<SEC-DOCUMENT>0001292814-14-001844.txt : 20140804
<SEC-HEADER>0001292814-14-001844.hdr.sgml : 20140804
<ACCEPTANCE-DATETIME>20140804081004
ACCESSION NUMBER:		0001292814-14-001844
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		9
CONFORMED PERIOD OF REPORT:	20140630
FILED AS OF DATE:		20140804
DATE AS OF CHANGE:		20140804

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:		141011530

	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>sidpr2q14_6k.htm
<DESCRIPTION>2Q14 EARNINGS RELEASE
<TEXT>

<HTML>
<HEAD>
   <TITLE>sidpr2q14_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

<DIV align=center><FONT color=#000000 size=5 face="Times New Roman"><B>SECURITIES AND EXCHANGE COMMISSION </B></FONT></DIV>

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

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

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

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

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

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

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

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

<DIV align=center>

<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of August 2014</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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

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

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

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

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

<DIV align=center></DIV>

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

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

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

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

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

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

<P></P>

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

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

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<DIV style="PAGE-BREAK-BEFORE: always">&nbsp;</DIV>&nbsp; <A name="page_1"></A>

<P style="TEXT-ALIGN: center; MARGIN: 0pt 0cm" align=center>
<IMG border=0 src="logo.gif"></P>

<P style="TEXT-ALIGN: center; MARGIN: 0pt 0cm" align=center>
<IMG border=0 src="fp01a.gif"></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 3pt" align=center><STRONG><FONT size=2 face="Trebuchet MS"></FONT></STRONG>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 3pt" align=center><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">S&#227;o Paulo, August 4, 2014</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0cm 3pt" align=center><B><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Companhia Sider&#250;rgica Nacional (CSN) (BM&amp;FBOVESPA: CSNA3) (NYSE: SID) announces today its consolidated results for the second quarter of 2014 (2Q14), which are presented in Brazilian Reais and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB) and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010. All comments presented herein refer to the Company&#8217;s consolidated results and comparisons refer to the second quarter of 2013 (2Q13) and first quarter of 2014 (1Q14), unless otherwise stated. The Real/U.S. Dollar exchange rate on June 30, 2014 was R$2.2025.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 4pt 0cm 4pt 32.05pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA amounted to R$1.3 billion in 2Q14, 19% up on 2Q13;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 4pt 0cm 4pt 32.05pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA from the steel segment totaled R$793 million, 28% more than in 2Q13 and the highest quarterly figure since 3Q10;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 4pt 0cm 4pt 32.05pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The adjusted steel segment EBITDA margin was 28%, an 8 p.p. improvement over 2Q13; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 4pt 0cm 4pt 32.05pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Second-quarter cement sales came to 564,000 tonnes, with net revenue of R$113 million, adjusted EBITDA of R$34 million and an adjusted EBITDA margin of 30%, all of which Company records;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 4pt 0cm 4pt 32.05pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Gross profit totaled R$1.3 billion in 2Q14, 26% more than in the same period last year;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 4pt 0cm 4pt 32.05pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The second-quarter gross margin widened by 6 p.p. over 2Q13 to 32%;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 4pt 0cm 4pt 32.05pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN closed 2Q14 with</FONT><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"> cash and cash equivalents of</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> R$11.9 billion;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17.85pt; MARGIN: 4pt 0cm 4pt 32.05pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Net Debt/EBITDA ratio ended the quarter at 2.71x, virtually identical to the end-of-March figure.</FONT></P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Executive Summary</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0.1pt 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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

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<TR>

   <TD width="40%"></TD>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#000080 vAlign=middle align=left><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Highlights</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#000080 vAlign=middle align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT><FONT style="FONT-SIZE: 8pt"></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>2Q13</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#000080 vAlign=middle align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT><FONT style="FONT-SIZE: 8pt"></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>1Q14</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#000080 vAlign=middle align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT><FONT style="FONT-SIZE: 8pt"></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>2Q14</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#000080 vAlign=middle align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>2Q14 x 2Q13<BR>(Change)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid" bgColor=#000080 vAlign=middle align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>2Q14 x 1Q14<BR>(Change)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Consolidated Net Revenue (R$ MM)</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">4,060</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">4,371</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">4,052</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">0%</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-7%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Consolidated Gross Profit (R$ MM)</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,040</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,336</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,306</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">26%</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-2%</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Adjusted EBITDA (R$ MM)</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,095</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,440</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,303</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">19%</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-10%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Total Sales (thousand t)</FONT></B></TD>

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

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

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

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

   <TD style="BORDER-RIGHT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">- Steel</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,587</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,388</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,263</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-20%</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-9%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.637pt" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">- Domestic Market</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">77%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">73%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">73%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-4 p.p.</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">0 p.p.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.637pt" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">- Overseas Subsidiaries</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">20%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">25%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">25%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">5 p.p.</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">0 p.p.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.637pt" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">- Export</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">3%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-1 p.p.</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">0 p.p.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.637pt" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">- Iron Ore</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">6,033</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">6,385</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">7,232</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">20%</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">13%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.637pt" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">- Domestic Market</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">0 p.p.</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">0 p.p.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.637pt" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">- Export</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">99%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">99%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">99%</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">0 p.p.</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">0 p.p.</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Adjusted Net Debt (R$ MM)</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">16,853</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">15,792</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">16,695</FONT></B></TD>

   <TD align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-1%</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">6%</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Adjusted Cash Position</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">15,153</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">12,889</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">11,910</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-21%</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-8%</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Net Debt / Adjusted EBITDA</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">3.92x</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2.66x</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2.71x</FONT></TD>

   <TD align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-1.21x</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">0.05x</FONT></TD></TR>

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   <TD style="BORDER-TOP: #000000 1px solid" colSpan=6 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(1) Sales volumes include 100% of NAMISA sales</FONT></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">At the close of 2Q14</FONT></U></B></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">BM&amp;FBovespa (CSNA3): R$9.40/share</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">NYSE (SID): US$4.26/ADR (1 ADR = 1 share)</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">Total no. of shares = 1,457,970,108</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">Market Cap BM&amp;FBovespa: R$13.7 billion</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: 0cm; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp; </FONT><FONT style="LINE-HEIGHT: 11pt; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">Market Cap NYSE: US$6.2 billion</FONT></P></TD>

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   <P style="TEXT-ALIGN: justify; MARGIN: 3pt 0cm 0pt 3.7pt"><B><FONT style="FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B><B><U><FONT style="FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">Investor Relations Team</FONT></U></B></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -7.65pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">IR Executive Officer: </FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">David Salama (11) 3049-7588</FONT></P>

   <P style="TEXT-ALIGN: justify; TEXT-INDENT: -7.1pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">IR Manager: </FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">Claudio Pontes - (11) 3049-7592</FONT></P>

   <P style="TEXT-INDENT: -7.65pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">Specialist</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">: Ana Rayes - (11) 3049-7585</FONT></P>

   <P style="TEXT-INDENT: -7.65pt; MARGIN: 0cm 0cm 0pt 14.2pt"><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face=symbol>&#183;</FONT><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">Specialist</FONT></B><FONT style="LINE-HEIGHT: 115%; FONT-SIZE: 7.5pt" lang=EN-US face="trebuchet ms,sans-serif">: Fernando Schneider &#8211; (11) 3049-7526</FONT></P>

