<SEC-DOCUMENT>0001292814-16-006607.txt : 20170224
<SEC-HEADER>0001292814-16-006607.hdr.sgml : 20170224
<ACCEPTANCE-DATETIME>20161114072941
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001292814-16-006607
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		6
FILED AS OF DATE:		20161114

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:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
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<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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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>

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

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

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

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of November, 2016</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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

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

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

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

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

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

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

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

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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">November 14, 2016</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Via EDGAR Transmission</FONT></U></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Mr. Terence O&#8217;Brien&nbsp;&nbsp; <BR>Branch Chief <BR>Office of Manufacturing and Construction <BR>United States Securities and Exchange Commission<BR>100 F Street, N.E.<BR>Washington, D.C. 20549-4631</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 0.5in"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Re:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; National Steel Company<BR>Form 20-F for the fiscal year ended December 31, 2015<BR>Filed May 16, 2016<BR>File No. 1-14732<BR>Response Letter dated August 25, 2016</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Dear Mr. O&#8217;Brien:</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Reference is made to the comment letters from the staff of the United States Securities and Exchange Commission (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Staff</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) received by Companhia Sider&#250;rgica Nacional (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Company</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221; or &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">CSN</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;) on October 28, 2016 and on June 22, 2016, concerning the Company&#8217;s annual report on Form 20-F for the fiscal year ended December 31, 2015, filed on May, 16, 2016 (the &#8220;</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2015 Form 20-F</FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">&#8221;). On August 25, 2016 we provided a letter with our responses to the Staff&#8217;s comments regarding the letter received on June 22, 2016. This letter provides the Company&#8217;s responses to the Staff&#8217;s comments in your October 28, 2016 letter. For your convenience, we have reproduced below in italics the Staff&#8217;s comments and have provided responses immediately below such comments. All page numbers referred to herein are to the 2015 Form 20-F.</FONT></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 1.</FONT></B></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Form 20-F for Fiscal Year Ended December 31, 2015</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Operating and Financial Review and Prospects, page 74</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Critical Accounting Estimates, page 82</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Deferred Tax Assets, page 84</FONT></U></P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="text-underline: none" color=black face="Times New Roman"><FONT><FONT style="TEXT-TRANSFORM: none; FONT-STYLE: normal; FONT-SIZE: 8pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman"></FONT></FONT></FONT>&nbsp;</P>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="text-underline: none" color=black face="Times New Roman"><FONT><FONT style="TEXT-TRANSFORM: none; FONT-STYLE: normal; FONT-SIZE: 8pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman">#4833-3240-6076v6</FONT></FONT></FONT></P></DIV></DIV>

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<P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 14pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 28.35pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">1)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We note your response to prior comment 1 in our letter to you dated June 22, 2016. Please ensure that you provide similar clarifying information in your filing. Refer to Section 501.14 of the Financial Reporting Codification for guidance. </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 1.</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We will include this information in future filings.</FONT></P>

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

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 2.</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Financial Statements </FONT></U></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Statements of Income, page F-3 </FONT></U></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Statements of Changes in Stockholders&#8217; Equity, page F-6</FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in 0pt 28.1pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">2)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We note you are still discussing your responses to prior comments 4 and 5 with your auditors. Please provide responses to these comments as soon as possible. </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 2.</FONT></B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">As a result of our discussions of our responses to prior comments 4 and 5 with our auditors we revisited the treatment of non-controlling interests in our consolidated financial statements from the business combination of Namisa. As explained in greater detail below, we have changed the accounting treatment of the allocation between controlling and non-controlling interests of the gains resulting from the Namisa business combination. As result of this change (an error in the previous presentation), we have filed with the Brazilian Securities Commission (Comiss&#227;o de Valores Mobili&#225;rios - CVM) today a restatement of our statutory consolidated financial statements as of and for the year ended December 31, 2015 to reflect the new accounting treatment and will amend our Form 20-F as soon as practicable. We have also filed today a current report on Form 6-K to inform investors that in light of the restatement the financial statements included in our 2015 Form 20-F should no longer be relied upon.</FONT></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Namisa Business Combination</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">As mentioned in note 3 to our consolidated financial statements, on November 30, 2015, we acquired the majority control of Namisa and merged it with our subsidiary Congonhas Min&#233;rios S.A. Prior to the transaction, we held a 100% interest in Congonhas and, after the issuance of shares to the Asian Consortium (&#8220;JKTC&#8221;), we reduced our equity interest in Congonhas to 87.52%, as shown below:</FONT></P>

