<SEC-DOCUMENT>0001292814-15-001593.txt : 20150701
<SEC-HEADER>0001292814-15-001593.hdr.sgml : 20150701
<ACCEPTANCE-DATETIME>20150701063414
ACCESSION NUMBER:		0001292814-15-001593
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20150930
FILED AS OF DATE:		20150701
DATE AS OF CHANGE:		20150701

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:		15962972

	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>sid20150630_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

<HTML>
<HEAD>
   <TITLE>sid20150630_6k.htm - Generated by SEC Publisher for SEC Filing</TITLE>
</HEAD>

<BODY bgcolor="#ffffff">



<HR align=left color=#000000 SIZE=4 noShade>



<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>

<HR align=center color=#000000 width="21%" noShade>



<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 June 30, 2015</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>

<HR align=center color=#000000 width="21%" noShade>



<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>

<P></P>

<HR align=left color=#000000 SIZE=2 noShade>



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

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

<a name="_bclHeader1"></a><DIV>

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT face=arial,sans-serif>
<IMG border=0 src="logo.gif">&nbsp;</FONT><FONT face=arial,sans-serif></FONT></P>

<P style="MARGIN: 0in 0in 0pt"><FONT><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">MINUTES OF THE EXTRAORDINARY BOARD OF DIRECTORS&#8217; MEETING OF COMPANHIA SIDER&#218;RGICA NACIONAL HELD ON JUNE 9, 2015 DRAWN UP IN SUMMARY FORMAT.</FONT></B></FONT></P>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 110%"><FONT style="LINE-HEIGHT: 110%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT></FONT>&nbsp;</H4>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Publicly-Held Company</FONT></FONT></H4>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT></FONT>&nbsp;</H4>

<H4 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Company Registry (NIRE) No.: 35300396090</FONT></FONT></H4>

<P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">1.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Date:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">&nbsp;&nbsp; June 9, 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">2.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Time:</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">&nbsp; 3:00 p.m.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman">3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Venue:&nbsp; </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman">Av. Brigadeiro Faria Lima, n&#186; 3400 &#8211; 20&#186; andar, in the city and state of S&#227;o Paulo.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman">4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Attendance:</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman"> &nbsp;&nbsp; Benjamin Steinbruch (Chairman), Antonio Francisco dos Santos, Fernando Perrone, Antonio Bernardo Vieira Maia, Luis Felix Cardamone Neto, Yoshiaki Nakano and L&#233;o Steinbruch &#8211; Board members, and Claudia Maria Sarti &#8211; Secretary. </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">The meeting was held via conference call, pursuant to article 15, paragraph 2 of the Company&#8217;s Bylaws.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Matters Discussed: 5.1 &#8211; Issuance of Debentures. </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The Board of Directors unanimously approved, pursuant to Article 19, item X of the Company&#8217;s Bylaws, the Issuance and Restricted Offering (as per the definitions below) which, when approved by the Lead Manager (as per the definitions below), will have the following characteristics and conditions: </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(i) Issuance Number:</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> 9<SUP>th</SUP> (ninth) issuance of simple, non-convertible, unsecured debentures in a single series, of the Company (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Issuance</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221; and &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Debentures</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;, respectively); </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(ii) Total Issuance Amount.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Total Issuance Amount will be up to one hundred million reais (R$100,000,000.00) on the Issuance Date (as defined below); </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(iii) Number of Series.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Issuance will be held in a single series; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(iv) Number of Debentures.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> A total of up to ten thousand (10,000) Debentures will be issued; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(v) Nominal Unit Value and Restatement of the Nominal Unit Value</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">. The Debentures will have a Nominal Unit Value of ten thousand reais (R$10,000.00) on the Issuance Date (as defined below) (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Nominal Unit Value</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;). The Nominal Unit Value will not be inflation-adjusted or restated based on any index; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(vi) Allocation of Proceeds.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The net proceeds from the Issuance and the Restricted Offering (as defined below), carried out to meet the usual business needs, will be fully used </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">(a) for the early redemption of commercial promissory notes of the second (2<SUP>nd</SUP>) issue of the Company, on the date of payment of the&nbsp;</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Debentures (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Payment Date</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;)</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">;</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(vii) Form. </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The Debentures will be registered and book-entry, without the issuance of any instruments or certificates; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(viii) Convertibility.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The Debentures will not be convertible into Company shares; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(ix) Type.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The Debentures will be unsecured, with no guarantee or preference, pursuant to Article 58 of Law 6404 of December 15, 1976, as amended (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Brazilian Corporate Law</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;); </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(x) Placement.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The Debentures will be offered through public distribution with restricted placement efforts, in accordance with CVM Instruction 476 of January 16, 2009, as amended (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">CVM Instruction 476/09</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), with firm placement guarantee for the entire Issuance volume, provided by BB &#8211; Banco de Investimento S.A. (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Lead Manager</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), under the terms to be established in the Debenture distribution agreement, and targeted at qualified investors, as defined by Article 109 of CVM Instruction 409 of August 18, 2004, as amended, and Article 4 of CVM Instruction 476/09 (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Restricted Offering</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;);</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT></FONT></P>