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<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Economic Scenario</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The outlook for the global economy is one of a gradual rally in the second half of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">2014, mainly fueled by the recovery of growth in the developed countries, which performed poorly at the beginning of the year. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The IMF has reduced its 2014 global growth projection to 3.4%, 0.3 p.p. below its previous estimate, reflecting the weak first-quarter performance</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> and the less optimistic prospects for some of the emerging nations. The institution maintained its 4% growth estimate for 2015</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">.&nbsp;</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">global Purchasing Managers Index (PMI) recorded its 21<SUP>st</SUP> consecutive monthly upturn, averaging 54.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">1 points in the second quarter.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">USA</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">The U.S. economy shrank by 2.1% in 1Q14 due to the lower exports and a reduction in private investments. Nevertheless, despite the exceptionally rigorous winter having jeopardized economic performance at the beginning of the year, recent indicators are pointing to positive results. The first GDP estimate for 2Q14 points to growth of 4%, fueled by private investments, exports and personal spending on consumption.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">M</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">anufacturing PMI averaged </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">56.4 points in 2Q14, the best result for four years, signaling a recovery in activity. Unemployment reached 6.1% in June, the lowest figure for 15 years, with the creation of 1.4 million new jobs in the first half. Installed capacity in May remained flat over April and March at 79%, while </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">i</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">ndustrial production moved up by 0.6%, giving 12-month growth of 4.3%.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">At its last meeting in June, the FOMC (the FED&#8217;s Monetary Policy Committee), reduced its asset purchases by a further US$10 billion, maintaining its decision to wind up the program at the end of the current year. The base rate was maintained at between 0% and 0.25%, and the Committee signaled that this level would be preserved. The FED estimates GDP growth in 2014 between 2.1% and 2.3%.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Europe</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">The first-quarter Eurozone numbers continued pointing to a gradual economic recovery. GDP in the region edged up by 0.2% over 4Q13, very close to the 0.3% recorded in the latter quarter. Hungary and Poland recorded the biggest growth, with 1.1% each, while the Netherlands recorded the biggest decline (-1.4%). The European Central Bank (ECB) expects growth of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">1.0% in 2014 and 1.7% in 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Manufacturing PMI fell from 53.1 points in March to 51.8 points in June, while the quarterly average declined from 53.4 to 52.4 points between 1Q14 and 2Q14. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">In the 12 months through June 2014, Eurozone inflation came to 0.5%, below the long-term target of 2% established by the ECB. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">As a result, the ECB has been adopting an expansionist monetary policy, reducing the banks&#8217; overnight deposit rates and strengthening prospects of low interest rates for a lengthy period of time. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Although the job market has shown some signs of improvement, Eurozone unemployment remained flat at 11.6% in May, still high. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In the UK, preliminary estimates point to GDP growth of 0.8% in 2Q14, identical to the 1Q14 figure, pushed by the service sector which recorded period growth of 1.0%. Industrial output increased by 3.7% in the 12 months through May, while manufacturing PMI reached 57.5 points in June, indicating expansion over the last 16 months. Annualized inflation came to 1.9% in June, higher than the 1.5% recorded in May. According to the British Treasury, the consensus of estimates points to GDP growth of 3.0% in 2014. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Asia </FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Reacting to signs of a slowdown at the beginning of the year, the Chinese government implemented a series of new measures to stimulate the economy and recent indicators suggest that they have been effective. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Preliminary 2Q14 figures from the National Bureau of Statistics point to Chinese GDP growth of </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">7.5% over the </FONT>


<FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">same period last year and 2% over the previous quarter. </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Industrial production moved up by</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> 8.8% in June over the same month the year before. After reaching its 48.0 points in March, the lowest level of the year, m</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">anufacturing PMI, disclosed by HSBC, began to improve as of April and closed June at 5</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">0.7 points, the first expansion since December 2013. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">On the other hand, first-half </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">investments in fixed assets grew by </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">17.3%, slightly less than the 17.6% recorded in 1Q14. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Given this scenario, the government maintained its 2014 GDP growth target at 7.5%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The economic indicators in Japan point to an upturn in activity, even it is only a temporary one. Expectations of an increase in value added tax from 5% to 8% in April helped push up household consumption, which grew by 9.2% in the first quarter, resulting in annualized GDP growth of 6.7% in the same period, versus 0.3% in 4Q13.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Compound PMI reached 51.5 points in June, above the 49.9 points recorded in May, signaling an improvement in business conditions for the first time since February. Unemployment recorded 3.5% in May, the lowest rate since July 2007. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Bank of Japan expects inflation to reach 1.25% p.a. in the midterm and 2% p.a. in the long term and is projecting GDP growth of 1.0% in 2014.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Brazil</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">May&#8217;s seasonally-adjusted Central Bank Economic Activity Index (</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">IBC-Br), used as a reference for GDP, fell by 0.18% in May over April after remaining flat since the beginning of the year. In the last 12 months, however, the IBC-Br moved up by 1.95%. The Central Bank&#8217;s FOCUS report expects GDP growth of 0.90% in 2014 and 1.5% in 2015.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Inflation recorded by the IPCA consumer price index recorded 0.4% in June, giving 3.75% for the first half and 6.52% in the previous 12 months, exceeding the 6.5% ceiling of the annual inflationary target. The FOCUS report expects 2014 inflation of 6.41%, with a Selic base rate of 11.0% at year-end.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">Given this scenario, and despite high inflation, the Central Bank&#8217;s </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Monetary Policy Committee (COPOM)</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> interrupted the series of hikes in the Selic, maintaining it at 11.0% p.a. at its last two meetings.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Industrial output in May fell by </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">0.6% over April and 3.2% over the same month last year, giving a decline of 1.6% in the first five months. Most of the downward pressure in May came from consumer durables production, which fell by 3.6%. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">On the foreign exchange front, the Brazilian real appreciated by 2.7% against the U.S. dollar in 2Q14, closing June at R$2.2025, reflecting higher market liquidity</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> and the difference between real domestic and international interest rates.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Macroeconomic Projections</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 2pt" lang=EN-US color=red face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<DIV align=center>

<TABLE style="BORDER-BOTTOM: medium none; BORDER-LEFT: medium none; WIDTH: 50%; BORDER-TOP: medium none; BORDER-RIGHT: medium none" border=0 cellSpacing=0 cellPadding=0>



<TR style="HEIGHT: 13.8pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 13.8pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 13.8pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">2014</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #d9d9d9; HEIGHT: 13.8pt; BORDER-TOP: black 1pt solid; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">2015</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">IPCA (%)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">6.41</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">6.21</FONT></P></TD></TR>

<TR style="HEIGHT: 12.9pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Commercial dollar (final) &#8211; R$</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">2.35</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.9pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">2.50</FONT></P></TD></TR>

<TR style="HEIGHT: 11.85pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">SELIC (final - %)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">11.00</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.85pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">12.00</FONT></P></TD></TR>

<TR style="HEIGHT: 12.55pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.55pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">GDP (%)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.55pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">0.90</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.55pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">1.50</FONT></P></TD></TR>

<TR style="HEIGHT: 12.15pt">

   <TD style="BORDER-BOTTOM: black 1pt solid; BORDER-LEFT: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.15pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Industrial Production (%)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.15pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="25%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">-1.15</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0cm; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.15pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0cm" width="24%">

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">1.70</FONT></P></TD></TR>

<TR>

   <TD width="51%">

   <P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Source<FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face="trebuchet ms,sans-serif">: FOCUS BACEN </FONT></FONT></P></TD>

   <TD width="49%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#000000 face="trebuchet ms,sans-serif"></FONT></P>

   <P style="TEXT-ALIGN: left; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Base: July 25, 2014</FONT></P></TD></TR></TABLE></DIV>

<DIV align=center>&nbsp;</DIV>

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   <IMG border=0 src="rodape.gif"></TD>

   <TD width="3%">3</TD></TR></TABLE></DIV>

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

&nbsp; <A name="page_4"></A>

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<P style="TEXT-ALIGN: center; MARGIN: 0pt 0cm" align=center>
<IMG border=0 src="logo.gif"></P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif"><FONT style="COLOR: #ffffff">Net Revenue</FONT></FONT></B><FONT style="COLOR: #ffffff"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></B></FONT></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN posted consolidated net revenue of R$4,052 million in 2Q14, in line with the R$4,060 million recorded in 2Q13, and 7% down on the R$4,371 million reported in 1Q14, basically due to the reduction in revenue from steel and mining operations. &nbsp;</FONT></P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Cost of Goods Sold (COGS)</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">COGS totaled R$2,747 million in 2Q14, 9% down on the R$3,020 million posted in 2Q13, basically due to lower COGS from steel operations, partially offset by the upturn in mining COGS. In comparison with the RS3,034 million registered in the previous quarter, COGS also fell by 9%.</FONT></P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Selling, General, Administrative and Other Operating Expenses</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Consolidated SG&amp;A expenses totaled R$358 million in 2Q14, 6% less than the R$380 million reported in 2Q13, chiefly due to the reduction in selling expenses, and 22% up on the R$294 million registered in the previous &nbsp;quarter, essentially due to higher freight and administrative expenses.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Other Operating Revenue/Expenses totaled R$31 million in 2Q14, versus R$145 million in 2Q13 and R$177 million in 1Q14, mainly due to the reversal of provisions. </FONT></P>

