<SEC-DOCUMENT>0001292814-16-006930.txt : 20170224
<SEC-HEADER>0001292814-16-006930.hdr.sgml : 20170224
<ACCEPTANCE-DATETIME>20161214162155
<PRIVATE-TO-PUBLIC>
ACCESSION NUMBER:		0001292814-16-006930
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		2
FILED AS OF DATE:		20161214

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
</SEC-HEADER>
<DOCUMENT>
<TYPE>CORRESP
<SEQUENCE>1
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<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 12pt" align=right><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">December 14, 2016</FONT></P>

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

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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 12pt 0.5in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" 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 November 14, 2016</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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 lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Staff</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&#8221;) received by Companhia Sider&#250;rgica Nacional (the &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Company</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&#8221; or &#8220;</FONT><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">CSN</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&#8221;) on November 30, 2016, October 28, 2016 and 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 lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2015 Form 20-F</FONT></U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&#8221;). On August 25, 2016 and November 14, 2016 we provided letters with our responses to the Staff&#8217;s comments regarding the letters received on June 22, 2016 and October 28, 2016. This letter provides the Company&#8217;s responses to the Staff&#8217;s comments in your November 30, 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>

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Note 3 - Business Combinations &#8211; Acquisition of control of Nacional Min&#233;rios (Namisa), page F-25</FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">3.5 Summary of the accounting impacts, page F-31 </FONT></U></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 28.35pt"><I><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">1. We note your calculation of the &#8220;gain on the transaction between shareholders&#8221; of R$1,945. Please explain to us how you applied paragraph B96 of IFRS 10 in determining the amount by which non-controlling interests are adjusted. </FONT></I></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 28.35pt"><I><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">In this regard, please explain why you did not adjust non-controlling interests to reflect the Asian Consortium&#8217;s proportionate share of Congonhas with any difference attributed to your equity.</FONT></I></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">1</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT></FONT><FONT></FONT></P></DIV></DIV>

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">As mentioned in our November 14, 2016 letter and disclosed in a 6-K furnished to the SEC on the same date, we will restate our financial statements included in our 2015 Form 20-F and amend the 2015 Form 20-F. This </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">restatement is related to the attribution of income to non-controlling interest as per paragraph B96 of IFRS 10 (&#8220;Change in the Proportion Held By Non-Controlling Interest&#8221;), referred to above as &#8220;gain on the transaction between shareholders&#8221; in the amount of R$1,945 million (R$1.585 million after the upcoming restatement).</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The non-controlling interest of Congonhas Min&#233;rios S.A. arose from the business combination of Namisa, by which the Asian Consortium changed its direct ownership of 40% in the joint-venture Namisa for a direct ownership of 12.48% in Congonhas Min&#233;rios S.A., previously a wholly-owned subsidiary of CSN. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Upon revisiting the accounting treatment of the transaction under IFRS 3, we concluded that the remeasurement of the previously held interest in Namisa, as well as any impacts from the gains on the settlement of the preexisting relationships should be observed before the business combination, being attributed exclusively to CSN, and not proportionally to the Asian Consortium (&#8220;JKTC&#8221;) as previously recorded, even though JKTC acquired its 12.48% interest in Congonhas as the first corporate step on the acquisition date. Had we not revised the accounting position, CSN would demonstrate an income of R$360 million attributed to non-controlling interest in the month of December (after the business combination) which is derived from the previously held interest of CSN in Namisa (in the month of December Congonhas delivered a net income of approximately R$1 million only). </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Please note that the &#8220;gain on the transaction between shareholders&#8221; was recorded in equity following paragraph B96 of IFRS 10 (before and after the restatement, at different amounts); however, considering that under Brazilian Corporate Law the concept of &#8220;Additional paid-in capital&#8221; does not exist, the gain was recorded as &#8220;Other Comprehensive Income&#8221; in equity. Please see the Statements of changes in shareholders&#8217; equity as part of CSN&#180;s financial statements. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">The tables below reconcile the &#8220;gain on the</FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> transaction between shareholders&#8221; (&#8220;change in the proportion held by non-controlling interest&#8221;) before and after the restatement:</FONT></P>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.5pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Originally presented</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><U><FONT style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>R$ Million</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Congonhas` total equity &#8211; carrying amount before the business combination</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">5,400 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Non-controlling interest &#8211; proportional share</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">12.48%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Non-controlling interest &#8211; carrying amount - 12.48%</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">674 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Consideration received &#8211; fair value</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">2,619 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.5pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Gain on the transaction between shareholders</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><U><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">1,945 </FONT></U></P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Restatement</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><U><FONT style="FONT-SIZE: 10pt" color=black face=Calibri,sans-serif>R$ Million</FONT></U></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Congonhas` total equity &#8211; carrying amount before the business combination</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">5,400 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Remeasurement of previously held interest - (60% Namisa)</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">2,792 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.5pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Gain on settlement of preexisting relationships</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">621 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.5pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Income taxes on the gain of preexisting relationships</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">- 528 </FONT></P></TD></TR>

