></FONT></FONT></B>&nbsp;</H2>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>13.11 Maximum, minimum and average
compensation paid to members of the Board of Directors, Statutory Executive
Board and Fiscal Council: </FONT></FONT></FONT></B></H2>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><I><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Justification for not completing the
chart:</FONT></U></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Information not disclosed in accordance with decision of
the 5th Federal Court of Rio de Janeiro (case no. 2010.5101002888-5), in favor
of IBEF - Rio de Janeiro, an institute to which the Company is affiliated.
</FONT></P>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm">&nbsp;</H2>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">57</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_58></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader58"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>13.12 Describe all contractual arrangements,
insurance policies or compensation mechanisms for management in case of
termination or retirement, indicating financial consequences incurred by the
Company: </FONT></FONT></FONT></B></H2>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>None. </FONT></P>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif></FONT></FONT></FONT></B>&nbsp;</H2>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif>13.13 Percentage of total compensation of
each body, as recognized in the Company&#8217;s results, for members of the Board of
Directors, Statutory Executive Board or Fiscal Council that are direct or
indirect related parties of the controllers, according to all applicable
accounting rules governing the matter:</FONT></FONT></FONT></B></H2>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 15.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="85%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>2011</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 25.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 25.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="29%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Calibri,sans-serif>Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Calibri,sans-serif>Fiscal Council
      </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 26.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Percentage</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="29%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>10.88%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>47.79%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 15.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="85%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>2012</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 25.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 25.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="29%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Calibri,sans-serif>Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Calibri,sans-serif>Fiscal Council
      </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 26.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Percentage</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="29%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>11.25%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>47.28%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD></TR></TABLE></DIV>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><FONT style="FONT-STYLE: normal; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt; FONT-WEIGHT: normal" lang=EN-US face=calibri,sans-serif></FONT></FONT></FONT></B>&nbsp;</H2>
<DIV align=left>
<TABLE style="WIDTH: 100%; MARGIN-LEFT: 0pt" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 15.75pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 15.75pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="85%" colSpan=3>
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>2013</FONT></B></P></TD></TR>
  <TR style="HEIGHT: 25.5pt">
    <TD style="PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 25.5pt; PADDING-TOP: 0cm" width="15%">&nbsp;</TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 25.5pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="29%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Board of
      Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Calibri,sans-serif>Executive
      Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 25.5pt; BORDER-RIGHT: #000000 1px solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=#000000 face=Calibri,sans-serif>Fiscal Council
      </FONT></B></P></TD></TR>
  <TR style="HEIGHT: 26.25pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="15%">
      <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Percentage</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="29%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>10.53%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>52.30%</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 26.25pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="28%">
      <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>N/A</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><I><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>13.14 Amounts paid to members of the Board of Directors,
Statutory Executive Board and Fiscal Council, by body, for any reason not
related to their position (i.e. commissions, consulting or advisory fees) as
recognized in the Company&#8217;s result:</FONT></I></B></FONT></FONT></B></H2>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>None. </FONT></P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></I></B></FONT></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT style="LINE-HEIGHT: normal; LETTER-SPACING: 0.25pt; TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>13.15 Amounts recognized in the results of
the Company&#8217;s direct or indirect controllers, jointly-controlled entities or
subsidiaries, as compensation for members of the Board of Directors, Statutory
Executive Board, or Fiscal Council, by body, specifying the type of payment and
to whom it was paid: </FONT></I></B></FONT></FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Fiscal year 2011 &#8211; compensation received as a result of
the exercise of position in the issuer</FONT></I></B></P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.3pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="34%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Executive Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fiscal Council </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$336,000.00</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$336,000.00</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR></TABLE></DIV>
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<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">58</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<DIV align=center></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Fiscal year 2011 &#8211; other compensations received,
</FONT></I></B><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>specifying the type of
payment</FONT></I></B></FONT></FONT></B></P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.3pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="34%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Executive Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fiscal Council </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Fiscal year 2012 &#8211; compensation received as a result of
the exercise of position in the issuer</FONT></I></B></P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.3pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="34%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Executive Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fiscal Council </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$182,500.00</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>R$182,500.00</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Fiscal year 2012 &#8211; other compensations received,
</FONT></I></B><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>specifying the type of
payment</FONT></I></B></FONT></FONT></B></P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.3pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="34%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Executive Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fiscal Council </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Fiscal year 2013 &#8211; compensation received as a result of
the exercise of position in the issuer</FONT></I></B></P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.3pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="34%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Executive Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fiscal Council </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$156,000.00</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>R$156,000.00</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR></TABLE></DIV>
<a name="_bclFooter59"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">59</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_60></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader60"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<DIV align=center></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>Fiscal year 2013 &#8211; other compensations received,
</FONT></I></B><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal"><B><I><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>specifying the type of
payment</FONT></I></B></FONT></FONT></B></P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; BORDER-COLLAPSE: collapse; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="PAGE-BREAK-INSIDE: avoid; HEIGHT: 9.3pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="34%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Board of Directors</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US color=black face=Calibri,sans-serif>Executive Board</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="16%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fiscal Council </FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: silver; HEIGHT: 9.3pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" width="17%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Total</FONT></B></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Direct and indirect controllers</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Issuer&#8217;s subsidiaries</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR>
  <TR>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="34%">
      <P style="TEXT-ALIGN: left; MARGIN: 6pt 0cm" align=left><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Jointly-controlled entities</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="16%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0cm" vAlign=top width="17%">
      <P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>N/A</FONT></P></TD></TR></TABLE></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif></FONT></I></B>&nbsp;</P>
<H2 style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><B><FONT style="FONT-VARIANT: small-caps"><FONT style="FONT-VARIANT: normal" face=calibri,sans-serif><B><I><FONT style="LETTER-SPACING: 0.25pt; FONT-SIZE: 10pt" lang=EN-US face=calibri,sans-serif>13.16 Other material
information:</FONT></I></B></FONT></FONT></B></H2>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>None.</FONT><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US color=red face=Calibri,sans-serif> &nbsp;</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; LETTER-SPACING: -0.2pt; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif></FONT></B>&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm">&nbsp;</P>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center">60</P>
<HR align=center SIZE=2 width="100%" noShade>