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

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">EBITDA</FONT></B></H3></DIV>

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

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

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   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Company uses Adjusted EBITDA to measure the segments' performance and operating cash flow capacity. It comprises net income before the net financial result, income and social contribution taxes, depreciation and amortization, results from investees and other operating revenue (expenses), plus the proportional EBITDA of the jointly-owned subsidiaries, Namisa, MRS Log&#237;stica and CBSI.</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face="Trebuchet MS"></FONT>&nbsp;</P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=#ff0000 face="trebuchet ms,sans-serif"></FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Second-quarter adjusted EBITDA amounted to R$1,303 million, 19% up on the R$1,095 million posted in 2Q13, basically due to the contribution from steel and mining operations, accompanied by an EBITDA margin of 30%, up by 6 p.p. </FONT></P></TD>

   <TD vAlign=top width="30%" align=right>
   <IMG border=0 src="fp04a.gif"></TD></TR></TABLE></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 2.85pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In comparison with 1Q14, adjusted EBITDA fell by 9%, chiefly influenced by the mining segment result, partially offset by the increase in EBITDA from steel, while the adjusted EBITDA margin remained at 30%.</FONT></P>

<P style="TEXT-ALIGN: right; MARGIN: 0cm 0cm 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</FONT></P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Financial Result and Net Debt </FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">In 2Q14, CSN&#8217;s consolidated net financial result was negative by R$815 million, mainly due to the following factors:</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Interest on loans and financing totaling R$691 million;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="Times New Roman"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Expenses of R$40 million with the monetary restatement of tax payment installments;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Other financial expenses totaling R$76 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Monetary and foreign exchange variations amounting to R$61 million;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">These negative effects were partially offset by consolidated financial revenue of R$53 million.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Gross debt, net debt and the net debt/EBITDA ratio presented below reflect the Company&#8217;s proportional interest in Namisa, MRS Log&#237;stica and CBSI, as well as the impact from the partial spin-off of Transnordestina Log&#237;stica S/A.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT size=2 face="Trebuchet MS"></FONT>&nbsp;</P>

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

&nbsp; <A name="page_5"></A>

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<P style="TEXT-ALIGN: center; MARGIN: 0pt 0cm" align=center>
<IMG border=0 src="logo.gif"></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">On June 30, 2014, the Company&#8217;s gross debt totaled R$28.6 billion, almost identical to the figure on March 31, 2014, while net debt amounted to R$16.7 billion, R$900 million more than at the close of 1Q14. On the other hand, the net debt/EBITDA ratio based on LTM adjusted EBITDA closed the second quarter at 2.71x, virtually flat over the 2.66x recorded at the end of the previous quarter. Net debt was impacted by the following factors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Investments of R$0.6 billion in fixed assets;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">A R$0.6 billion effect related to the cost of debt;</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">A R$0.2 billion increase in working capital;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Disbursements of R$0.4 billion on the share buyback program;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Foreign exchange variation of R$0.1 billion;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Other effects totaling R$0.3 billion;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0.4pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">These negative effects were partially offset by 2Q14 EBITDA of R$1.3 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0.4pt 18pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">Indebtedness (R$ million) and Net Debt /Adjusted EBITDA ratio</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center>
<IMG border=0 src="fp05a.gif"></P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Equity Result </FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN&#8217;s equity result was negative by R$67 million in 2Q14, basically due to the result of the jointly-owned subsidiary Namisa.</FONT></P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Net Income</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 11pt; LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN posted consolidated net income of R$19 million in 2Q14, for the reasons mentioned above.</FONT></P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Capex</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Investments reflect the Company&#8217;s proportional interest in Namisa, MRS Log&#237;stica and CBSI. The Company has ceased consolidating its interest in Transnordestina Log&#237;stica S/A, due to the latter&#8217;s partial spin-off on December 27, 2013 and the consequent entry into effect of the new shareholders&#8217; agreement. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 8pt" lang=EN-US color=red face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">CSN invested R$560 million in 2Q14, R$418 million of which in the parent company. Of this total, R$207 million went to the Casa de Pedra mine and the Port of Itagua&#237;, R$109 million to increasing cement production capacity, and R$99 million to the steel segment, with scheduled maintenance programs.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US color=red face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The remaining R$142 million went to subsidiaries or joint subsidiaries, mostly as follows: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 6pt" lang=EN-US color=red face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">MRS: R$67 million;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt">&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face=wingdings>&#252;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=windowtext face="times new roman">&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Sepetiba Tecon: R$22 million.</FONT></P>

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&nbsp; <A name="page_6"></A>

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

<P style="TEXT-ALIGN: center; MARGIN: 0pt 0cm" align=center>
<IMG border=0 src="logo.gif"></P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: medium none; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; MARGIN-LEFT: 0cm; BORDER-TOP: medium none; MARGIN-RIGHT: 2.85pt; BORDER-RIGHT: medium none; PADDING-TOP: 0cm">

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Working Capital</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0pt 0pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Working capital allocated to the Company&#8217;s businesses closed 2Q14 at R$2,732 million, R$222 million more than at the end of 1Q14, chiefly due to the increase in inventories&nbsp; and accounts receivable, partially offset by the upturn in the suppliers line. The average supplier payment period increased by six days, the receivables period widened by three days and the average inventory turnover period increased by 11 days.</FONT></P>

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

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<TR>

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   <TD width="12%"></TD>

   <TD width="12%"></TD>

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   <TD width="12%"></TD>

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   <TD bgColor=#003366 vAlign=middle width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>WORKING CAPITAL (R$ MM)</FONT></B></TD>

   <TD bgColor=#003366 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q13</FONT></B></TD>

   <TD bgColor=#003366 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q14</FONT></B></TD>

   <TD bgColor=#003366 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14</FONT></B></TD>

   <TD bgColor=#003366 vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Change<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: trebuchet ms"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14 x 2Q13</FONT></STRONG></TD>

   <TD bgColor=#003366 vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Change<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: trebuchet ms"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14 x 1Q14</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Assets</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,983</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,126</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,479</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">496</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">353</FONT></B></TD></TR>

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   <TD width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Accounts Receivable</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,669</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,621</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,716</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">47</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">95</FONT></B></TD></TR>

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   <TD width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Inventory (*)</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,289</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,416</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,643</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">354</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">227</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Advances to Taxes</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">25</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">89</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">120</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">95</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">31</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Liabilities</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,041</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,616</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,747</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(294)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">131</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Suppliers</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,547</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,105</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,257</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(290)</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">152</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Salaries and Social Contribution</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">205</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">196</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">218</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">13</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">22</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Taxes Payable</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">253</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">286</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">241</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(12)</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(45)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Advances from Clients</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">36</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">31</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(5)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Working Capital</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,942</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,510</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,732</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">790</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">222</FONT></B></TD></TR>

<TR>

   <TD width="100%" colSpan=6><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD bgColor=#003366 vAlign=middle width="40%" align=left><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>TURNOVER RATIO<BR>Average Periods</FONT></STRONG></TD>

   <TD bgColor=#003366 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q13</FONT></B></TD>

   <TD bgColor=#003366 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q14</FONT></B></TD>

   <TD bgColor=#003366 vAlign=middle width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14</FONT></B></TD>

   <TD bgColor=#003366 vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Change<BR></FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: trebuchet ms"></FONT></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14 x 2Q13</FONT></STRONG></TD>