<a name="_bclFooter1"></a><DIV>

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

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



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

<A name="page_2"></A>

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

<a name="_bclHeader2"></a><DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xi) Subscription Price, Payment and Form of Payment. </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The subscription price of the Debentures will be their Nominal Unit Value; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xii) Registration for Distribution and Trading. </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The Debentures will be registered for distribution on the primary market with the SDT (Securities Distribution Module) and for trading on the secondary market, with the CETIP 21 Module &#8211; Securities, both administered and operated by CETIP S.A.&nbsp; Mercados Organizados (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">CETIP</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;), subject to the prohibition on trading for ninety (90) days as of each subscription or acquisition, envisaged in Article 13 of CVM Instruction 476/09; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xiii) Issuance Date. </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">For all legal purposes, the issuance date of the Debentures will be June 25, 2015 (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Issuance Date</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;); </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xiv) Maturity Date.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Debentures will mature on March 30, 2022; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xv) Remuneration.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Debentures will be entitled to interest corresponding to one hundred and thirteen point seventy percent (113.70%) of the accumulated variation of the average daily rates of the Interbank Deposit rate (DI) over extra group (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">DI Rate</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) expressed as an annual percentage, computed on the basis of two hundred and fifty-two (252) working days, calculated and disclosed by the CETIP in the daily bulletin available on its website (www.cetip.com.br) (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Interest on Debentures</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;). The Interest on Debentures will be calculated exponentially and cumulatively, </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">pro rata temporis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> per past working days, on the Nominal Unit Value of the Debentures, from the Settlement Date or date of payment or the immediately preceding interest payment date, whichever is later, inclusive, until the date of its actual payment. The Interest on Debentures will be paid in fourteen (14) half-yearly installments, as of September 30, 2015, according to the following table:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; TEXT-DECORATION: none; FONT-WEIGHT: normal" face="Times New Roman"></FONT></FONT>&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Payment Date</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Installment</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">September 30, 2015</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">1<SUP>st</SUP> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">2016</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">2<SUP>nd</SUP></FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">September 30, 2016</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">3<SUP>rd</SUP></FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">2017</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">4<SUP>th</SUP></FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">September 30, 2017</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">5<SUP>th</SUP></FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">2018</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">6<SUP>th</SUP></FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">September 30, 2018</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">7<SUP>th</SUP></FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">2019</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">8<SUP>th</SUP> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">September 30, 2019</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">9<SUP>th</SUP> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">2020</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">10<SUP>th</SUP> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">September 30, 2020</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">11<SUP>th</SUP> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">2021</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">12<SUP>th</SUP> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">September 30, 2021</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">13<SUP>th</SUP> installment</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">, </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">2022</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">14<SUP>th</SUP> installment</FONT></FONT></P></TD></TR></TABLE></DIV>

<a name="_bclFooter2"></a><DIV>

<DIV>

<DIV align=left>

<P></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xvi) Amortization of Principal.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Nominal Unit Value of the Debentures will be amortized in six (6) annual installments, as of March 30, 2017, according to the following table:</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%">&nbsp;</P>

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



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">Amortization Date</FONT></B></FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><B><FONT style="FONT-SIZE: 12pt" face="Times New Roman">% of Nominal Unit Value</FONT></B></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2017</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">16.6667%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2018</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">16.6667%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2019</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">16.6667%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2020</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">16.6667%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2021</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">16.6667%</FONT></FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">March 30, 2022</FONT></FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" width="50%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Balance </FONT></FONT></P></TD></TR></TABLE>

<P></P></DIV>

<DIV align=center>

<TABLE cellSpacing=0 cellPadding=0 border=0>



<TR>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman">2</FONT></FONT><FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_3"></A>