<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_61></A>
<DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">
<a name="_bclHeader61"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right><IMG src="x14040118132400.gif" width=94 height=42>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm"><B><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>ATTACHMENT IV</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>In
compliance with Article 10 of CVM Rule 481/2009, below is presented the
information regarding the candidates nominated for election/reelection by the
controlling shareholders for the positions of members of the Board of Directors,
in accordance with items 12.6 to 12.10 of the Reference Form.</FONT></P>
<DIV align=center>
<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 100%; MARGIN-LEFT: 0pt; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>

  <TR style="HEIGHT: 1pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="12%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm; BACKGROUND: white" align=center><B><FONT style="LINE-HEIGHT: 150%; FONT-STYLE: normal; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>a) Name</FONT></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="8%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm; BACKGROUND: white" align=center><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>b) Age</FONT></I></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm; BACKGROUND: white" align=center><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>c) Profession</FONT></I></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="13%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm; BACKGROUND: white" align=center><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>d) Individual Taxpayer&#8217;s ID (CPF) or
      Passport number</FONT></I></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="23%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm; BACKGROUND: white" align=center><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>e) Position</FONT></I></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm; BACKGROUND: white" align=center><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>h) Term of office</FONT></I></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm; BACKGROUND: white" align=center><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>i) Other positions
      held</FONT></I></B></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 1pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm; BACKGROUND: white" align=center><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>j) Nominated by controlling
      shareholder</FONT></I></B></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="12%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Benjamin Steinbruch</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="8%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>60</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Business administrator</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="13%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>618.266.778-87</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="23%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Sitting member of the Board of Directors and
      executive officer</FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Chairman</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>until the 2015 Annual Shareholders&#8217; Meeting
      </FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>CEO</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Yes</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="12%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Jacks Rabinovich</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="8%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>84</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Engineer</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="13%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>011.495.638-34</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="23%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Sitting member of the Board of
Directors</FONT></P>
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Vice-Chairman</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>until the 2015 Annual Shareholders&#8217;
      Meeting</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>- x -</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Yes</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="12%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Luis Felix Cardamone Neto</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="8%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>49</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Business administrator</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="13%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>042.649.938-73</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="23%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Sitting member of the Board of
    Directors</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>until the 2015 Annual Shareholders&#8217;