<TR style="HEIGHT: 26.25pt">

   <TD style="HEIGHT: 26.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.5pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Congonhas` equity &#8211; carrying amount adjusted (basis that should had been considered for the business combination)</FONT></P></TD>

   <TD style="HEIGHT: 26.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">8,285 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.5pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Non-controlling interest &#8211; proportional share</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">12.48%</FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.5pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Non-controlling interest &#8211; carrying amount - 12.48%</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">1,034 </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.5pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Consideration received &#8211; fair value</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1.5pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">2,619 </FONT></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.5pt" vAlign=top width="87%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">Gain on the transaction between shareholders as restated</FONT></P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><U><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">1,585 </FONT></U></P></TD></TR>

<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.5pt" vAlign=top width="87%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR></TABLE></DIV></DIV></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%">&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 14.25pt">

   <TD style="HEIGHT: 14.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 11pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 14.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">R$ Million</FONT></B></P></FONT></TD></TR>

<TR style="HEIGHT: 30pt">

   <TD style="HEIGHT: 30pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Changes of NCI - Congonhas</FONT></U></B></P></TD>

   <TD style="HEIGHT: 30pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Originally<BR>&nbsp;presented</FONT></B></P></TD>

   <TD style="HEIGHT: 30pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 30pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=middle width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Adjustment</FONT></B></P></TD>

   <TD style="HEIGHT: 30pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 30pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=middle width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Restated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">Balance - 12/31/2014</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">- </FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">- </FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">- </FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">NCI measurement on the business combination</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">674</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">360</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">1,034</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">Profit (loss) attributtable to NCI</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">360</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">(360)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">- </FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Balance - 12/31/2015</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">1,034</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">0</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">1,034</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%"><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 11pt" color=black face="times new roman">R$ Million</FONT></B></P></FONT></TD></TR>

<TR style="HEIGHT: 30pt">

   <TD style="HEIGHT: 30pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=bottom width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">CSN - Change in the proportion held by NCI</FONT></U></B></P></TD>

   <TD style="HEIGHT: 30pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Originally <BR>presented</FONT></B></P></TD>

   <TD style="HEIGHT: 30pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 30pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=middle width="13%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Adjustment</FONT></B></P></TD>

   <TD style="HEIGHT: 30pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 30pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=middle width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Restated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">Congonhas Min&#233;rios - fair value - 12.48%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">2,619</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">- </FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">2,619</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Congonhas Min&#233;rios - book value - 12.48%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">674</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">360</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">1,034</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">Gain on the transaction between shareholders</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">1,945</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">(360)</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman"></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">1,585</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><U><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Gain on business combination</FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=center><B><U><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">R$ Million</FONT></U></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">Remeasurement of previously held interest - (60% Namisa)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">2,792</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Gain on settlement of preexisting relationships</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">621</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">Gains on business combination before taxes</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">3,413</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Income taxes on the gain of the preexisting relationships</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">(528)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">Total impact of business combination</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">2,885</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">Gain percentage unduly allocated to non-controlling interest</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman">12.48%</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="54%">