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

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=wingdings>&#216;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Prior structure</FONT></B></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=wingdings>&#216;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Implementation of the transaction: issuance of new shares of Congonhas in exchange for JKTC&#8217;s contribution JKTC of its 40% interest in Namisa and cash-acquisition by CSN from JKTC of an additional 4.16% interest in Congonhas</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 10pt 0.5in"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=wingdings>&#216;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp; </FONT><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Post business combination structure, including acquisition by us from JKTC of additional 4.16% interest in Congonhas</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">As a result of the new shareholder&#8217;s agreement, Congonhas began controlling Namisa and applied IFRS 3 to account for the transaction. The application of the acquisition method on the business combination resulted in the following effects on Congonhas&#8217; statement of income:</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0in 0in 10pt 17pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>&#8212;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Remeasurement of the previously held equity interest (IFRS 3.42) in the amount of R$1.9 billion;</FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -17pt; MARGIN: 0in 0in 10pt 17pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face=arial,sans-serif>&#8212;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US face="times new roman">&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Elimination of the pre-existing relationship (IFRS 3.51) resulting in a gain in the amount of R$1.6 billion.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">These gains were fully recognized at the Congonhas level, the acquirer of Namisa.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The accounting treatment that we revisited concerns the timing of recognition of the above gains by the shareholders of Congonhas, whether after the admission of JKTC (i.e. allocation of 87.52 % of the gain to CSN and of 12.48% of the gain on the transaction to JKTC), as originally applied by us, or before the admission of JKTC (i.e. allocation of 100% of the gain to CSN), as applied by us in the restatement.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">All steps of the business combination, including the issuance of shares by Congonhas and the amendments to the shareholder&#8217;s agreement occurred on November 30, 2015 (the &#8220;Acquisition Date&#8221;). </FONT></P>

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

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Original accounting treatment of non-controlling interests (reflected in our 2015 Form 20-F)</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">We applied the purchase method of accounting, which resulted in the recognition of the gains, on the Acquisition Date. We based the original accounting treatment to allocate gains between controlling and non-controlling interests on the actual corporate order of the following events occurred on that date.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The first corporate event was the issuance of Congonhas shares to JKTC, representing 12.48% of Congonhas&#8217; equity interest, in exchange for JKTC contributing its 40% equity interest in Namisa. As a result, Congonhas became the direct owner of a 40% interest in Namisa and our interest in Congonhas was diluted from 100% to 83.36%, with no loss of control.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">After the admission of JKTC to Congonhas a new Namisa shareholders&#8217; agreement was signed providing majority control in Namisa to Congonhas, even though CSN continued to hold directly its 60% interest. After the new Namisa shareholders&#8217; agreement provided Congonhas with the majority control of Namisa, Congonhas applied IFRS 3 and recognized gains that were shared by both shareholders, CSN and JKTC, at their respective equity interests at the time of 87.52% and 12.48%. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">At the time of the business combination the previous understanding was that Congonhas already had two shareholders, CSN and JKTC, and for that reason the gains thereof, including on the 60% interest in NAMISA previously held by CSN, was shared with JKTC at its equity interest of 12.48%.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Therefore, considering the order of the corporate events occurred on the Acquisition Date, our original interpretation was that the gains on the business combination occurred after the admission of JKTC in the shareholding structure of Congonhas.</FONT></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Revised accounting treatment of non-controlling interests (reflected in our restated statutory financial statements)</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Upon revisiting the accounting treatment of these transactions we concluded that, independently of the order of the corporate events on the Acquisition Date, the business combination gains should be attributed exclusively to CSN and no share should be given to JKTC, even though JKTC acquired its 12.48% interest in Congonhas as the first corporate step on that date.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">According to the revised accounting procedure also under IFRS 3, the gains resulted from the business combination were recorded in Congonhas before the admission of JKTC in its share capital, being attributed solely to CSN.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The chart below summarizes the two accounting treatments:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Effects of restatement</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; PADDING-LEFT: 0%; PADDING-RIGHT: 0%"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The adjustments reflected in our restatement amount to R$359.9 million and are demonstrated as follows:</FONT></P>