      Meeting</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>-x-</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Yes</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="12%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Fernando Perrone</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="8%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>66</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Lawyer</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="13%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>181.062.347-20</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" vAlign=top width="23%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Sitting member of the Board of
    Directors</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>until the 2015 Annual Shareholders&#8217;
      Meeting</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Member of the audit committee</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Yes</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="12%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Yoshiaki Nakano</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="8%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>69</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Business administrator</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="13%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>049.414.548-04</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" vAlign=top width="23%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Sitting member of the Board of
    Directors</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>until the 2015 Annual Shareholders&#8217;
      Meeting</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Member of the audit committee</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Yes</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="12%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" face=Calibri,sans-serif>Aloysio
      Meirelles de Miranda Filho</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="8%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>52</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Lawyer</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="13%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>715.343.187-04</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" vAlign=top width="23%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Sitting member of the Board of
    Directors</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>until the 2015 Annual Shareholders&#8217;
      Meeting</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>- x -</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Yes</FONT></P></TD></TR>
  <TR style="HEIGHT: 11.35pt">
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="12%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="FONT-VARIANT: small-caps"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Antonio Bernardo Vieira Maia</FONT></FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="8%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>53</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Business administrator</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="13%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>510.578.677-72</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" vAlign=top width="23%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Sitting member of the Board of
    Directors</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>until the 2015 Annual Shareholders&#8217;
      Meeting</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Member of the audit committee</FONT></P></TD>
    <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 2.85pt; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BACKGROUND: white; HEIGHT: 11.35pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2.85pt" width="11%">
      <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 10pt" align=left><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 8pt" lang=EN-US face=Calibri,sans-serif>Yes</FONT></P></TD></TR></TABLE></DIV>
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<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">61</P>
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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV><A name=page_62></A>
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<a name="_bclHeader62"></a><DIV>
<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Resume of the nominees:</FONT></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Benjamin Steinbruch</FONT></U></B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.&nbsp;</FONT></U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
Mr. Steinbruch has been a member of the Board of Directors since April 23, 1993,
and it&#8217;s Chairman since April 28, 1995.&nbsp; He has also been CSN&#8217;s CEO since
April 30, 2002. Currently, he also serves as a member of the Board of Directors
of C&#226;mara Portuguesa, the first Vice-Chairman of FIESP, a position he has held
since September 2004, a member of FIESP's Superior Strategic Council, a board
member of Instituto Roberto Simonsen. In the last five years, Mr. Steinbruch has
held the following positions: member of the Board of Directors and CEO of
Vicunha Siderurgia S.A., Chairman of the Board of Directors of Vicunha A&#231;os
S.A., Vicunha S.A., Banco Fibra S.A., Fibra Cia Securitizadora de Cr&#233;ditos and