   <TD bgColor=#003366 vAlign=middle width="12%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Change</FONT></STRONG><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: trebuchet ms"><BR></FONT></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14 x 1Q14</FONT></STRONG></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Receivables</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">32</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">28</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">31</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1)</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Supplier Payment</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">48</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">33</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">39</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(9)</FONT></B></TD>

   <TD width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Inventory Turnover</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">71</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">72</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">83</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">12</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">11</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="40%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cash Conversion Cycle</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">55</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">67</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">75</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">20</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">8</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD width="100%" colSpan=6 align=left><I><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(*) Inventory - includes "Advances to Suppliers" and does not include "Supplies".</FONT></I></TD></TR></TABLE>

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

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Results by Segment</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Company maintains integrated operations in five business segments: steel, mining, logistics, cement and energy. The main assets and/or companies comprising each segment are presented below: </FONT></P>

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

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



<TR>

   <TD width="19%"></TD>

   <TD width="18%"></TD>

   <TD width="22%"></TD>

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

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

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid; BACKGROUND-COLOR: #000080; BORDER-RIGHT: #ffffff 5px solid" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Steel</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid; BACKGROUND-COLOR: #000080; BORDER-RIGHT: #ffffff 5px solid" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Mining</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid; BACKGROUND-COLOR: #000080; BORDER-RIGHT: #ffffff 5px solid" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Logistics</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid; BACKGROUND-COLOR: #000080; BORDER-RIGHT: #ffffff 5px solid" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Cement</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #ffffff 5px solid; BACKGROUND-COLOR: #000080; BORDER-RIGHT: #ffffff 5px solid" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Energy</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Usina Presidente Vargas</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Casa de Pedra</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Railways</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Volta Redonda</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">CSN Energia</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Porto Real</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Namisa (60%)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- MRS</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Arcos</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Itasa</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Paran&#225;</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tecar</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- FTL</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">LLC</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">ERSA</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- TLSA</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Lusosider</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Port:</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Prada (Distribui&#231;&#227;o e</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">- Sepetiba Tecon</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Embalagens)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Metalic</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">SWT</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 5px solid" bgColor=#c0c0c0 align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR></TABLE>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The information on CSN&#8217;s five business segments is derived from the accounting data, together with allocations and the apportionment of costs among the segments. Results by segment reflect the Company&#8217;s proportional interest in Namisa, MRS Log&#237;stica and CBSI, as well as the full consolidation of FTL.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

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   <TD width="3%">6</TD></TR></TABLE>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></U></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue by segment (R$ million)</FONT></U></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><STRONG><FONT size=2 face="Trebuchet MS"></FONT></STRONG>&nbsp;</P>

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<IMG border=0 src="fp07a.gif"></P>

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<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA by segment (R$ million)</FONT></U></B></P>

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   <TD width="100%" colSpan=9 align=left><B><FONT size=1 face=Calibri-Bold,Arial,Helvetica,sans-serif><U><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Result by segment</FONT></U></FONT></B></TD></TR>

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   <TD width="36%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">R$ million</FONT></B></TD>

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

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

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

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

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   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2Q14</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.555pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Consolidated Results</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Steel</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Mining</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT><FONT style="FONT-SIZE: 8pt"></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Logistics<BR>(Port)</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Logistics</FONT></STRONG><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: trebuchet ms">&nbsp; <BR></FONT></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>(Railways)</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Energy</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Cement</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>Corporate/</FONT></STRONG> <BR></FONT><FONT style="FONT-SIZE: 8pt"></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Eliminations</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Consolidated</FONT></B></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Net Revenue</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2,843</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,117</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">47</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">226</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">87</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">113</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(380)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">4,052</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 4.199pt; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Domestic Market</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2,185</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">82</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">47</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">226</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">87</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">113</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(211)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2,529</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 4.199pt; BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Foreign Market</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">657</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,035</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(169)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,523</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Cost of Goods Sold</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(2,083)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(740)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(31)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(156)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(49)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(72)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">385</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(2,747)</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Gross Profit</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">759</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">377</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">16</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">70</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">38</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">42</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">5</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,306</FONT></B></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Selling, General and Administrative Expenses</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(168)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(20)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(0)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(21)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(5)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(17)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(126)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(358)</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Depreciation</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">202</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">85</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">39</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">4</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">9</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(45)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">296</FONT></TD></TR>

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   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Proportional EBITDA of Jointly Controlled Companies</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">58</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">58</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.399pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Adjusted EBITDA</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">793</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">442</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">18</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">87</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">37</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">34</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(107)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,303</FONT></B></TD></TR>

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   <TD width="100%" colSpan=9><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD></TR>

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   <TD width="36%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">R$ million</FONT></B></TD>

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

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

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

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

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

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

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

   <TD width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2Q13</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 1.555pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Consolidated Results</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Steel</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Mining</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT><FONT style="FONT-SIZE: 8pt"></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Logistics<BR>(Port)</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Logistics</FONT></STRONG><FONT style="FONT-SIZE: 8pt"><FONT style="FONT-FAMILY: trebuchet ms">&nbsp; <BR></FONT></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>(Railways)</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Energy</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Cement</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp;<STRONG><FONT color=#ffffff>Corporate/</FONT></STRONG> <BR></FONT><FONT style="FONT-SIZE: 8pt"></FONT><STRONG><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Eliminations</FONT></STRONG></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#808080 vAlign=middle width="8%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt" color=#ffffff>Consolidated</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Net Revenue</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">3,147</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">984</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">43</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">263</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">53</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">105</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(535)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">4,060</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.199pt; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Domestic Market</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2,488</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">68</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">43</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">263</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">53</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">105</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(238)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2,782</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="TEXT-INDENT: 4.199pt; BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Foreign Market</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">659</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">916</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(297)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,278</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Cost of Goods Sold</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(2,527)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(601)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(22)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(178)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(34)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(70)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">411</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(3,020)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Gross Profit</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">620</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">383</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">21</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">85</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">20</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">35</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(124)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,040</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Selling, General and Administrative Expenses</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(180)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(37)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(5)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(24)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(5)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(19)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(110)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(380)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Depreciation</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">179</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">53</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">2</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">36</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">4</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">8</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(18)</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">264</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="36%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">EBITDA proporcional de controladas em conjunto</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">171</FONT></TD>