   <P style="MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal"><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">Gain unduly allocated to non-controlling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><B><FONT style="FONT-SIZE: 12pt" color=#000000 face="times new roman">360</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="2%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="1%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.5pt; PADDING-RIGHT: 1.5pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; LINE-HEIGHT: normal" align=right><FONT style="FONT-SIZE: 12pt" color=black face="times new roman"></FONT>&nbsp;</P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%"><FONT lang=PT-BR style="FONT-SIZE: 11pt" face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 10pt; LINE-HEIGHT: 115%">&nbsp;</P></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">3</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT></FONT><FONT></FONT></P></DIV></DIV>

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

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

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Additionally, please refer to the table below to compare the original version of item &#8220;<STRONG>3.5 Summary of the accounting impacts</STRONG>&#8221;, on page F-31 included in the Form 20-F 2015 as currently filed and the restated version as we expect to file shortly:</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LAYOUT-GRID-MODE: line" face="times new roman">3.5 Summary of the accounting impacts</FONT></B></P>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=3 width="62%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Events</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>As originally filed</FONT></B></P><FONT style="FONT-SIZE: 11pt"><FONT style="FONT-FAMILY: times new roman"></FONT></FONT>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>R$ Million</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Restated</FONT></B></P><FONT style="FONT-SIZE: 11pt"><FONT style="FONT-FAMILY: times new roman"></FONT></FONT>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>R$ Million</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Accounting effect </FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Accounting effect </FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>P&amp;L</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Equity</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>P&amp;L</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Equity</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Valuation Gain on 60% participation in Namisa, at fair value - item 3.3 (a) iii</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>2,792</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>2,792</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ddebf7" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>2,792</FONT></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>2,792</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Gain on settlement of preexisting relationships - item 3.3 ( c)</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>621</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>621</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>621</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>621</FONT></P></TD></TR>

<TR style="HEIGHT: 15pt">

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Gain on business combination before tax / social contribution (Note 24)</FONT></B></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 10.05pt" align=right><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>3,413</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>3,413</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ddebf7" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>3,413</FONT></B></P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15pt; BACKGROUND: #ddebf7; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>3,413</FONT></B></P></TD></TR>

<TR style="HEIGHT: 15pt">

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Income tax on the gain of the pre-existing relationship - item 3.3 (c)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>(528)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>(528)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>(528)</FONT></P></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>(528)</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Gain in transaction between shareholders - item 3.4</FONT></P></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt"><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>1,945</FONT></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND-COLOR: #ddebf7" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="8%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT color=#000000></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BACKGROUND: #ddebf7; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>1,585</FONT></P></TD></TR>

<TR style="HEIGHT: 15.75pt">

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="62%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>Total impact of the business combination</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>2,885</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>4,830</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="1%" noWrap><FONT style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman">&nbsp;</FONT></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>2,885</FONT></B></P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="1%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US color=#000000></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 15.75pt; BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 11pt; FONT-FAMILY: times new roman" color=#000000>4,470</FONT></B></P></TD></TR></TABLE></DIV>

