<SEC-DOCUMENT>0001292814-17-000704.txt : 20170328
<SEC-HEADER>0001292814-17-000704.hdr.sgml : 20170328
<ACCEPTANCE-DATETIME>20170327215310
ACCESSION NUMBER:		0001292814-17-000704
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20170331
FILED AS OF DATE:		20170328
DATE AS OF CHANGE:		20170327

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			NATIONAL STEEL CO
		CENTRAL INDEX KEY:			0001049659
		STANDARD INDUSTRIAL CLASSIFICATION:	STEEL WORKS, BLAST FURNACES & ROLLING & FINISHING MILLS [3310]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-14732
		FILM NUMBER:		17716674

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>sid20170327_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>

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

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

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

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

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

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

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

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

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

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of March, 2017</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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

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

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

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

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

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

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

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

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

<P></P>

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

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

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

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt" align=center><FONT style="LINE-HEIGHT: 107%" color=black face="times new roman"><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">STATEMENT OF MATERIAL FACT</FONT></B></FONT><FONT style="LINE-HEIGHT: 107%" face="times new roman"><FONT style="FONT-SIZE: 12pt" lang=EN-US face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp; </FONT></FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">Publicly-Held Company</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 12pt" lang=EN-US color=black face="times new roman">Corporate Taxpayer's ID (CNPJ/MF): 33.042.730/0001-04</FONT></B></P>

<P style="LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 107%" face="times new roman"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="times new roman">Companhia Sider&#250;rgica Nacional (BOVESPA: CSNA3; NYSE: SID) ("CSN" or "Company"), pursuant to Article 157, paragraph 4, of Law 6.404/76, as amended, and according to the Instruction of the Securities and Exchange Commission ("CVM") number 358/02, as amended, hereby informs its shareholders and the market that: </FONT></FONT></P>

<P style="LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt" align=justify><FONT style="LINE-HEIGHT: 107%" face="times new roman"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="times new roman">1- Exceptionally, the Company will not file the Financial Statements for the year ended on December 31, 2016 ("DFs 2016") with CVM within the period established by the CVM Instruction 480/09, due to the review of the accounting treatment determined upon for the transactions carried out by the Company on November 30, 2015, which resulted in the business combination of mining and related logistics activities, without changing its business structure.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 107%" face="times new roman"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="times new roman">2 - This review will impact the financial statements for the fiscal year ended on December 31, 2015, and will consequently impact the opening balances for the DFs 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 107%" face="times new roman"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="times new roman">3 - Due to the technical complexity of the matter and the fact that revision work is still ongoing, with the accompanying of the external auditors, it will not be possible to close the DFs 2016 within the period established by the applicable legislation, leading to a delay in the disclosure of the DFs 2016.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 107%" face="times new roman"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="times new roman">&nbsp;4- As a result, the Ordinary and Extraordinary Shareholders' Meeting to be held on April 28, 2017 will deliberate the following matters: (i) to establish the number of members of the Board of Directors and to elect its members; (ii) to establish the management overall annual compensation for the 2017 fiscal year; and (iii) to discuss the amendment and consolidation of the Company's bylaws. Accordingly, other matters attributed to the Ordinary Shareholders' Meeting, such as taking the management's accounts, examining, discussing and voting on the financial statements and deciding on the allocation of financial earnings for the fiscal year, will be subject to deliberation at an Extraordinary Shareholders' Meeting to be duly convened.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt"><FONT style="LINE-HEIGHT: 107%" face="times new roman"><FONT style="FONT-SIZE: 13pt" lang=EN-US face="times new roman">5- The Company is committed to disclosing the DFs 2016 reviewed by the external auditors as soon as possible. However, considering the duty to inform and act with diligence and transparency, the Company has decided to disclose to the market the main operating indicators for the year ended on December 31, 2016, not yet revised by the independent auditors, which will not be impacted by the potential adjustments that may occur as a result of the reviews that are in progress, as follows:</FONT></FONT></P>

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<TR style="HEIGHT: 17.35pt">