   <TD style="BORDER-RIGHT: #ffffff 3px solid" width="8%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">171</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 2.399pt; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="36%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">Adjusted EBITDA</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">619</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">398</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">18</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">97</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">19</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">24</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">(80)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #ffffff 3px solid" bgColor=#c0c0c0 width="8%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 8pt">1,095</FONT></B></TD></TR></TABLE>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Steel</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the World Steel Association (WSA), global crude steel production totaled 821 million tonnes in the first half of 2014, 2.5% higher than in 2H13, with China, responsible for 411 million tonnes, recording growth of 3.0%. Global capacity use reached 78% in June, 1 p.p. down on March, which was the highest monthly figure of the year so far. The WSA expects global apparent steel consumption to grow by 3.1% in 2014, with apparent consumption in China moving up by 3%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the Brazilian Steel Institute (IABr), domestic crude steel production came to 16.7 million tonnes in 1H14, 1.5% down on 1H13, while rolled flat output totaled 7.0 million tonnes, down by 6.3%.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Apparent domestic flat steel consumption amounted to 6.2 million tonnes in the first half, 1.4% more than in 1H13, while domestic sales fell by 4.3% to 5.8 million tonnes.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="trebuchet ms,sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">On the other hand, flat steel imports climbed by 45.6% to </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">1.1 million tonnes in the 1H14, </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">while exports fell by</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> 26.5% to 0.7 million tonnes. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The IABr estimates domestic sales of 23.7</FONT><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> </FONT></B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">million tonnes in 2014, with apparent consumption of 27.2 million tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Automotive </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to ANFAVEA (the Auto Manufacturers&#8217; Association), light vehicle production totaled 1.5 million units in 1H14, 17% down on the same period last year, with sales of 1.6 million units, fell by 7%. The association estimates annual light vehicle production and sales growth of 10% and 5.4%, respectively, over &nbsp;2013. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to FENABRAVE (the Vehicle Distributors&#8217; Association), the number of vehicles licensed in 1H14 fell by 7.3% year-on-year. The association expects 2014 light vehicle sales to fall by 10.5% over last year. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Construction</FONT></U></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif>&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to ABRAMAT (the Construction Material Manufacturers&#8217; Association), first-half sales of building materials increased by 3.7% year-on-year. The association is maintaining its 2014 sales growth estimate of 4.5%. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Home Appliances</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif">According to the IBGE (Brazilian Institute of Geography and Statistics), home appliance production fell by </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">1.6% year-on-year in the first five months of 2014.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Distribution</FONT></U></B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=calibri,sans-serif> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to INDA (the Brazilian Steel Distributors&#8217; Association), domestic flat steel sales by distributors totaled 2.2 million tonnes in 1H14, 3.5% up on 1H13. For 2014 as a whole, the association has revised its sales growth estimate to 1%. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">First-half purchases by the associated network came to 2.1 million tonnes, 7.4% less than in the same period last year. On the other hand, inventories closed June at 1.06 million tonnes, representing 3.3 months of sales. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Sales Volume</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q14, CSN&#8217;s steel sales totaled 1.26 million tonnes. Of this total, 73% went to the domestic market, 25% were sold by overseas subsidiaries and 2% went to exports.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Domestic Sales Volume </FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Domestic steel sales totaled 918,000 tonnes in 2Q14, 9% less than in 1Q14, basically due to the reduced pace of economic activity, impacted by the lower number of business days in the quarter. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Foreign Sales Volume</FONT></U></B><B><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> &nbsp;</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Foreign sales amounted to 345,000 tonnes in 2Q14, 8% less than in the previous quarter. Of this total, the overseas subsidiaries sold 321,000 tonnes, 184,000 of which by SWT. Direct exports came to 24,000 tonnes.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Prices</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue per tonne averaged R$2,214 in 2Q14, in line with 1Q14. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net Revenue</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue from steel operations totaled R$2,843 million in 2Q14, 9% down on the R$3,127 million recorded in 1Q14, essentially due to the reduction in sales volume. </FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Cost of Goods Sold (COGS) </FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Steel segment COGS came to R$2,083 million in 2Q14, 13% down on the previous quarter, basically due to lower production costs and sales volume. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA</FONT></U></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted steel segment EBITDA totaled R$793 million in 2Q14, 4% up on the R$761 million recorded in 1Q14, essentially due to the reduction in COGS and the highest quarterly figure since 3Q10. The adjusted EBITDA margin came to 28%, 4 p.p. up on 1Q14.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=red face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>

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

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Production</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="TEXT-AUTOSPACE: ideograph-numeric; FONT-SIZE: 5pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">The Presidente Vargas Steelworks (UPV) produced 1.1 million tonnes of crude steel in 2Q14, 2% more than in 1Q14, while slab purchases from third parties remained in line with 1Q14. Second-quarter rolled steel output totaled 1.1 million tonnes, 4% up on the quarter before. </FONT></P>

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

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   <TD bgColor=#99ccff vAlign=middle rowSpan=2 width="34%" align=left>&nbsp;<STRONG><FONT size=1 face=Arial>Production (in thousand t)</FONT></STRONG></TD>

   <TD bgColor=#99ccff vAlign=middle rowSpan=2 width="11%" align=center><STRONG><FONT size=1 face=Arial>1Q14</FONT></STRONG></TD>

   <TD bgColor=#99ccff vAlign=middle rowSpan=2 width="11%" align=center><STRONG><FONT size=1 face=Arial>2Q14</FONT></STRONG></TD>

   <TD bgColor=#99ccff vAlign=middle width="22%" colSpan=2 align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>First Six Months of</FONT></B></TD>

   <TD style="TEXT-INDENT: 43.559pt" bgColor=#99ccff vAlign=middle width="22%" colSpan=2 align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Change</FONT></B></TD></TR>

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   <TD bgColor=#99ccff vAlign=middle width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1H13</FONT></B></TD>

   <TD bgColor=#99ccff vAlign=middle width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1H14</FONT></B></TD>

   <TD bgColor=#99ccff vAlign=middle width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2Q14 x 1Q14</FONT></B></TD>

   <TD bgColor=#99ccff vAlign=middle width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1H14 x 1H13</FONT></B></TD></TR>

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   <TD width="34%" align=left><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Crude Steel (P. Vargas Mill)</FONT></B></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,098</FONT></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1,120</FONT></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,204</FONT></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2,217</FONT></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">2%</FONT></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1%</FONT></TD></TR>

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   <TD width="34%" align=left><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Purchased Slabs from Third </FONT></B><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Parties</FONT></B></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">102</FONT></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">103</FONT></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">283</FONT></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">204</FONT></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">1%</FONT></TD>

   <TD width="11%" align=center><FONT size=1 face="Trebuchet MS,Arial,Helvetica,sans-serif">-28%</FONT></TD></TR>

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   <TD width="34%" align=left><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Total Crude Steel</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,200</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,222</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2,486</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2,422</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2%</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>-3%</FONT></B></TD></TR>

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   <TD width="34%" align=left><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>Total Rolled Products</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,053</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>1,098</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2,278</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>2,151</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>4%</FONT></B></TD>

   <TD width="11%" align=center><B><FONT size=1 face=TrebuchetMS-Bold,Arial,Helvetica,sans-serif>-6%</FONT></B></TD></TR></TABLE>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Production Costs (Parent Company)</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q14, the Presidente Vargas Steelworks&#8217; total production costs came to R$1,643 million, 1% down on 1Q14, chiefly due to the reduced consumption of coke acquired from third parties and lower coal costs. </FONT></P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Mining</FONT></B></H3></DIV>

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

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario </FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt; TEXT-DECORATION: none" lang=EN-US face=arial,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q14, seaborne iron ore prices were negatively impacted by increased supply, chiefly fueled by Australian exporters. In regard to Chinese demand, the increased credit restrictions, the reduced pace of investments and the high level of iron ore stocks in the ports also contributed to the price slide. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In this scenario, the Platts Fe62% CFR China index averaged US$102.60/dmt in 2Q14, 14.8% down on the 1Q14 average. The iron ore quality premium varied between US$2.10/dmt and US$1.70/dmt per 1% of Fe content, while freight costs on the Tubar&#227;o/Qingdao route averaged US$20.31/wmt, 9% less than the previous quarter&#8217;s average. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Brazil exported 80 million tonnes of iron ore in the second quarter, 12% up on 1Q14</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face=arial,sans-serif>.&nbsp;</FONT></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 6pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Iron ore sales</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q14, sales of finished iron ore products totaled 7.2 million tonnes, 20% up on the 6.0 million tonnes sold in 2Q13 and 13% up on the 6.4 million tonnes recorded in the previous quarter. Of this total, 2.4 million tonnes were sold by Namisa<SUP>1</SUP>. Virtually all iron ore sold in 2Q14 was exported.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Iron ore volume for own consumption reached 1.5 million tonnes in 2Q14.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><SUP><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></I></SUP><I><FONT style="FONT-SIZE: 7pt" lang=EN-US face="trebuchet ms,sans-serif"> Sales volumes include 100% of the stake in NAMISA.</FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt">&nbsp;</P>