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

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"><STRONG>in R$ million</STRONG><SUP>1<STRONG> </STRONG></SUP></FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Fair value measurement of the 60% investment in Namisa </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2,792</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Gain on settlement of preexisting relationships</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">621</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Gains on business combination before income tax / social contribution</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">3,413</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Income tax / social contribution on the gain of the preexisting relationships</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(528)</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Total impact of business combination</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2,885</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Gain percentage unduly allocated to non-controlling interests</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">12.48%</FONT></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Gain unduly allocated to non-controlling interests</FONT></P></TD>

   <TD style="BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; HEIGHT: 11.35pt; BORDER-RIGHT: black 1pt solid; PADDING-TOP: 0in" vAlign=top width="22%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">360</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" lang=EN-US face=Calibri,sans-serif><FONT style="FONT-SIZE: 10pt" face=Calibri><SUP>1 </SUP></FONT>The amounts presented in the table refer to 100% of the gains. In the consolidated financial statements, we presented these amounts considering the elimination of our previously held 60% interest in Namisa.</FONT></P><FONT lang=PT-BR></FONT></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">As a result of adopting the revised accounting treatment of non-controlling interests in connection with the Namisa business combination at Congonhas, we have restated our statutory financial statements and filed with the Brazilian Securities Commission (Comiss&#227;o de Valores Mobili&#225;rios - CVM) to adjust amounts in our consolidated shareholders&#8217; equity and statement of income as follows:</FONT></P>

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   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Consolidated</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">12/31/2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">As originally published</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="2%" noWrap>

   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="20%" noWrap>

   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Adjustments</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="20%">

   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Restated</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">ASSETS</FONT></U></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="2%" noWrap>

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

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="2%" noWrap>

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

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">16.430.691</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">16.430.691</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">32.219.283</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">32.219.283</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Long-term receivables</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">4.890.948</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">4.890.948</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Investments</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">3.998.227</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">3.998.227</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Property, plant and equipment</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">17.871.599</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">17.871.599</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Intangible assets</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">5.458.509</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">5.458.509</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total assets</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">48.649.974</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">48.649.974</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">LIABILITIES</FONT></U></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">5.325.571</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">5.325.571</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Non-current </FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">34.588.740</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">34.588.740</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Shareholders&#8217; equity</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">8.735.663</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">8.735.663</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Issued capital</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">4.540.000</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">4.540.000</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Capital reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">30</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">30</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Earnings reserves</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">2.104.804</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">359.897</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">2.464.701</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Other comprehensive income</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.019.913</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(359.897)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">660.016</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Non-controlling interests</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.070.916</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.070.916</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Total liabilities</FONT></B></P></TD>

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">48.649.974</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">48.649.974</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Consolidated Financial Statements / Statement of Income</FONT></B></P>