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

<a name="_bclHeader3"></a><DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xvii) Guarantees.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Debentures will not have any guarantees;</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"> (xviii) Early Maturity.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> In accordance with the procedures set forth in the Indenture, early maturity of the Debentures may be declared and the Company will be required to make immediate payment of the Nominal Unit Value plus corresponding interest, calculated on a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">pro rata temporis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> basis, from the Settlement Date or the immediately preceding interest payment date, whichever is later, inclusive, until the date of its actual payment, plus other charges, in the hypotheses for early maturity, pursuant to the terms and conditions set forth in the Indenture; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xix) Optional Acquisition.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Company may, at any time, acquire the outstanding Debentures, subject to the restrictions on trading and time periods envisaged in CVM Instruction 476/09 and Article 55, paragraph 3, item I of the Brazilian Corporate Law; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xx) Optional Early Redemption.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Company reserves the right, anytime as of May 1, 2019, at its sole discretion, to carry out, partially or fully, the early redemption of the Debentures (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Optional Early </FONT></U></FONT><FONT style="LINE-HEIGHT: 150%"><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Redemption</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;) according to the procedures set forth in the Brazilian Corporate Law and the terms established in the Indenture. The Optional Early Redemption will be carried out through payment (a) of the Nominal Unit Value or the balance of the Nominal Unit Value of the Debentures that are the object of the Optional Early Redemption, plus corresponding interest, calculated on a </FONT><I><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">pro rata temporis</FONT></I><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> basis from the Settlement Date or the immediately preceding interest payment date, whichever is later, inclusive, until the date of the actual Optional Early Redemption; (b) of any charges due; and (c) of the premium on the sum of the amounts mentioned in sub-items "a" and "b" above, as detailed below: (1) zero point eighty percent (0.80%) if the Optional Early Redemption occurs</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> between May 1, 2019, inclusive, and March 30, 2020, inclusive</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">; (2) zero point sixty percent (0.60%), if the Optional Early Redemption occurs between March </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">31, 2020, inclusive, and February 28, 2021, inclusive</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">, (3) zero point forty percent (0.40%) if the Optional Early Redemption occurs between March </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">1, 2021, inclusive and August 30, 2021, inclusive</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">, and (4) zero point twenty percent (0.20%) if the Optional Early Redemption occurs</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> between August 31, 2021, inclusive, and March 29, 2022, inclusive</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">. If the Debentures are registered in the CETIP, the Optional Early Redemption will be carried out in accordance with CETIP&#8217;s procedures;</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xxi)</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Default Charges. </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">The late charges on Debentures will be defined in the Indenture; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xxii)</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Additional Obligations of the Company.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Company will fully comply with CVM Instruction 476/09, with emphasis on Article 17, as applicable, as well as the obligations set forth in the Indenture; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xxiii)</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Registration of the Issuance with the Brazilian Securities and Exchange Commission (CVM).</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The Issuance is automatically exempt from registration of the distribution with the CVM, pursuant to Article 6 of CVM Instruction 476/09; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xxiv)</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">Term Extension</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">. The payment date of any Debenture-related obligation will be extended until the first business day after the due date if said date is a bank holiday or a non-business day in the city of S&#227;o Paulo, state of S&#227;o Paulo, with no additions to the amounts payable, except when payments must be made through CETIP, in which case, the term will only be extended when the payment date is a Saturday, a Sunday or a national holiday; </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xxv) Renegotiation. </FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">There will be no renegotiation of the Debentures; and </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">(xxvi) Place of Payment.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The payments of the Debentures will be conducted by the Issuer (a) using the procedures adopted by CETIP; or (b) if the Debentures are not held in electronic custody of CETIP, (1) at the Issuer&#8217;s headquarters (2) pursuant to the procedures adopted by the institution hired to provide services as settling bank (&#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Settling Bank</FONT></U><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">&#8221;); or (3) by the financial institution eventually hired for this purpose</FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">. </FONT></FONT></P>

<a name="_bclFooter3"></a><DIV>

<DIV>

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

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

<DIV align=center>

<TABLE cellSpacing=0 cellPadding=0 border=0>



<TR>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman">3</FONT></FONT><FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_4"></A>

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

<a name="_bclHeader4"></a><DIV>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">5</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman">.1.1 &#8211; Authorization to the Board of Executive Officers.</FONT></B></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"> The members of the Board of Executive Officers are hereby authorized to take any and all measures necessary to implement this resolution and may, pursuant to the Company&#8217;s Bylaws, (i) define and approve the content of the documents related to the Issuance, subject to the conditions in item 5.1 above; (ii) take any and all measures necessary to sign the Indenture and any other documents necessary for the Issuance, inclusive the related amendments; (iii) take any and all </FONT></FONT><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">measures necessary to hire the Lead Manager, the Settling Bank, depositary institution, the legal advisors, the trustee and other institutions that may be necessary to carry out the Issuance, establishing their respective fees; and (iv) publish and register the corporate documents with the competent authorities and take the necessary measures at CETIP or any other bodies or agencies. There being no further business to address, the meeting was adjourned for the drawing up of these minutes, which were read, approved and signed by all attending members. 5.1.2 &#8211; Ratification. All and any acts already practiced with regards to the resolutions above are hereby ratified.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT lang=EN-US style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">I hereby confirm that the resolutions transcribed here are faithful in content to the minutes filed at the Company&#8217;s headquarters.</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0pt 0in 0in; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" face="Times New Roman"></FONT></B></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%" align=center><FONT style="LINE-HEIGHT: 150%"><FONT lang=PT-BR style="FONT-SIZE: 11.5pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