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

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

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><U><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Note 9- Investments, page F-34 </FONT></U></P>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">4</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT></FONT><FONT></FONT></P></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt 28.35pt"><I><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">2. We note from your response to prior comment 7, in our letter to you dated October 28, 2016, that you reduced the carrying value of your investment in Namisa as of November 30, 2015 by R$660,622 for dividends payable to you by Namisa. Please explain to us how reducing the carrying value for distributions to be received complies with paragraph 10 of IAS 28, which stipulates that carrying amounts of investments are reduced by distributions received. Furthermore, we understand from your response to prior comment 11, in our letter dated June 22, 2016, that the dividend payable was eliminated along with the respective receivable previously recorded in the parent company balance sheet </FONT></I></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">On November 30, 2015, the transaction date, Namisa had retained earnings that could be declared and distributed as dividends to its shareholders. As part of the transaction the parties agreed to declare and pay dividends immediately before the effectiveness of the business combination, at a time when Namisa was accounted for under the equity method of accounting by CSN at its 60% interest. Upon declaration of the dividends (before the transaction occurred), the carrying value of the investment in Namisa was reduced in the amount of the dividends declared to CSN of R$3,900 million, of which R$3,239 million was paid on November 30, 2015 and R$661 million remained outstanding to be paid on November 30, 2016; as such, the net equity of Namisa was reduced in the amount of the dividends declared in 2015 of R$6,499 million (total dividends declared, including CSN Parent and the Asian Consortium). Please note that under Brazilian law dividends declared are irrevocable non-cancelable obligations that may be collected by shareholders and, as such, are treated as a dividend paid. As a result, CSN Parent reduced the amount of dividends declared by Namisa from the investment balance and transferred such amount to dividends receivable and Namisa reduced the amount of dividends from its equity and transferred such amount to dividends payable.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">When the business combination was implemented, followed by the merger of Namisa into Congonhas Min&#233;rios S.A., Congonhas Min&#233;rios (a wholly owned subsidiary of CSN) assumed the obligations of Namisa, including the dividends payable in the amount of R$1,157 million, of which R$661 million (declared in 2015) and R$33 million (declared in 2014) was to be paid to the Parent company CSN.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">At consolidation level, as Congonhas in controlled by Parent Company CSN, dividends receivable in CSN were eliminated against dividends payable in Congonhas. Such should be treated similarly to other related party receivables and payables which are eliminated upon consolidation.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">For a better understanding of the amounts that were eliminated, please refer to the table below:</FONT></P>

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   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="85%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">&nbsp;R$ Million</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Namisa&#8217;s net equity as of November 30, 2015 before dividends declaration </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(a)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">16,935</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Dividends declared in 2015 </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(b)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">6,499</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Namisa&#8217;s net equity as of November 30, 2015 after dividends declaration </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(c) = (a) &#8211; (b)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">10,436</FONT></P></TD></TR>

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

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Dividends declaration to Asian Consortium (40%) </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(d) = 40%(b)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">2,600</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Dividends declaration to CSN (60%) </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(e) = 60%(b)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">3,900</FONT></P></TD></TR>

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

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">CSN's carrying value of investment in Namisa before dividends declaration </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(f) = 60%(a)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">10,161</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">CSN's dividends receivable </FONT><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(e)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">3,900</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Realization of CTA </FONT><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(g)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">97</FONT></P></TD></TR></TABLE></DIV>

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

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">5</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT></FONT><FONT></FONT></P></DIV></DIV>

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

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

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

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   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: #000000 1px solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">CSN's carrying value of investment in Namisa after dividends declaration </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(h) = (f) &#8211; (e) &#8211; (g)</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; BORDER-RIGHT: #000000 1px solid; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">6,164</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

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

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Dividends declaration in 2015 to CSN (60%) </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(e)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">3,900</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Paid on November 30, 2015</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">3,239</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">Payable on November 30, 2016 </FONT><B><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">(i)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">661</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Unpaid dividends declared in 2014 </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(j)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">33</FONT></P></TD></TR>

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

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Payable by Congonhas to the Asian Consortium </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(k)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">463</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Payable by Congonhas to its parent company CSN </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(l) = (i) + (j) (*)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">694</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

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

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=bottom width="85%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">Congonhas assumed the dividends payable outstanding balance </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">(m) = (k) + (l) (**)</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in" align=right><FONT style="FONT-SIZE: 10pt" color=black face="Times New Roman">1,157</FONT></P></TD></TR></TABLE></DIV>

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

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(*) Eliminated upon consolidation &#8211; amounts due by Congonhas to Parent Company CSN.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">(**) Dividends payable recorded in Congonhas in the stand alone financial statements (including dividends due to the Parent Company CSN).</FONT></P>

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

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

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

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 12pt; TEXT-INDENT: 0in"><FONT lang=EN-US style="FONT-SIZE: 12pt" 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>

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

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

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

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

<a name="_bclFooter6"></a><DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">6</FONT></FONT><FONT><FONT style="DISPLAY: none"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT></FONT></FONT><FONT></FONT></P>

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

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