<SEC-DOCUMENT>0001292814-17-003057.txt : 20171127
<SEC-HEADER>0001292814-17-003057.hdr.sgml : 20171127
<ACCEPTANCE-DATETIME>20171127130144
ACCESSION NUMBER:		0001292814-17-003057
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20171231
FILED AS OF DATE:		20171127
DATE AS OF CHANGE:		20171127

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:		171222338

	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>sid20171127_6k.htm
<DESCRIPTION>SID20171127_6K
<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>

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

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

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

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

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

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

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

<DIV align=center>

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

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

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

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

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

<DIV align=center></DIV>

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

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

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

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

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

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

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

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

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

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">Corporate Taxpayer&#8217;s ID (CNPJ/MF): 33.042.730/0001-04</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; FONT-WEIGHT: normal; LINE-HEIGHT: normal" face="times new roman">Corporate Registry (NIRE): 35300396090</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: normal" face="times new roman">MINUTES OF COMPANHIA SIDER&#218;RGICA NACIONAL ANNUAL AND SPECIAL SHAREHOLDERS&#8217; MEETING HELD ON JULY 3, 2017, AND DRAWN UP IN SUMMARY FORMAT</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 28.35pt; TEXT-INDENT: -28.35pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">1.&nbsp;&nbsp;&nbsp; Date, time and venue:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> July 3, 2017, at 11:00 a.m., at the Company&#8217;s headquarters, located at Av. Brig. Faria Lima No. 3400, 20&#186; andar, in the city and state of S&#227;o Paulo. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18.05pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">2.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Call Notices:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> Call notices were published on June 2, 3 and 6, 2017, in the Official Gazette of the State of S&#227;o Paulo on pages 27, 19 and 23, respectively and in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Folha de S&#227;o Paulo - </FONT></I><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Regional Issue</FONT><I><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></I><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">newspaper on pages A20, A20 and A20, respectively, which will be filed at the Company&#8217;s headquarters. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">3.&nbsp;&nbsp;&nbsp; Attendance:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> The meeting was opened with the presence of shareholders representing 65.06% of the Company&#8217;s voting capital, as evidenced by the Shareholders Attendance Book, as well as the Company&#8217;s Executive Officer, Mr. David Moise Salama. </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18.05pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">4.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Presiding: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">appointed by the Chairman of the Company&#8217;s Board of Directors,</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Mr. David Moise Salama chaired the meeting and invited Mrs. Claudia Maria Sarti to act as secretary.</FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18.05pt; TEXT-INDENT: -0.25in"><B><FONT lang=EN-US style="FONT-SIZE: 11.5pt" color=windowtext face="Times New Roman">5.</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 7pt" color=windowtext face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">Agenda: </FONT></B><B><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman">At the Special Shareholders&#8217; Meeting</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">on second call, under the terms of article 124, &#167;1 of Law 6.404, of December 15, 1976 (&#8220;Law No. 6.404/76&#8221;), to resolve on the proposed amendment to and restatement of the Company&#8217;s By-Laws; </FONT><B><U><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">At the Annual Shareholders&#8217; Meeting</FONT></U></B><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">(i)</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">to establish the number of members of the Company&#8217;s Board of Directors and to elect its members; and (ii) </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman">to</FONT><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=black face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">establish the annual global compensation of the managers for the fiscal year 2017.</FONT><FONT lang=EN-US style="FONT-SIZE: 11.5pt" color=windowtext face="Times New Roman"> </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 18.05pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=windowtext face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">6.&nbsp;&nbsp;&nbsp; Resolutions:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> The following resolutions were taken, with abstentions registered as the case may be and vote instructions filed at the Company&#8217;s headquarters: </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 14.2pt; TEXT-INDENT: -14.15pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">6.1.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> In compliance with CVM Instructions No. 480/09 and 481/09, as amended by CVM Instruction No. 561/15, the Chairman informed that the total amount of one hundred and ninety (190) Distance Voting Bulletins have been received, containing votes relating to the matters of this Annual and Special Shareholders&#8217; Meeting, contained in the consolidated voting map, which was read by the Board and made available to the attending shareholders for consultation. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: 0.05pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Since there was a request for rectification of the votes sent by means of the Distance Voting Bulletins, the votes cast in person by shareholders Panagora Group Trust and Japan Trustee Services Bank, Ltd. RE: STB Daiwa EEFIMF shall be taken into consideration. Subsequently, the voting of the items of the Agenda started.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.55pt; TEXT-INDENT: 0.05pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">6.2.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> Approval, by a majority of the attending shareholders, it being understood that 811,831,026 favorable votes and 162,600 contrary votes were counted, for drawing up these minutes in summary format and omitting the signatures of attending shareholders at the time of publication, as allowed by paragraphs 1 and 2, respectively, of article 130 of Law n&#186; 6.404/76.</FONT></P></DIV>