<H2 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT lang=PT-BR style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" color=black face="Times New Roman">Claudia Maria Sarti</FONT></FONT></H2>

<H3 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: 150%"><FONT style="LINE-HEIGHT: 150%"><FONT style="FONT-SIZE: 11.5pt; FONT-WEIGHT: normal" face="Times New Roman">Secretary to the Board of Directors</FONT></FONT></H3>

<a name="_bclFooter4"></a><DIV>

<DIV>

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

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

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

<DIV align=center>

<TABLE cellSpacing=0 cellPadding=0 border=0>



<TR>

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

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="DISPLAY: none"><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT><FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman">4</FONT></FONT><FONT><FONT style="FONT-SIZE: 12pt" face="Times New Roman"></FONT></FONT></P></TD></TR></TABLE></DIV></DIV>

<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=left><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT></FONT>&nbsp;</P></DIV></DIV>

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



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

<A name="page_5"></A>

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

<a name="_bclHeader5"></a><DIV>

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

<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;June 30, 2015</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL </FONT></DIV></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Benjamin Steinbruch </FONT></DIV>

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Benjamin Steinbruch </B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Chief Executive Officer <BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<P></P>

<P>&nbsp;</P>

<P></P>

<DIV align=center>

<TABLE style="WIDTH: 50%" border=0 cellSpacing=0 cellPadding=0 align=center>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left>&nbsp;</DIV></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman">By:</FONT></DIV></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=center><FONT color=#000000 size=2 face="Times New Roman">/<SMALL>S</SMALL>/&nbsp;Gustavo Henrique Santos de Sousa </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>Gustavo Henrique Santos de Sousa</B></FONT></DIV>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B><STRONG>Controllership, Taxes and Investor Relations Executive Officer</STRONG><BR><BR></B></FONT></DIV></TD></TR></TABLE></DIV>

<DIV>&nbsp;</DIV>

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

<P></P>

<P>&nbsp;</P>

<P></P>

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

<DIV align=center><FONT color=#000000 size=3 face="Times New Roman"><B>FORWARD-LOOKING STATEMENTS </B></FONT></DIV>

<P></P>

<P align=justify><FONT size=2 face="Times New Roman, Times, Serif">This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates of future economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will actually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations. </FONT></P>