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   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Consolidated</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><I><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></I></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">12/31/2015</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">As originally published</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Adjustments</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Restated</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Net revenue</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">15.331.852</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">15.331.852</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Cost of sales and/or services </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(11.799.758)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(11.799.758)</FONT></B></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Operating income (expenses)</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.645.531</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.645.531</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Selling expenses</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(1.436.000)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(1.436.000)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">General and administrative expenses</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(470.368)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(470.368)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Equity in income of affiliates</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.160.348</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.160.348</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 9pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Other operating income (expenses)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">2.391.551</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">2.391.551</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Profit before finance income (expenses)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">5.177.625</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">5.177.625</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Finance income (expenses)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(3.373.050)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(3.373.050)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Profit (loss) before taxes</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.804.575</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.804.575</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Income tax and social contribution </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(188.624)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(188.624)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Profit (loss) for the year</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.615.951</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.615.951</FONT></B></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Attributed to:</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Controlling Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.257.896</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">359.897</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.617.793</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" width="34%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">Non-controlling Shareholders</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>

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

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">358.055</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(359.897)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">(1.842)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="34%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.615.951</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 8.5pt; PADDING-TOP: 0in" vAlign=bottom width="2%" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt" lang=EN-US face="Times New Roman">1.615.951</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 3.</FONT></B></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note 2- Summary of Significant Accounting Policies, page F-8 </FONT></U></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.a.a) Restatement of accounting balances, page F-23</FONT></U></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 28.35pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">3)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We have read your response to prior comment 6. With reference to amounts reflected in prior periods, please explain how the interest and foreign exchange differences related to the forfaiting and drawee risk transactions that were previously accounted for in your statement of cash flows. Also, please explain the nature of the line item &#8220;forfaiting amortization,&#8221; and address whether this line item includes non-cash interest expense. If so, explain your basis for including these amounts in your statement of cash flows. Finally, please provide us with a reconciliation of the differences in the reclassification amounts between your balance sheets and cash flow statements in 2013 and 2014, with separate identification of the interest and foreign exchange differences. </FONT></I></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 3.</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">According to the accounting procedure adopted before the reclassification, those transactions were recorded as trade accounts payable in the balance sheet considering its nominal amounts rather than </FONT>


<FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">as loans and financings. Accordingly, in the statements of cash flow, those amounts were classified under operating activities, in the line item &#8220;trade payables,&#8221; within &#8220;increase (reduction) of liabilities.&#8221; Interest paid was presented in the line item &#8220;interests paid,&#8221; also under operating activities. The exchange rate effects, when materialized, were disclosed in the line item &#8220;accounts payable.&#8221;</FONT></P>

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<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">After the reclassification from trade accounts payable to loans and financing, the line item &#8220;forfaiting amortization&#8221; includes the settlement of the principal amounts of such transactions as financing activities. This line item does not include any type of interest.</FONT></P>

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

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">The reconciliation of our balance sheet and cash flow is provided below: </FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Movement of Forfaiting and drawee risk - 2013 and 2014</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="63%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2013</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: center; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2014</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="63%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Opening balance sheet amounts</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">482.887</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">42.265</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="63%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Capitalization (a)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">62.592</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">641.430</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Amortization of principal (b)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(587.569)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(276.754)</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Interests paid (c)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(13.116)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(2.078)</FONT></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="63%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Exchange rate variation accrued over the years (d)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">97.472</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">65.816</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Closing balance sheet amounts</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">42.265</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">470.679</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="63%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

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<TR style="HEIGHT: 11.35pt">

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="63%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Cash flow reconciliation</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2013</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">2014</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="63%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Forfaiting and drawee risk variation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(440.622)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">428.414</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="63%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Exchange rate variation and interest paid (c) + (d)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">84.355</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">63.738</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="63%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Cash (paid) received - (a) + (b)&nbsp;</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(524.977)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: #ddebf7; HEIGHT: 11.35pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=bottom width="17%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">364.676</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=PT-BR face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 4.</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">2.n) Concessions, page F-16</FONT></U></P>