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<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.6pt;text-align:justify;text-indent:-21.3pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;"><br>
<br>
</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.6pt;text-align:justify;text-indent:-21.3pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6.3. </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Approval, by a majority of the attending
shareholders, it being understood that 803,237,238 favorable votes, 79,914,047
contrary votes and 10,000 abstentions were counted, with the declarations of
vote, initialed by the presiding officers, duly registered, the amendment to
and restatement of the By-Laws, to reflect the amendments hereby approved,
pursuant to the provisions of Exhibit I to these Minutes.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.6pt;text-align:justify;text-indent:-21.3pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.6pt;text-align:justify;text-indent:-21.3pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">6.4&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">It is recorded that,
exceptionally, the Financial Statements relating to the fiscal year ended on December
31, 2016 (&#8220;DF 2016&#8221;) have not been provided in time to be included in the
matters subject to resolution of this Annual and Special Shareholders&#8217; Meeting,
as already informed by means of the Relevant Fact disclosed on March 27, 2017
and of Communication to the Market of May 24, 2017. As soon as the DFs 2016 are
available, a new shareholders&#8217; meeting shall be called to resolve on the review
of the managers&#8217; accounts,</font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;"> </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">analysis, discussion and voting on the
financial statements, allocation of the net income of the fiscal year and
distribution of dividends.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.6pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.6pt;text-align:justify;text-indent:-21.3pt;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">6.5. </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Approval, by the majority of the attending shareholders,
it being understood that 863,693,821 favorable votes, 19,259,400 contrary votes
and 208,064 abstentions were counted, with the declarations of vote, initialed
by the Board, duly registered, that the Board of Directors will be composed by seven
(7) members, with the election, with 789,412,734 favorable votes, 19,259,400
contrary votes and 74,489,151 abstentions, with the declarations of vote,
initialed by the presiding officers, duly registered, of the following sitting members
to compose the Company&#8217;s Board of Directors: (i) Firstly, in accordance with Article
14, paragraph 2, of the Bylaws, the shareholders reelected </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FABIAM FRANKLIN</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">,
Brazilian, married, engineer, bearer of the identification document (IFP) no. 07563312-3,
enrolled with individual taxpayers (CPF/MF) under number 899.230.907-44, resident
and domiciled in the city of Volta Redonda, State of Rio de Janeiro, as appointed
by CSN Invest Fundo de Investimentos em A&#231;&#245;es; and (ii) Immediately thereafter,
the majority of the attending shareholders reelected Messrs. </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">BENJAMIN STEINBRUCH</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">,
Brazilian, married, business administrator, bearer of the identification document
(RG) no. 3.627.815-4 SSP/SP, enrolled with individual taxpayers (CPF/MF) under number
618.266.778-87, resident and domiciled in the city and state of S&#227;o Paulo; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">FERNANDO
PERRONE</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, Brazilian, married, lawyer, bearer of the identification document (IFP)
no. 2.048.837, enrolled with individual taxpayers (CPF/MF) under number 181.062.347-20,
resident and domiciled in the city and state of S&#227;o Paulo; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">YOSHIAKI NAKANO</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">,
Brazilian, married, business administrator, bearer of the identification document
(RG) no. 5.157.491-3 and enrolled with individual taxpayers (CPF/MF) under number
049.414.548-04, resident and domiciled in the city and state of S&#227;o Paulo; </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">ANTONIO
BERNARDO VIEIRA MAIA</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, Brazilian, married, business administrator, bearer of
the identification document (RG) no. 042416875 IFP/RJ, enrolled with individual
taxpayers (CPF/MF) under number 510.578.677-72, resident and domiciled in the city
and state of S&#227;o Paulo and </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">L&#201;O STEINBRUCH</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, Brazilian, divorced, businessman,
bearer of identification document (RG) no. 13.597.999-SSP/SP, enrolled with
individual taxpayers (CPF/MF) under number 110.885.048-09, resident and
domiciled in the city and state of S&#227;o Paulo and reelected, and elected Mr. </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">JOS&#201;
EDUARDO DE LACERDA SOARES</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">, Brazilian, married, business administrator, bearer
of the identification document (RG) no. 9.728.283, enrolled with individual taxpayers