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   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=white face=Calibri,sans-serif>Highlights</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 17.35pt; PADDING-TOP: 0in" rowSpan=2 width="10%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>3Q16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 17.35pt; PADDING-TOP: 0in" rowSpan=2 width="10%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>4Q16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 17.35pt; PADDING-TOP: 0in" rowSpan=2 width="10%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>2015</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 17.35pt; PADDING-TOP: 0in" rowSpan=2 width="10%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 17.35pt; PADDING-TOP: 0in" width="32%" colSpan=6 align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>4Q16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="4%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>3Q16</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>2016</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="4%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: navy; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" align=center>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=#ffffff face=Calibri,sans-serif>2015</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Steel Sales (Thousand t)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1,172</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1,187</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>4,990</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>4,857</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1%</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(3%)</FONT></B></P></TD></TR>

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   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 10pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif>- Domestic Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>62%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>62%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>59%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>57%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>-</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(2%)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 10pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif>- Overseas Subsidiaries</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>34%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>37%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>37%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 10pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif>- Exports</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>4%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>6%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>2%</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>Average Net Revenue per tonne (R$/t)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>2,446</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>2,495</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>2,245</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>2,370</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>2%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.7pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>6%</FONT></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%" noWrap>&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>Iron Ore Sales (thousand t)&#185;</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>10,230</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>9,191</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>25,669</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>36,983</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(10%)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>44%</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 10pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif>- Domestic Market</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>11%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>14%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>11%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>3%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>9%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt 10pt"><FONT style="FONT-SIZE: 8pt" color=#000000 face=Calibri,sans-serif>- Exports</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>89%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>86%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>98%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>89%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(3%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(9%)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.7pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.7pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>Average Net Revenue per tonne (USD/t)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>39</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>45</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>38</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.7pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>36</FONT></B></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.7pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>15%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 14.7pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(5%)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Consolidated Results (R$ million)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 5.3pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.3pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Net Revenue</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.3pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>4,469</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.3pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>4,519</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.3pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>15,262</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.3pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>17,149</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.3pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.3pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>12%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.7pt">

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.7pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Adjusted EBITDA&#178;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1,239</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1,249</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>3,251</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>4,075</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1%</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 2.25pt double; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 12.7pt; BORDER-TOP: windowtext 1pt solid; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>25%</FONT></P></TD></TR>

<TR style="HEIGHT: 5.6pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.6pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="28%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Steel</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>552 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>545 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1,791 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1,887 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(1%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>5%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="28%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Mining</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>599 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>511 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1,171 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1,759 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(15%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>50%</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="28%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Logistics</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>161 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>163 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>532 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>604 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>14%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="28%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Railways</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>152 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>137 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>469 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>550 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(10%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>17%</FONT></P></TD></TR>

<TR style="HEIGHT: 5.8pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" width="28%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 24pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Port</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>9 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>26 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>63 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 5.8pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>54 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.8pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>189%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 5.8pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(14%)</FONT></P></TD></TR>

<TR style="HEIGHT: 17.2pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.2pt; PADDING-TOP: 0in" width="28%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Cement</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.2pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>4 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.2pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>2 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.2pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>75 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 17.2pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>22 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.2pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(50%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 17.2pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(71%)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="28%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Energy</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>17 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>17 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>43 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>65 </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>51%</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0in" width="28%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Eliminations</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(95) </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>12 </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(361) </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.9pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(262) </FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(113%)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 11.9pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(27%)</FONT></P></TD></TR>

<TR style="HEIGHT: 3.5pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="28%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 3.5pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Financial Result (R$ million)</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">&nbsp;</TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Proporcional Financial Result<SUP>4</SUP></FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(780)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(711)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(2,265)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(2,684)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(9%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>18%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="28%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 16pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>Result with Exchange Rate Variation </FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(74)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>14</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>416</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>89</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(119%)</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(79%)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>CAPEX</FONT></B></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>383</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>452</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>2,182</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>1,632</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>18%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 13.25pt; PADDING-TOP: 0in" width="16%" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(25%)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="28%">

   <P style="LINE-HEIGHT: normal; TEXT-INDENT: 6pt; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 4pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="4%" noWrap>

   <P style="LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; BACKGROUND: white; HEIGHT: 4pt; PADDING-TOP: 0in" width="6%" noWrap>

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 3pt" color=black face=Calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 16.55pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Adjusted Net Debt&#179;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>25,842</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>25,831</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>26,499</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>25,831</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>-</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 16.55pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>(2%)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.35pt">

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>Adjusted Cash Position&#179;</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>5,</FONT><FONT style="FONT-SIZE: 8pt" color=black face=Calibri,sans-serif>663</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>5,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>8,862</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>5,762</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>2%</FONT></P></TD>