Fibra Cia Securitizadora de Cr&#233;ditos e Imobili&#225;rios, member of the Board of
Directors of Text&#237;lia S.A, Vicunha Steel S.A., Elizabeth S.A. &#8211; Ind&#250;stria
T&#234;xtil, Vicunha Participa&#231;&#245;es S.A., Rio Purus Participa&#231;&#245;es S.A., and Rio Iaco
Participa&#231;&#245;es S.A. (all of which are part of CSN&#8217;s controlling group), chairman
of the Board of Directors of Metal&#250;rgica Prada, Nacional Min&#233;rios S.A.,
Transnordestina Log&#237;stica S.A., and FTL &#8211; Ferrovia Transnordestina Log&#237;stica
S.A., (all of which are CSN&#8217;s subsidiaries), member of the Advisory Board of
Funda&#231;&#227;o CSN and member of the Board of Directors of Fazenda Alvorada de
Bragan&#231;a Agro-Pastoril Ltda., Ibis Agr&#225;ria Ltda., Ibis II Empreendimentos Ltda.,
Ibis Participa&#231;&#245;es e Servi&#231;os Ltda., and Haras Phillipson Ltda. He earned a
Business Administration degree from Escola de Administra&#231;&#227;o de Empresas of
Funda&#231;&#227;o Getulio Vargas &#8211; SP, and completed a post-graduate program in Marketing
and Finance at Funda&#231;&#227;o Getulio Vargas - SP.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Jacks Rabinovich.</FONT></U></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
Mr. Rabinovich has been a member of the Company&#8217;s Board of Directors since April
23, 1993, and since April 24, 2001 he has held the position of Vice-Chairman. He
has a degree in Civil Engineering from Universidade Mackenzie, with
specialization in Textile Engineering from the Lowell Institute, in
Massachusetts, USA.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Fernando Perrone.</FONT></U></B><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>
</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Mr. Perrone has been a member of the Company&#8217;s Board of
Directors since September 26, 2002 and a member of the Audit Committee since
June 24, 2005, of which he is currently Chairman. He served as the
Infrastructure and Energy Officer at Companhia Sider&#250;rgica Nacional from July 10
to October 2, 2002, and as an independent consultant in the infrastructure
area.&nbsp; In the past five years, he has been a member of the Board of
Directors of Profarma - Distribuidora de F&#225;rmacos S.A, Jo&#227;o Fortes Engenharia
S.A., Energia Sustent&#225;vel S.A., Transnordestina Log&#237;stica S.A., and FTL &#8211;
Ferrovia Transnordestina Log&#237;stica S.A. He has a degree in Business
Administration, a course sponsored by &#8220;Chimica&#8221; Bayer S.A., and a Law degree
from Universidade Federal Fluminense. He also completed a post-graduate program
in Capital Market Economics at Funda&#231;&#227;o Getulio Vargas.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Yoshiaki Nakano</FONT></U></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>.
Mr. Nakano has been a member of the Company&#8217;s Board of Directors since April 29,
2004 and a member of the Audit Committee since June 24, 2005.&nbsp; In the past
five years, he has been a professor of Economics at Funda&#231;&#227;o Getulio Vargas and
Director of the Escola de Economia de S&#227;o Paulo of the Funda&#231;&#227;o Getulio Vargas
de S&#227;o Paulo, a member of the Board of Directors of Funda&#231;&#227;o de Amparo &#224;
Pesquisa do Estado de S&#227;o Paulo &#8211; FAPESP, a member of the Superior Economic
Council (COSEC) of FIESP/IRS. Previously, he served as the special Secretary of
Economic Issues for the Ministry of Finance and the Secretary of Finance of the
State of S&#227;o Paulo. He has a degree in Business Administration from Funda&#231;&#227;o
Getulio Vargas and a Master&#8217;s and Doctorate from Cornell University, in the
United States.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Aloysio Meirelles de Miranda Filho</FONT></U></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> &#8211;
Mr. Miranda Filho has been a member of the Board of Directors of the Company
since April 30, 2013. He joined Ulh&#244;a Canto Advogados Associados in 1982, a law
firm of which he became a partner in 1989. He is a member of the Advisory Board
of Instituto Fernando Henrique Cardoso, Instituto de Gest&#227;o Educacional of
Funda&#231;&#227;o Lemann, and Instituto Empreender Endeavor. </FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif>He
earned a degree from Universidade do Estado do Rio de Janeiro &#8211; UERJ in
1984.</FONT></P>
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<P style="TEXT-ALIGN: center">62</P>
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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Antonio Bernardo Vieira Maia</FONT></U></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif> &#8211;
Mr. Maia has been a member of the Company&#8217;s Board of Directors since April 30,
2013. He is also the CEO of BRG Capital Ltda. From April to December 2005, he
was a member of the Board of Directors of Banque B&#233;n&#233;dict Hentsch &amp; Cie AS,
Geneva, Switzerland. From April, 1995 to May, 2005, he served as an executive
officer of Credit Suisse / Banco Garantia de Investimentos S.A. He began his
career in Citibank Brazil as an intern in 1982 and moved to New York in 1986,
where he acted as Institutional Investment Analyst of Citigroup in Latin America
until he became an executive officer. He was also an associate of Banco Bozano