(CPF/MF) under number 088.973.848-38, resident and domiciled in the city and state
of S&#227;o Paulo. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.6pt;text-align:justify;text-indent:-21.3pt;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:42.6pt;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;">As a result, the Company&#8217;s Board of Directors
will be composed by Fabiam Franklin, Benjamin Steinbruch, Fernando Perrone, Yoshiaki
Nakano, Antonio Bernardo Vieira Maia, </font><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">L&#233;o Steinbruch and Jos&#233; Eduardo de Lacerda Soares, all with term of office until the 2019 Annual Shareholders&#8217; Meeting.</FONT></p>
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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; The directors hereby elected and reelected represent not to have incurred in any of the crimes provided for in the Law which may prevent them from exercising business activities under the terms of Law No. 6.404/76. The instruments vesting the directors hereby elected in office shall be executed within up to 30 days.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; It is registered that the shareholders Hagop Guerekmezian, Hagop Guerekmezian Filho, Osmar Ailton Alves da Cunha and Gera&#231;&#227;o Futuro L. Par Fundo de Investimento em A&#231;&#245;es, representing 1.4191% of the voting stock, appointed one member for separate election, However, since the minimum percentage of the capital stock required was not reached, pursuant to the provisions of article 141, paragraph 4 of Law 6.404/76, there was no separate election.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">6.5. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">Approval, by the majority of the attending shareholders, with 809,814,622 favorable votes, 3,013,383 contrary votes and 70,333,280 abstentions, with the declarations of vote, initialed by the presiding officers, duly registered, the annual global compensation of the managers in the amount of up to R$76,407,910.00.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">6.6. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">It is registered that the shareholders Hagop Guerekmezian and Hagop Guerekmezian Filho requested installation of the Fiscal Council, and the shareholders Gera&#231;&#227;o Futuro L. Par Fundo de Investimento em A&#231;&#245;es and Osmar Ailton Alves da Cunha joined the request for installation, which, added to the distance votes received in this respect, total 1.475% of the voting stock. However, since the minimum percentage of the capital stock required was not reached, pursuant to the provisions of CVM Instruction No. 324, of January 19, 2000, the Fiscal Council was not installed in the Company.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 42.6pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">6.7.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman"> It is registered that the shareholder Osmar Ailton Alves da Cunha questioned the publication of the Financial Statements, as well as the absence of the representative from the independent auditors at the Meeting.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">7.&nbsp;&nbsp;&nbsp; Closure: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">There being no further business to be discussed, the meeting was adjourned for the time necessary to draw up these Minutes. The meeting was resumed and these minutes were read, found in compliance and signed by the Chairman, the Secretary and all attending shareholders.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">8.&nbsp;&nbsp;&nbsp; Documents Filed</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">: The Annual and Special Shareholders&#8217; Meeting Call Notice, the Management Proposal, the voting guidelines presented and the Synthetic and Consolidated Voting Maps are filed at the Company&#8217;s headquarters.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 21.3pt; TEXT-INDENT: -21.3pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">9.&nbsp;&nbsp;&nbsp; Signatures: </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">DAVID MOISE SALAMA &#8211; CHAIRMAN</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">CLAUDIA MARIA SARTI &#8211; SECRETARY</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">. </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">Shareholders: VICUNHA T&#202;XTIL S.A.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">VICUNHA A&#199;OS S.A.; RIO IACO PARTICIPA&#199;&#213;ES S.A.; CFL PARTICIPA&#199;&#213;ES S.A.; CAIXA BENEFICIENTE DOS EMPREGADOS DA CSN &#8211; CBS; OSMAR AILTON ALVES DA CUNHA; CLUBE DE INVESTIMENTO GUIDARA; CLUBE DE INVESTIMENTOS_FIBRA; CLUBE DE INVESTIMENTOS KOKUREN; FIBRA VIC FMIA CL; CSN INVEST FUNDO DE INVESTIMENTO EM ACOES; BUREAU OF LABOR FUNDS &#8211; LABOR PENSION FUND; CONSTRUCTION &amp; BUILDING UNIONS SUPER FUND; JAPAN TRUSTEE SERVICES BANK, LTD. RE: STB DAIWA E E F I M F; PANAGORA GROUP TRUST; THE MASTER TRUST BANK OF JAPAN, LTD. AS T. FOR MUTB400045795; AQR FUNDS - AQR EMERGING MOMENTUM STYLE FUND; JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND; PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO; THE MASTER TRUST BANK OF JAP, LTD. AS TR. FOR MTBJ400045828; THE MASTER TRUST BANK OF JAP., LTD. AS TR. FOR MTBJ400045829; THE MASTER TRUST BANK OF JAPAN, LTD. AS T. FOR MTBJ400045833; THE MASTER TRUST BANK OF JAPAN LTD. AS T. FOR MTBJ400045835; THE MASTER TRUST BANK OF JAPAN, LTD. </FONT>

<FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">AS TR FOR MUTB400045792; THE MASTER TRUST BANK OF JAPAN, LTD. AS T. FOR MUTB400045796; VANGUARD TOTAL INTERNATIONAL STOCK INDEX FD, A SE VAN S F; STICHTING JURIDISCH EIGENAAR ACTIAM BELEGGINGSFONDSEN; GERACAO L.PAR FUNDO DE INVESTIMENTO EM ACOES; HAGOP GUEREKMEZIAN; HAGOP GUEREKMEZIAN FILHO; DISTANCE VOTING: ADVANCED SERIES TRUST - AST PARAMETRIC EME PORTFOLIO; ADVISER MANAGED TRUST - TACTICAL OFFENSIVE EQUITY FUND; ALASKA PERMANENT FUND; ALLIANCEBERNSTEIN DELAWARE BUSINESS TRUST - A I ALL-C P S; AMERICAN HEART ASSOCIATION, INC.; AQUILA EMERGING MARKETS FUND; ARIZONA PSPRS TRUST; AT&amp;T UNION WELFARE BENEFIT TRUST; BELLSOUTH CORPORATION RFA VEBA TRUST; BLACKROCK ASSET MANAGEMENT SCHWEIZ AG ON B OF BIFS E M E I F; BLACKROCK CDN MSCI EMERGING MARKETS INDEX FUND; BLACKROCK GLOBAL INDEX FUNDS; BLACKROCK INSTITUTIONAL TRUST COMPANY NA; BLACKROCK LIFE LIMITED - DC OVERSEAS EQUITY FUND; BMO MSCI EMERGING MARKETS INDEX ETF; BNY MELLON TR &amp; DEP (UK) LIMITED AS T OF BEME TRACKER FUND; BOARD OF PENSIONS OF THE EVANGELICAL LUTHERAN CHURCH IN AMER; CAISSE DE DEPOT ET PLACEMENT DU QUEBEC; CALIFORNIA PUBLIC EMPLOYEES RETIREMENT SYSTEM; CF DV EMERGING MARKETS STOCK INDEX FUND; CIBC EMERGING MARKETS INDEX FUND; CITY OF NEW YORK GROUP TRUST; COLLEGE RETIREMENT EQUITIES FUND; COMMONWEALTH OF PENNSYLV.PUB.SCHOOL EMP RET S; COMMONWEALTH SUPERANNUATION CORPORATION; CONSULTING GROUP CAPITAL MKTS FUNDS EMER MARKETS EQUITY FUND; COUNTY EMPLOYEES ANNUITY AND BENEFIT FD OF THE COOK COUNTY; DEUTSCHE X-TRACKERS MSCI ALL WORLD EX US HEDGED EQUITY ETF; DEUTSCHE X-TRACKERS MSCI BRAZIL HEDGED EQUITY ETF; DIVERSIFIED MARKETS (2010) POOLED FUND TRUST; DREYFUS OPPORTUNITY FUNDS - DREYFUS STRATEGIC BETA E M E F; E V INTER (IRL) F PLC - E V INTER (IRL) P EMERGING M CORE F; EATON VANCE COLLECTIVE INVESTMENT TFE BEN PLANS EM MQ EQU FD; EATON VANCE INT (IR) F PLC-EATON V INT (IR) PAR EM MKT FUND; EATON VANCE MANAGEMENT; EMERGING MARKETS EQUITY ESG SCREENED FUND B; EMERGING MARKETS EQUITY INDEX MASTER FUND; EMERGING MARKETS EQUITY INDEX PLUS