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

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 28.35pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">4)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We have read your response to prior comment 7. Please confirm that you will disclose the amount of your assets which are subject to reversion to the grantor. </FONT></I></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 4.</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We will include this information in future filings.</FONT></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 5.</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Note 3- Business Combinations &#8211; Acquisition of control of Nacional Minerios (Namisa), page F-25</FONT></U></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 28.35pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">5)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We note your response to prior comment 10. Please confirm that this contract was not cancelable. Also, if there was a settlement provision, please describe its terms. </FONT></I></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 5.</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">The pre-existing ROM and Port Services agreements, referred on comment 10 of the letter dated June 22, 2016, provided for termination without cause only in the event of force majeure/acts of God or with cause upon a material breach of the contracts, therefore, they were not cancelable at the discretion of the parties. In the event of breach of contract by Namisa and/or force majeure/act of God, the agreements only established that the anticipated amounts should be returned </FONT><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">pro rata, </FONT></I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">without providing for a pre-set settlement mechanism. We note that the cancellation occurred as a result of the merger of the two parties to the agreement, Namisa and Congonhas.</FONT></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 6.</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.4 Effects reflected in CSN parent company &#8211; Transaction between partners recorded in equity, page F-30</FONT></U></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 28.35pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">6)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We note your response to prior comment 12. Please explain the accounting implications, if any, of acquiring a 4.16% interest in Congonhas at a premium. In this regard, we note that the acquisition of this 4.16% interest is used in the determination of the gain you recognized on the transactions between shareholders. Furthermore, we note that the difference between the R$2,619 million fair value of the 12.48% interest in Congonhas that was transferred to the Consortium as part of the business combination, and the R$1,945 million gain was reflected as an R$674,354 adjustment to non-controlling interest. With reference to the appropriate authoritative literature, please explain the appropriateness of reflecting the non-controlling interest at this value. </FONT></I></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 6.</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">The acquisition of the 4.16% interest in Congonhas was one piece of the agreement upon which we acquired control of Namisa, which we view as a single transaction and, accordingly, our accounting treatment considered this amount as part of the purchase price in the context of the business combination. This single transaction was the purchase, by us from the Asian Consortium, of a 40% </FONT>


<FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">interest in Namisa in exchange for a 12.48% equity interest in Congonhas and a cash payment of US$707 million (R$2,727 million as of November 30, 2015). In our previous letter dated August 25, 2016, in response to the Staff&#8217;s comment No.12 we incorrectly mentioned that &#8220;As part of the various steps to achieve this result, we acquired a 4.16% interest in Congonhas at a premium.&#8221; The term &#8220;premium&#8221; was used incorrectly and does not reflect the economics of the transaction.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Regarding the treatment and amounts related to non-controlling interests, please refer to our response to the Staff&#8217;s comment No. 2 above.</FONT></P>

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

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">SEC Comment No. 7.</FONT></B></P>

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<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">3.3b.1 Fair value of the assets and liabilities acquired, page F-29 </FONT></U></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">9.c Rollforward of investment balances in joint ventures, associates and other investments, page F-35</FONT></U></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 6pt 0in"><FONT style="FONT-SIZE: 12pt; TEXT-DECORATION: none" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 28.35pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">7)</FONT></I><I><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></I><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We have read your response to prior comment 13 and have the following additional comments: </FONT></I></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 11.5pt" 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; </FONT><FONT style="FONT-SIZE: 11.5pt" lang=EN-US color=black face="Times New Roman">Please provide us a reconciliation of your investment in Namisa from December 31, 2014 through November 30, 2015, showing us your equity method of accounting adjustments prior to any business combination events; </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 11.5pt" 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; </FONT><FONT style="FONT-SIZE: 11.5pt" lang=EN-US color=black face="Times New Roman">Please show us the impact of each business combination event to the November 30, 2015 carrying value of Namisa; and </FONT></P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt 56.7pt"><FONT style="FONT-SIZE: 11.5pt" 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; </FONT><FONT style="FONT-SIZE: 11.5pt" lang=EN-US color=black face="Times New Roman">We note that note (1) on page FS-35 indicates that the R$10,160,981 investment balance of Namisa as of November 30, 2015 refers to Namisa&#8217;s equity on November 2015 after the business combination events (dividends, SNC Handle acquisition and transferring of mining assets to Congonhas Minerios S.A.) during which the company was not consolidated. Please clarify for us why the R$10,160,981 investment balance is further reduced by dividends as noted in the reconciliation you provided in your response. </FONT></P>