Simonsen de Investimentos from August, 1979 to December, 1981. He earned a
degree in Public Administration and Business in 1981 from Funda&#231;&#227;o Getulio
Vargas.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Luis Felix Cardamone Neto</FONT></U></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>:
Mr. Cardamone Neto has been the CEO of Banco Fibra since October 2013, and a
deputy member of the Board of Directors of Transnordestina Log&#237;stica S.A. since
December 2013. In the past five years, he served as executive officer of
Santander Financiamentos and CEO of Webmotors, from December 2011 to September
2012 he acted as Executive Vice-President of Finance, from September 2012 to
October 2013 he acted as Executive Vice-President of Finance, Insurance,
Payroll-Deductible Loans and Real Estate Business, cumulatively holding the
positions of (i) member of the Board of Directors of Banco RCI Brasil, (ii)
member of the Board of Directors of TECBAN (iii) Head of the Vehicle Financing
Division of FEBRABAN, and invited member of the Board of Directors of ZURICH. He
has a degree in Business Administration from Faculdade de Administra&#231;&#227;o de
Empresas de Santos and completed an MBA program in Finance at IBMEC.</FONT></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 6pt 0cm; BACKGROUND: white"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 6pt 0cm; BACKGROUND: white"><B><I><U><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Declarations</FONT></U></I></B></P>
<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 9.65pt 6pt 0cm; BACKGROUND: white"><B><I><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Legal and administrative convictions (including
criminal) involving the nominees: </FONT></I></B></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Mr. Benjamin Steinbruch declared, for all legal
purposes, that over the past 5 years, he has not been subject to any criminal
conviction, any convictions or penalty in administrative proceedings before the
CVM or any final and unappealable decision, whether legal or administrative,
suspending or disqualifying him from practicing any professional or business
activity. </FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Mr. Jacks Rabinovich declared, for all legal purposes,
that over the past 5 years, he has not been subject to any criminal conviction,
any convictions or penalty in administrative proceedings before the CVM or any
final and unappealable decision, whether legal or administrative, suspending or
disqualifying him from practicing any professional or business
activity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Mr. Luis Felix Cardamone Neto declared, for all legal
purposes, that over the past 5 years, he has not been subject to any criminal
conviction, any convictions or penalty in administrative proceedings before the
CVM or any final and unappealable decision, whether legal or administrative,
suspending or disqualifying him from practicing any professional or business
activity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Mr. Fernando Perrone declared, for all legal purposes,
that over the past 5 years, he has not been subject to any criminal conviction,
any convictions or penalty in administrative proceedings before the CVM or any
final and unappealable decision, whether legal or administrative, suspending or
disqualifying him from practicing any professional or business
activity.</FONT></P>
<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif>Mr. Yoshiaki Nakano declared, for all legal purposes,
that over the past 5 years, he has not been subject to any criminal conviction,
any convictions or penalty in administrative proceedings before the CVM or any
final and unappealable decision, whether legal or administrative, suspending or
disqualifying him from practicing any professional or business
activity.</FONT></P>
<a name="_bclFooter63"></a><DIV>
<DIV>
<DIV align=left>&nbsp;</DIV></DIV>
<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 10pt" lang=PT-BR face=Calibri,sans-serif></FONT></FONT>&nbsp;</P></DIV></DIV>
<P style="TEXT-ALIGN: center">63</P>
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<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 10pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Mr. Aloysio Meirelles de Miranda Filho declared, for all legal purposes, that over the past 5 years, he has not been subject to any criminal conviction, any convictions or penalty in administrative proceedings before the CVM or any final and unappealable decision, whether legal or administrative, suspending or disqualifying him from practicing any professional or business activity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Mr. Antonio Bernardo Vieira Maia declared, for all legal purposes, that over the past 5 years, he has not been subject to any criminal conviction, any convictions or penalty in administrative proceedings before the CVM or any final and unappealable decision, whether legal or administrative, suspending or disqualifying him from practicing any professional or business activity.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face=Calibri,sans-serif></FONT></I></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Existence of marital or stable relationships or relationships of kinship up to the second degree between:</FONT></B></P>