<P></P>

<HR align=left color=#000000 SIZE=2 noShade>

</DIV></DIV>

</BODY>

</HTML>

</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>logo.gif
<TEXT>
begin 644 logo.gif
M1TE&.#EAK``N`/<```````$!`0,#`P4%!08&!@@("`D)"0L+"PP,#`X.#@\/
M#Q$1$1(2$A04%!45%1<7%Q@8&!D9&1L;&QP<'!\?'R(B(B,C(R4E)28F)B@H
M*"DI*2LK*RPL+#0T-#8V-CT]/3X^/D%!04-#0T1$1$A(2$I*2DQ,3$Y.3E!0
M4%)24E5555965E=75V!@8&1D9&MK:VQL;&]O;W-S<W1T='=W=WIZ>H"`@(.#
M@X6%A8:&AHN+BXV-C8^/CY*2DI.3DY:6EIF9F9J:FIZ>GJ*BHJ6EI::FIJJJ
MJJVMK:ZNKK&QL;.SL[6UM;R\O+^_O\/#P\;&QLK*RLO+R]#0T-;6UMS<W.+B
MXN?GY^SL[/'Q\?;V]OKZ^O___P``````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M````````````````````````````````````````````````````````````
M`````````````````````"P`````K``N```(_P"W"!Q(L*#!@P@3*ES(L*'#
MAQ`C2IQ(L:+%BQ@S:H2H!0D'`"!#BAQ),N0`%E,V"IS"LJ7+ES!CRIQ)LZ9-
MFABSD#!0LJ?/D`^(J/Q)M*C1HTB-8D21]*@"H2JC2ITZ,0F#ID<=5*'*M:M7
M@5<>8$5*0LO7LV@O:NDP%BD!&&GCRG4(@T!;I`^DS-W+=R`5L7>13LCBE8K+
M*Q:K+&$AHK$(%TP(*[QBPK%E)0EM6&YL8J(5"D0'!!A-NK1IH@143,6RY`*`
M![!A+[C@@PI$*RX0.$A`<H$"%[81,D%0,H(5A"413"Q1X"<&)-"C2Y_NQ$>%
MGPV:J+P2(P%OGP\:'/]AJ$5'`Z,/;F`YR&1!S\X'2RZ0>`1P3ZT1K?Z4L#6C
M$O='/2`"8@BM=0!2`UA@5D'MW0=%?+U%A,5Y/BW0PT0?_53!@A8=$0%6&Q!H
M4`\`NM6"00WV%`&'`\D7T0T#^%3`"2P^-(5])3&0Q$5-?#@6!I(15(6/3>%'
M4(HE':"#02X^I,6!/C6P'D5"*/`3!Q9A<5U;;QG$0DD-<"""$#%<0*1(+#!8
M8G''$=2D0UEL69(#VE6D!0AVE62`:A5YT%,#C>7``@<XBF3D0,21E"9!3YP)
MT@(B;H%D3R(4]*9#6`B1VT@-0&61%C20)$$.2-0(414.E-1!FP--\4%S(PW_
M$(2E)!TPA$$9BK1`2@--6A($=0ITJ4!."&&L$#*LH.RRS#:[`@['"L&K0DQ$
MNX.SV"[;0K1"1&I0#"4E,&5!6I9T`:TD.:`704EL)@()D?I:'(?#FD!A8"`]
ML(-"3:R);X@(96'E2`2<B-`0>8HD`*M;)$K2`Q?4@,0405+K;TD#W-!BA`,U
M`0&^(QU:4!:%@KRH04[<&U(##!>D11'<&EMQ#409\(`!+B`1G'`7.QQ2!/U=
MJC+((.6`$!2I$FT20D*`B1$6&1QE,P(_5-SKQ0LD+5*E6URJ]$CP&=3TUR$A
M!"Y)YV)TA09)'3#!$RAB_0*4(0';-<?"D@T2UP8A_\&3WF:7Q/=%6)!P\4\1
M8'8DUE;(^;,67NL-P,EJ2AXX28.KQ80'-Q]EW.*]78%TK#=<:H+>!B"!D!5#
M@RP!0CF4]'I45"`APFM%N0#Z2)!N\>5(CCY*D!6'W[5B0C#0#?("Z_;]MT@,
MF$I0#.ZB,.Y"4N30@-8DB7MUZ%M,:-1\!$EA@L]M(>!"RR[KX!K('CR(T%\/
M-V^0%*TGT-\62,3<;4%0J$'K`-`[@<BK@%4J"ODB8H660$$(19B"]"0B.F.Y
MQ&H2&2#E"G(ZD@R`0S$BV*T,8H7WZ4I$!R20%MA&E`4Z9`H(:$!L4C4`B&$P
M(E%X0-)B<S,.>`LB'02>I__*5S(`I$T@N1()E@[BIY%XSX!8$]&-6@@1+`PL
M.3/(T@!#LL2)3#%=,G`"@:A@@^`!0`%&(`B,TN4#JTDA>$>45!0)TH*$#8LA
M6\S7M"*BA1/`JB<;C(@.E">2!@#H`>C[V?7HU[WGY:LDNOL>[R*%!3.&Q(4-
M,<(5BW.]AVCR)R*3B!8^<)<*[&\@26S*`W8F1_`1Y),]P21Y+`F2`I1`(EF8
M`%$"B4L6-D4"43A(%1R'E`;L:W<GQ%6%)%*%[]S'"1&I00A[\H$;XM($FRQ*
M!?98D"A(H"D$N&7E)FD01N(-(@D$SP<J4($,9"L$[!S!!3X&GA]:1`@-F*9/
M%*"X@5,>9`HL*.*<6F"J%!Z$!G:\Y$3Z^$?)Z>I"4<$"#R10Q!HVP`@3O)\+
M:NC!!PS@`CGP9Z\2B0![EHLDRIF(^!PZDLQ%10HU<%<16`F1*0AA,Q',J$"L
M,`)WI<":37"7"$90$?VP%"2?ZXM2YZ*"A)+-`4!8JE3CDH54?HT`-)BJ5M&"
M*H=6H)-;#:M4!JDW"7#3(C=)JUK7RM:;8$0++?`HT180@6!NY*AXO8M8]\K7
)OOKUKPT)"``[
`
end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