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<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net Revenue</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue from mining operations totaled R$1,117 million in 2Q14, 14% more than in 2Q13, primarily due to the upturn in sales volume. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In relation to the R$1,247 million posted in 1Q14, net revenue fell by 10%, due to lower market prices, partially offset by the upturn in sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Cost of Goods Sold (COGS)</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Mining COGS came to R$740 million in 2Q14, 23% up on 2Q13, mostly due to the increase in iron ore sales volume, and 3% more than the R$716 million recorded in 1Q14, also due to higher sales volume.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 0cm 3pt"><B><U><FONT style="LINE-HEIGHT: normal; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 7.2pt 2.85pt 3pt 0cm"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Adjusted EBITDA from mining operations totaled R$442 million in 2Q14, 11% up on the R$398 million reported in 2Q13, for the same reasons mentioned above, accompanied by an adjusted EBITDA margin of 39%. In relation to the R$585 million recorded in 1Q14, adjusted EBITDA fell by 25%. </FONT></P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Logistics </FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><FONT style="FONT-SIZE: 2pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 6pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Railway Logistics</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt; BACKGROUND: white"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the ANTF (National Rail Transport Association), the Brazilian railways transported 115.3 million tonnes in 1Q14. The association </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">expects rail cargo volume to move up by around 12% to 550 million tonnes between 2014 and 2016.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 2.85pt 0pt 0cm"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Port Logistics</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to ANTAQ (the National Waterway Transport Agency), Brazil&#8217;s port installations handled around</FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"> 215 million tonnes in 1Q14, 5% up on the same period the year before</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">.&nbsp;&nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Also in 1Q14, bulk solids totaled </FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">128 million tonnes, 5.7% more than in 1Q13, while container handling came to 2.1 million TEUs</FONT><FONT style="VERTICAL-ALIGN: super" face="Times New Roman"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></FONT><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">, 10.5% up year-on-year</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">. &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0cm 0pt"><SUP><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif">1</FONT></SUP><FONT style="FONT-SIZE: 6pt" lang=EN-US face="trebuchet ms,sans-serif"> TEU (Twenty&#8208;Foot Equivalent Unit) &#8211; transportation unit equivalent to a standard 20-feet intermodal container</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Railway Logistics</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=red face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q14, net revenue from railway logistics totaled R$226 million, COGS came to R$156 million and adjusted EBITDA amounted to R$87 million, accompanied by an EBITDA margin of 39%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Port Logistics</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US color=red face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Net revenue from port logistics amounted to R$47 million in 2Q14, COGS totaled R$31 million and adjusted EBITDA came to R$18 million, with an adjusted EBITDA margin of 38%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Cement</FONT></B></H3></DIV>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario</FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 7pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Preliminary figures from SNIC (the Cement Industry Association) indicate local cement sales of 29 million tonnes in the first five months of 2014, 2.8% more than in the same period last year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Analysis of Results</FONT></U></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 6pt" lang=EN-US color=red face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Cement sales reached the record level of 564,000 tonnes in 2Q14, with record net revenue of R$113 million, while COGS came to R$72 million, generating record EBITDA of R$34 million, with a&nbsp; record margin of 30%.</FONT></P>

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

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<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Energy</FONT></B></H3></DIV>

<P style="MARGIN: 6pt 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Scenario </FONT></U></B></P>

<P style="MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">According to the Energy Research Company (EPE), Brazilian electricity consumption increased by 4.4% year-on-year in the first five months of 2014, led by the commercial and residential segments, with respective growth of 9.3% and 8.1%.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LAYOUT-GRID-MODE: line; FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><U><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">Analysis of Results</FONT></U></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face="trebuchet ms,sans-serif">In 2Q14, net revenue from electricity reached the record amount of R$87 million. COGS came to R$49 million, generating record adjusted EBITDA of R$37 million, with an adjusted EBITDA margin of 43%.</FONT></P>

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

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="FONT-SIZE: 14pt" lang=EN-US color=white face="trebuchet ms,sans-serif">Capital Market</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-DECORATION: none" lang=EN-US face="trebuchet ms,sans-serif"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">CSN&#8217;s shares depreciated by 4% in 2Q14, while the Company&#8217;s ADRs fell by 2% on the NYSE.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">Daily traded volume in CSN&#8217;s shares averaged R$52 million in 2Q14, from 5.7 million shares traded.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">On the NYSE, daily traded volume in CSN&#8217;s ADRs averaged US$16 million, from 3.9 million ADRs traded.</FONT></P>

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   <TD style="BORDER-BOTTOM: #ffffff 1px solid" bgColor=#000080 width="100%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Capital Markets - CSNA3 / SID / IBOVESPA / DOW JONES</FONT></B></TD></TR>

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   <TD bgColor=#000080 width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD bgColor=#000080 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 0.599pt" width="85%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">N# of shares</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,457,970,108</FONT></B></TD></TR>

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   <TD style="TEXT-INDENT: 0.599pt" width="85%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Market Capitalization</FONT></B></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Closing price (R$/share)</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">9.40</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Closing price (US$/share)</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4.26</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Market Capitalization (R$ million)</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">13,705</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Market Capitalization (US$ million)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6,211</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.599pt" width="85%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Total return including dividends and interest on equity</FONT></B></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">CSNA3 (%)</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-4%</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">SID (%)</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-2%</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Ibovespa</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5%</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Dow Jones</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2%</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 0.599pt" width="85%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Volume</FONT></B></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Average daily (thousand shares)</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5,693</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Average daily (R$ Thousand)</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">52,435</FONT></TD></TR>

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   <TD style="TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Average daily (thousand ADRs)</FONT></TD>

   <TD width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,904</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 5.399pt" width="85%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Average daily (US$ Thousand)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">16,170</FONT></TD></TR>

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   <TD width="100%" colSpan=2 align=left><I><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Source: Econom&#225;tica</FONT></I></TD></TR></TABLE>

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

<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 8pt 0cm; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Share Buyback Program</FONT></B></H3></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">In the first half of 2014, CSN&#8217;s Board of Directors approved four share buyback programs. By the end of the fourth program, the Company had acquired 70,205,661 shares.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> &nbsp;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">On July 18, 2014, the Board of Directors authorized:</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">The cancellation of sixty million (60,000,000) shares held in treasury.</FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=black face="trebuchet ms,sans-serif"> </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">As a result, CSN&#8217;s capital stock is currently represented by 1,397,970,108 book-entry common shares;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -18pt; MARGIN: 0cm 0cm 0pt 36pt"><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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 10pt" lang=EN-US color=windowtext face="trebuchet ms,sans-serif">The launch of a new share buyback program between July 18, 2014 and August 18, 2014, limited to the repurchase of up to 64,205,661 shares.</FONT></P>

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<H3 style="BORDER-BOTTOM: medium none; TEXT-ALIGN: center; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; PAGE-BREAK-AFTER: avoid; MARGIN: 6pt 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: navy; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm" align=center><B><FONT style="COLOR: #ffffff; FONT-SIZE: 14pt" lang=EN-US face="trebuchet ms,sans-serif">Webcast &#8211; 2Q14 Earnings Presentation</FONT></B></H3></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 3pt 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Conference Call in Portuguese with Simultaneous Translation into English</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Monday, August 4, 2014</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">11:00 a.m. &#8211; Bras&#237;lia time</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">10:00 a.m. &#8211; US EST</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Phone: +1 (516) 300-1066</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">Conference ID: CSN<BR>Webcast:</FONT><B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"> </FONT></B><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif">www.csn.com.br/ir</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="LINE-HEIGHT: 150%; FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P>

<DIV style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 3pt; BACKGROUND: #d9d9d9; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 2pt">