<DIV align=left>

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



<TR style="HEIGHT: 11pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>a) the Company&#8217;s managers</FONT></P></TD></TR>

<TR style="HEIGHT: 19.45pt">

   <TD style="HEIGHT: 19.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>

<TR style="HEIGHT: 11pt">

   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>b) managers of the Company and managers of direct or indirect subsidiaries of the Company</FONT></P></TD></TR>

<TR style="HEIGHT: 19.45pt">

   <TD style="HEIGHT: 19.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>

<TR style="HEIGHT: 11pt">

   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>c) managers of the Company or of its direct or indirect subsidiaries and direct or indirect controllers of the Company</FONT></P></TD></TR>

<TR style="HEIGHT: 19.45pt">

   <TD style="HEIGHT: 19.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR>

<TR style="HEIGHT: 11pt">

   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>d) managers of the Company and managers of direct or indirect controllers of the Company</FONT></P></TD></TR>

<TR style="HEIGHT: 19.45pt">

   <TD style="HEIGHT: 19.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Relationships of subordination, service provision or control in the last three fiscal years between the management of the Company and: </FONT></B></P>

<DIV align=left>

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



<TR style="HEIGHT: 11pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>a) the Company&#8217;s direct or indirect subsidiaries</FONT></P></TD></TR>

<TR style="HEIGHT: 19.45pt">

   <TD style="HEIGHT: 19.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Not applicable. </FONT></P></TD></TR>

<TR style="HEIGHT: 11pt">

   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>b) the Company&#8217;s direct or indirect controller</FONT></P></TD></TR>

<TR style="HEIGHT: 19.45pt">

   <TD style="HEIGHT: 19.45pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Mr. Luis Felix Cardamone Neto is the CEO of Banco Fibra, which is under the same controlling structure of Vicunha Siderurgia, one of the controllers of the Company.</FONT></P></TD></TR>

<TR style="HEIGHT: 11pt">

   <TD style="HEIGHT: 11pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: silver; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>c) suppliers, customers, debtors or creditors of the Company, its subsidiaries or controllers, or the subsidiaries of any of these persons, if material</FONT></P></TD></TR>

<TR style="HEIGHT: 19.45pt">

   <TD style="HEIGHT: 19.45pt; PADDING-BOTTOM: 0cm; PADDING-TOP: 0cm; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="100%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 10pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: 115%" face=Calibri,sans-serif>Not applicable.</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=left><FONT lang=EN-US style="FONT-SIZE: 11pt; LINE-HEIGHT: normal; TEXT-AUTOSPACE: ideograph-numeric" face=Calibri,sans-serif></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: center">64</P>

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

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

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

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

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;April 2, 2014</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

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

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

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

   <TD vAlign=bottom width="45%" align=center>

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

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

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

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

<P>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 align=center border=0>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

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

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

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

   <TD vAlign=bottom width="45%" align=center>

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

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>David Moise Salama </B></FONT></DIV>

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

<DIV>&nbsp;</DIV>

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

<P>&nbsp;</P>

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

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

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

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