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

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Response to Comment No. 7.</FONT></B></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT></I>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face=arial,sans-serif>&#8226;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Reconciliation of investment in Namisa</FONT></U></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We present below the reconciliation on the carrying amounts of the investments in Namisa, from December 31, 2014 to November 30, 2015, prior to any business combination events is:</FONT></P>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="74%">

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

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(in thousands of R$)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="74%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Investment carrying amount on 31/12/2014</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">9,471,026</FONT></B></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="74%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Equity pickup for the eleven-month period (Note 9.c)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">1,156,714</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="74%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Capital reduction on February 12, 2015</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(466,759)</FONT></P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="74%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Events held immediately before the combination on November 30, 2015 (already provided in our response letter comment no.13)</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="74%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 15.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Dividends paid by Namisa</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(3,239,040)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="74%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 15.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Dividends payable</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(660,622)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="74%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 15.8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Realization of CTA</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">(96,982)</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="74%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">Investment carrying amount on 30/11/2015</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-TOP: 0in" vAlign=top width="26%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US color=black face="Times New Roman">6,164,337</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="MARGIN: 0in 0in 0pt"><FONT style="text-underline: none" color=black face="Times New Roman"><FONT><FONT style="TEXT-TRANSFORM: none; FONT-STYLE: normal; FONT-SIZE: 8pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman"></FONT></FONT></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><FONT style="text-underline: none" color=black face="Times New Roman"><FONT><FONT style="TEXT-TRANSFORM: none; FONT-STYLE: normal; FONT-SIZE: 8pt; FONT-WEIGHT: normal; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman">#4833-3240-6076v6</FONT></FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 14pt; TEXT-DECORATION: none" lang=EN-US color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; TEXT-INDENT: -0.25in; MARGIN: 0in 0in 0pt 21.3pt"><FONT style="FONT-SIZE: 14pt" lang=EN-US color=black face=arial,sans-serif>&#8226;</FONT><FONT style="FONT-SIZE: 7pt" lang=EN-US color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Impact of each business combination event</FONT></U></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">We did not account for the business combination in the stand-alone financial statements of Namisa. Accordingly, the carrying amount of the investment related to the 60% used for the valuation of the business combination was R$ 6,164.3 million. We used this amount to measure the initial participation and applied the procedures related to the acquisition method of accounting. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="Times New Roman">Due to a clerical error note No. 9, in page FS-35, incorrectly stated &#8220;after&#8221; when it should have read &#8220;before.&#8221;</FONT></P>

<P style="TEXT-ALIGN: center; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">*******</FONT></P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; PAGE-BREAK-AFTER: avoid; TEXT-INDENT: 0in; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">If you have any questions or require any additional information with respect to the above, please do not hesitate to contact Tobias Stirnberg at +55-11-3927-7702, Felipe Camara at +55-11-3927-7716 or Luiz Henrique de Carvalho Vieira at +55-11-3049-7508.</FONT></P>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0in 311.85pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Sincerely,</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0in 311.85pt"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt 311.85pt"><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">___________________________<BR></FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Companhia Sider&#250;rgica Nacional <BR>By: David Moise Salama</FONT><U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman"><BR></FONT></U><FONT style="FONT-SIZE: 12pt" lang=EN-US face="Times New Roman">Title: Executive Officer</FONT></P>

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<DIV align=center><FONT color=#000000 size=3 face="Times New Roman">SIGNATURE </FONT></DIV>

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

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

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized. </FONT></DIV>

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;November 14, 2016</FONT></DIV>

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

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<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>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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