   <TD style="PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 11.35pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>(35%)</FONT></P></TD></TR>

<TR style="HEIGHT: 14.3pt">

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.3pt; PADDING-TOP: 0in" width="28%">

   <P style="TEXT-ALIGN: justify; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>Net Debt / Adjusted EBITDA&#178;</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.3pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>7.4X</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.3pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>6.3X</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.3pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>8.2X</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.3pt; PADDING-TOP: 0in" width="10%">

   <P style="TEXT-ALIGN: right; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>6.3X</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.3pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>(1.1X)</FONT></P></TD>

   <TD style="BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt; HEIGHT: 14.3pt; PADDING-TOP: 0in" width="16%" colSpan=3>

   <P style="TEXT-ALIGN: center; LINE-HEIGHT: normal; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt" lang=EN-US color=black face=Calibri,sans-serif>(1.9X)</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 0pt"><SUP><FONT style="LINE-HEIGHT: 107%"><FONT style="FONT-SIZE: 7.5pt" lang=EN-US face=Calibri,sans-serif>1</FONT></FONT></SUP><FONT style="LINE-HEIGHT: 107%"><FONT style="FONT-SIZE: 7.5pt" lang=EN-US face=Calibri,sans-serif> Iron ore sales volumes include 100% of the stake in NAMISA until November 2015 and 100% of the stake in CSN Minera&#231;&#227;o (former &#8220;Congonhas Min&#233;rios&#8221;) as of December 2015. As of December 2015, iron ore volumes include sales to UPV.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 0pt"><SUP><FONT style="LINE-HEIGHT: 107%"><FONT style="FONT-SIZE: 7.5pt" lang=EN-US face=Calibri,sans-serif>2</FONT></FONT></SUP><FONT style="LINE-HEIGHT: 107%"><FONT style="FONT-SIZE: 7.5pt" lang=EN-US face=Calibri,sans-serif> Adjusted EBITDA is calculated based on net income/loss, plus depreciation and amortization, income tax, net financial result, results from investees, other operating income (expenses) and includes the proportional share of EBITDA of the jointly-owned investees MRS Log&#237;stica and CBSI. Adjusted EBITDA includes the 60% stake in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and the 100% stake in CSN Minera&#231;&#227;o, 37.27% in MRS and 50% in CBSI as of December 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 0pt"><FONT style="LINE-HEIGHT: 107%"><FONT style="FONT-SIZE: 7.5pt" lang=EN-US face=Calibri,sans-serif>&#179;Adjusted net debt and adjusted cash include the 33.27% stake in MRS, 60% in Namisa and 50% in CBSI until November 2015. As of December 2015 these lines include the 100% stake in CSN Minera&#231;&#227;o, 37.27% in MRS and 50% in CBSI, and exclude Forfaiting and Debtor Risk operations.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 0pt"><SUP><FONT style="LINE-HEIGHT: 107%" color=black><FONT style="FONT-SIZE: 7.5pt" lang=EN-US color=black face=Calibri,sans-serif>4</FONT></FONT></SUP><FONT style="LINE-HEIGHT: 107%" color=black><FONT style="FONT-SIZE: 7.5pt" lang=EN-US color=black face=Calibri,sans-serif> The managerial financial result includes the 60% stake in Namisa, 33.27% in MRS and 50% in CBSI until November 2015 and the 100% stake in CSN Minera&#231;&#227;o, 37.27% in MRS and 50% in CBSI as of December 2015.</FONT></FONT></P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt"><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>As soon as we have a definition of the date of completion of the abovementioned work, with the review report from the external auditors, the Company will make a further announcement to the market.</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif>S&#227;o Paulo, March 27, 2017.</FONT></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt" align=center><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=PT-BR face=Calibri,sans-serif>David Moise Salama</FONT></B></P>

<P style="TEXT-ALIGN: center; LINE-HEIGHT: 107%; MARGIN: 0in 0in 8pt" align=center><B><FONT style="FONT-SIZE: 11pt" lang=EN-US face=Calibri,sans-serif>Investor Relations Executive Officer</FONT></B></P></DIV>

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

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

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

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;March 27, 2017</FONT></DIV>

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

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

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

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

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

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

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

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>David Moise Salama </B></FONT></DIV>

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

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

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

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