<P style="BORDER-BOTTOM: medium none; TEXT-ALIGN: justify; BORDER-LEFT: medium none; PADDING-BOTTOM: 0cm; MARGIN: 0cm 0cm 0pt; PADDING-LEFT: 0cm; PADDING-RIGHT: 0cm; BACKGROUND: #d9d9d9; BORDER-TOP: medium none; BORDER-RIGHT: medium none; PADDING-TOP: 0cm"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">CSN is a highly integrated company, with steel, mining, cement, logistics and energy businesses. The Company operates throughout the entire steel production chain, from the mining of iron ore to the production and sale of a diversified range of high value-added steel products, including coated and galvanized, as well as tin plate. Thanks to its integrated production system and exemplary management, CSN&#8217;s production costs are among the lowest in the global steel sector. CSN recorded consolidated net revenue of R$17.3 billion in 2013. </FONT></P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0cm 0cm 0pt"><FONT style="FONT-SIZE: 5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT>&nbsp;</P><FONT lang=PT-BR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 5pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">The Company uses Adjusted EBITDA to measure the segments' performance and operating cash flow capacity. It comprises net income before the net financial result, income and social contribution taxes, depreciation and amortization, results from investees and other operating revenue (expenses), plus the proportional EBITDA of the jointly-owned subsidiaries, Namisa, MRS Log&#237;stica and CBSI, plus the proportional EBITDA of the jointly-owned subsidiaries. Adjusted EBITDA includes the Company&#8217;s proportional interest in Namisa, MRS Log&#237;stica and CBSI. Despite being an indicator used to measure the segments&#8217; results, EBITDA is not a measure recognized by Brazilian accounting practices or IFRS, with no standard definition and therefore cannot be used as comparison basis with similar indicators adopted by other companies.</FONT></P></TD></TR></TABLE><BR clear=all></FONT>

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   <P style="TEXT-ALIGN: justify; MARGIN: 5pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">Net debt as presented is used by CSN to measure the Company&#8217;s financial performance. However, net debt is not recognized as a measurement of financial performance according to the accounting practices adopted in Brazil, nor should it be considered in isolation, or as an indicator of liquidity. </FONT></P></TD></TR></TABLE></FONT></P><I><FONT style="FONT-SIZE: 9.5pt" lang=EN-US face="trebuchet ms,sans-serif"></FONT></I></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 5pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US face="trebuchet ms,sans-serif">Certain of the statements contained herein are forward-looking statements, which express or imply results, performance or events that are expected in the future. These include future results that may be implied by historical results and the statements under &#8216;Outlook&#8217;. Actual results, performance or events may differ materially from those expressed or implied by the forward-looking statements as a result of several factors, such as the general and economic conditions in Brazil and other countries, interest rate and exchange rate levels, protectionist measures in the U.S., Brazil and other countries, changes in laws and regulations and general competitive factors (on a global, regional or national basis).</FONT></B></P></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>INCOME STATEMENT<BR></FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: trebuchet ms"></FONT></FONT><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>CONSOLIDATED Corporate Law (thousand of reais)</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q13</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q14</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Net Revenues</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>4,060,202</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>4,370,878</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>4,052,407</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Domestic Market</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,782,854</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,705,706</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,529,321</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Foreign Market</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,277,348</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,665,172</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,523,086</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Cost of Goods Sold (COGS)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(3,020,222)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(3,034,529)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(2,746,592)</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">COGS, excluding depreciation</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,762,871)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,755,065)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,456,237)</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation allocated to COGS</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(257,351)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(279,464)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(290,355)</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Gross Profit</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>1,039,980</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>1,336,349</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>1,305,815</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Gross Margin (%)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">26%</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">31%</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">32%</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Selling Expenses</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(254,271)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(187,698)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(231,422)</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">General and Administrative Expenses</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(119,607)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(100,188)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(120,508)</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation allocated to SG&amp;A</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(5,957)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(5,882)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(5,893)</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Other operation income (expense), net</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(144,901)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(176,628)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(31,314)</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Equity Result</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">282,585</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(45,503)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(67,389)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Operational Income before Financial Results</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>797,829</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>820,450</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>849,289</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Financial Results</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(457,819)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(741,199)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(814,935)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Income before social contribution and income taxes</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>340,010</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>79,251</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>34,354</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Income Tax and Social Contribution</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">161,876</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(27,155)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(15,321)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Net Income</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>501,886</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>52,096</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>19,033</FONT></B></TD></TR></TABLE>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0cm 0cm 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT>&nbsp;</P>

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



<TR>

   <TD width="97%">
   <IMG border=0 src="rodape.gif"></TD>

   <TD width="3%">15</TD></TR></TABLE>

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

&nbsp; <A name="page_16"></A>

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

<P style="TEXT-ALIGN: center; MARGIN: 0pt 0cm" align=center>
<IMG border=0 src="logo.gif"></P>

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

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



<TR>

   <TD width="55%"></TD>

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

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

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

<TR>

   <TD width="100%" colSpan=4>

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>INCOME STATEMENT<BR></FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: trebuchet ms"></FONT></FONT><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>PARENT COMPANY Corporate Law (In thousand of R$ )</FONT></B></P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q13</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q14</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Net Revenues</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>3,288,085</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>3,490,453</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>3,230,159</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Domestic Market</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,585,400</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,517,890</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,316,330</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Foreign Market</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">702,685</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">972,563</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">913,829</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Cost of Goods Sold (COGS)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(2,416,470)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(2,311,229)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(2,060,158)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">COGS, excluding depreciation</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,197,352)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,080,668)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,822,296)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation allocated to COGS</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(219,118)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(230,561)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(237,862)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Gross Profit</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>871,615</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>1,179,224</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>1,170,001</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Gross Margin (%)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">27%</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">34%</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">36%</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Selling Expenses</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(128,524)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(95,690)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(112,329)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">General and Administrative Expenses</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(84,962)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(80,450)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(101,443)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation allocated to SG&amp;A</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(3,735)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(4,100)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(4,155)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Other operation income (expense), net</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(142,467)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(161,411)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(9,001)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Equity Result</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,054,909</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(291,125)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(256,919)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Operational Income before Financial Results</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>1,566,836</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>546,448</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>686,154</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net Financial Results</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(1,314,739)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(578,827)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(738,750)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Income before social contribution and income taxes</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>252,097</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(32,379)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(52,596)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Income Tax and Social Contribution</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">242,372</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">87,713</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">74,311</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Net Income</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>494,469</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>55,334</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>21,715</FONT></B></TD></TR></TABLE>

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<TR>

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   <IMG border=0 src="rodape.gif"></TD>

   <TD width="3%">16</TD></TR></TABLE>

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

&nbsp; <A name="page_17"></A>

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   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>BALANCE SHEET<BR></FONT></B><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: trebuchet ms"></FONT></FONT><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Corporate Law In Thousand of R$</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="24%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Consolidated</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="24%" colSpan=2 align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>Parent Company</FONT></B></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>03/31/2014</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>06/30/2014</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>03/31/2014</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="12%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>06/30/2014</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Current Assets</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>16,067,724</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>15,591,407</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>4,685,496</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>4,719,017</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cash and Cash Equivalents</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">10,000,372</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">9,019,972</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">240,974</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">147,428</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Contas a Receber</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,705,710</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,826,767</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,320,190</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,165,868</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Inventory</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,401,759</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,635,724</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,702,701</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,908,734</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 4.084pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Outros Ativos Circulantes</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">959,883</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,108,944</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">421,631</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">496,987</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Non-Current Assets</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>33,794,098</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>33,572,813</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>43,383,009</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>42,855,032</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Long-Term Assets</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,514,337</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,511,147</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,257,367</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,265,886</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 4.559pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Investimentos</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">13,417,079</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">13,005,972</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">26,593,365</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">25,823,849</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 4.559pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Property, Plant and Equipment</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">14,916,278</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">15,130,171</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">12,449,898</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">12,680,210</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 4.559pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Intangible</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">946,404</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">925,523</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">82,379</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">85,087</FONT></TD></TR>

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   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">TOTAL ASSETS</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">49,861,822</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">49,164,220</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">48,068,505</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">47,574,049</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Current Liabilities</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>6,704,889</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>7,026,116</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>5,445,228</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>5,156,710</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Obriga&#231;&#245;es Sociais e Trabalhistas</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">195,975</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">217,614</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">140,356</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">162,184</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8.169pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Fornecedores</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,340,116</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,531,076</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,086,870</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,259,734</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8.169pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Taxes Payable</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">285,870</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">261,857</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">114,245</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">84,511</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8.169pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Loans and Financing</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,460,711</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,547,634</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,698,595</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,433,807</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8.169pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Others</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,044,887</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,040,357</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,089,665</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">856,040</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8.169pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Provision for Tax, Social Security, Labor and Civil Risks</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">377,330</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">427,578</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">315,497</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">360,434</FONT></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Non-Current Liabilities</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>35,931,589</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>35,635,997</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>35,367,184</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>35,881,801</FONT></B></TD></TR>

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   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8.169pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Loans, Financing and Debentures</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">24,159,594</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">24,019,765</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">22,416,678</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">22,918,920</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8.169pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">IR e Contribui&#231;&#227;o Social Diferidos</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">253,767</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">238,830</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8.169pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Others</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">10,163,727</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">10,280,633</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">10,362,458</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">10,611,017</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8.169pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Provision for Tax, Social Security, Labor and Civil Risks</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">510,171</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">370,775</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">469,446</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">330,697</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 8.169pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Other Provisions</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">844,330</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">725,994</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,118,602</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,021,167</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Shareholders' Equity</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>7,225,344</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>6,502,107</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>7,256,093</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>6,535,538</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Capital</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,540,000</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,540,000</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,540,000</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,540,000</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Reserva de Capital</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">30</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Earnings Reserves</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,414,568</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,972,130</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,414,568</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,972,130</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Retained Earnings</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">55,334</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">77,049</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">55,334</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">77,049</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Other Comprehensive Income</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">246,161</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(53,671)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">246,161</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(53,671)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 6.211pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Non-Controlling Shareholders' Interests</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(30,749)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(33,431)</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="12%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="52%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">49,861,822</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">49,164,220</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">48,068,505</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="12%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">47,574,049</FONT></B></TD></TR></TABLE>

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   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>CASH FLOW <BR>Consolidated - Corporate Law &#8211; In Thousand of R$</FONT></B></P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="70%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q14</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#333399 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Cash Flow from Operating Activities</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>576,219</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(159,674)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Net income for the period</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">55,334</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">21,715</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Non-Controlling Shareholders results</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(3,238)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,682)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Foreign exchange and monetary variations, net</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">68,703</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(85,222)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Provision for financial expenses</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">647,517</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">679,570</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Depreciation, exhaustion and amortization</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">294,406</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">305,747</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Write-off of permanent assets</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4,628</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,193</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Equity Result</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">45,503</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">67,389</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Impairment of available for sale securities</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">52,115</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Result from derivative financial instruments</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,069</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(5,309)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Deferred Taxes</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(96,856)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(81,033)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Provisions</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">102,604</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(55,166)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Working Capital</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(545,451)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(1,057,991)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Accounts Receivable</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">114,057</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(97,448)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Trade Receivables Related Parties</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(62,335)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(55,764)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Inventory</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(220,191)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(329,083)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Receivables from related parties</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(17,124)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(76,256)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Suppliers</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">210,719</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">279,832</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Taxes and Contributions</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(47,911)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(108,129)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Interest Expenses</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(718,404)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(600,374)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Judicial Deposits</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(2,633)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(20,736)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Dividend received from common related parties</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">202,015</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Others</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(3,644)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(50,033)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Cash Flow from Investment Activities</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(135,745)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(493,184)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Derivatives</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3,879</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Acquisition of Subsidiaries</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(5,846)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Investments</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(298,747)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(483,473)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Fixed Assets/Intangible</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">164,255</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(10,840)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Financial Investments</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">714</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,129</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Cash Flow from Financing Companies</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(104,988)</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(261,354)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Issuances</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">934,146</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">450,574</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Amortizations</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(614,264)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(292,484)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Treasury Stocks</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(397,917)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Bond Buyback</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(21,464)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 5.4pt; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Dividends/Interest on equity</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(424,870)</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">(63)</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Foreign Exchange Variation on Cash and Cash Equivalents</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(330,786)</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(66,188)</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="70%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>Free Cash Flow</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>4,700</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#c0c0c0 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#333399>(980,400)</FONT></B></TD></TR></TABLE>

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

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   <TD width="3%">18</TD></TR></TABLE>

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&nbsp; <A name="page_19"></A>

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

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   <TD width="55%"></TD>

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

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   <P style="TEXT-ALIGN: left"><B><U><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">CONSOLIDATED</FONT></U></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: trebuchet ms"></FONT></FONT>

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">SALES VOLUME (thousand tonnes)</FONT></B></P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q13</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q14</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>DOMESTIC MARKET</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,217</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,012</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>918</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">552</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">426</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">375</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">216</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">178</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">169</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">327</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">300</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">264</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">120</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">102</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">104</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Steel Profiles</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">6</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>FOREIGN MARKET</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>370</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>377</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>345</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B></TD>

   <TD style="TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="TEXT-INDENT: 5.172pt; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">3</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">17</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">19</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">15</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">116</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">121</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">117</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">42</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">23</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">24</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Steel Profiles</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">192</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">209</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">184</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>TOTAL MARKET</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,587</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,38<FONT style="FONT-SIZE: 9pt" face="Trebuchet MS">9</FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,263</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">555</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">430</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">380</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">233</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">197</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">183</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">443</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">420</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">380</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">162</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">124</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">128</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Steel Profiles</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">192</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">216</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">189</FONT></TD></TR></TABLE>

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

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

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



<TR>

   <TD width="55%"></TD>

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

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

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

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=4>

   <P style="TEXT-ALIGN: left"><B><U><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">PARENT COMPANY</FONT></U></B></P><FONT style="FONT-SIZE: 9pt"><FONT style="FONT-FAMILY: trebuchet ms"></FONT></FONT>

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">SALES VOLUME (thousand tonnes)</FONT></B></P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q13</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q14</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>DOMESTIC MARKET</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,225</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,138</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,015</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">553</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">489</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">423</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">217</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">201</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">176</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">330</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">341</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">303</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">122</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">100</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">106</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Steel Profiles</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>FOREIGN MARKET</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>46</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>26</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2<FONT style="FONT-SIZE: 9pt" face="Trebuchet MS">5</FONT></FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">0</FONT></TD>

   <TD style="TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT></TD>

   <TD style="TEXT-INDENT: 6.119pt; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">42</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">23</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">24</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>TOTAL MARKET</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,27<FONT style="FONT-SIZE: 9pt" face="Trebuchet MS">1</FONT></FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,164</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1,040</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Slabs</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Hot Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">554</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">489</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">423</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Cold Rolled</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">217</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">203</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">176</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Galvanized</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">334</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">343</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">304</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Tin Plate</FONT></B></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">164</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">122</FONT></TD>

   <TD style="BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">130</FONT></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; TEXT-INDENT: 7.32pt; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">Steel Profiles</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">-</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">5</FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">4</FONT></TD></TR></TABLE>

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

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

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



<TR>

   <TD width="55%"></TD>

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

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

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

<TR>

   <TD style="BORDER-BOTTOM: #000000 1px solid" width="100%" colSpan=4>

   <P style="TEXT-ALIGN: center"><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">CONSOLIDATED NET REVENUE PER UNIT (R$/ton)</FONT></B></P></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="55%" align=left><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">&nbsp; </FONT></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q13</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>1Q14</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#004990 width="15%" align=center><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt" color=#ffffff>2Q14</FONT></B></TD></TR>

<TR vAlign=bottom>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-LEFT: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" bgColor=#d9d9d9 width="55%" align=left><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">TOTAL MARKET</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">1,944</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,216</FONT></B></TD>

   <TD style="BORDER-BOTTOM: #000000 1px solid; BORDER-RIGHT: #000000 1px solid" width="15%" align=right><B><FONT style="FONT-FAMILY: trebuchet ms; FONT-SIZE: 9pt">2,214</FONT></B></TD></TR></TABLE>

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

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



<TR>

   <TD width="97%">
   <IMG border=0 src="rodape.gif"></TD>

   <TD width="3%">19</TD></TR></TABLE></DIV>

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

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



<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;August 4, 2014</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

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

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

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

   <TD vAlign=bottom width="45%" align=center>

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

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

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

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

<P>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0 align=center>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

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

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

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

   <TD vAlign=bottom width="45%" align=center>

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

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>David Moise Salama </B></FONT></DIV>

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

<DIV>&nbsp;</DIV>

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

<P>&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>