FUND; EMERGING MARKETS EX-CONTROVERSIAL WEAPONS EQUITY INDEX FD B; EMERGING MARKETS INDEX NON-LENDABLE FUND; EMERGING MARKETS INDEX NON-LENDABLE FUND B; EMERGING MARKETS SUDAN FREE EQUITY INDEX FUND; EVTC CIT FOF EBP-EVTC PARAMETRIC SEM CORE EQUITY FUND TR; FIAM GLOBAL EX U.S. INDEX FUND, LP; FIDELITY SALEM STREET T: FIDELITY E M INDEX FUND; FIDELITY SALEM STREET T: FIDELITY G EX U.S INDEX FUND; FIDELITY SALEM STREET T: FIDELITY TOTAL INTE INDEX FUND; FIDELITY SALEM STREET TRUST: FIDELITY SERIES G EX US I FD; FIDELITY SALEM STREET TRUST: FIDELITY SAI EMERGING M I FUND; FIRST TRUST BRAZIL ALPHADEX FUND; FIRST TRUST LATIN AMERICA ALPHADEX FUND; FLORIDA RETIREMENT SYSTEM TRUST FUND; FORD MOTOR CO DEFINED BENEF MASTER TRUST; FORD MOTOR COMPANY OF CANADA, L PENSION TRUST; FSS EMERGING MARKET EQUITY TRUST; FTSE RAFI EMERGING INDEX NON-LENDABLE FUND; FUTURE FUND BOARD OF GUARDIANS; GE INVESTMENTS FUNDS, INC.; GMO ALPHA ONLY FUND, A SERIES OF GMO TRUST; GMO M R FD(ONSH) A S O GMO M PORTIFOLIOS (ONSHORE), L.P.; GOLDMAN SACHS TRUST II- GOLDMAN SACHS MULTI-MANAGER G E FUND; GOVERNMENT EMPLOYEES SUPERANNUATION BOARD; GUIDEMARK EMERGING MARKETS FUND; HARTFORD REAL TOTAL RETURN FUND; HC CAPITAL TRUST THE COMMODITY RETURNS STRATEGY PORTFOLIO; HIGHLAND COLLECTIVE INVESTMENT TRUST; IBM DIVERSIFIED GLOBAL EQUITY FUND; IBM 401 (K) PLUS PLAN; INTERNATIONAL EXPATRIATE BENEFIT MASTER TRUST; INTERNATIONAL MONETARY FUND; INVESTORS WHOLESALE EMERGING MARKETS EQUITIES TRUST; IRISH LIFE ASSURANCE PLC; ISHARES CORE MSCI EMERGING MARKETS ETF; ISHARES CORE MSCI TOTAL INTERNATIONAL STOCK ETF; ISHARES EMERGING MARKETS FUNDAMENTAL INDEX ETF; ISHARES II PUBLIC LIMITED COMPANY; ISHARES III PUBLIC LIMITED COMPANY; ISHARES MSCI ACWI EX U.S. ETF; ISHARES MSCI BRAZIL CAPPED ETF; ISHARES MSCI BRAZIL UCITS ETF USD (ACC); ISHARES MSCI BRIC ETF; ISHARES MSCI EMERGING MARKETS ETF; ISHARES MSCI GLOBAL METALS AND MINING PRODUCERS ETF; ISHARES PUBLIC LIMITED COMPANY; ISHARES V PUBLIC LIMITED COMPANY; JAPAN TRUSTEE SERVICES BANK, LTD. SMTB EMERGING EQUITY M F; JAPAN TRUSTEE SERVICES BK, LTD. RE: RTB NIKKO BEA MOTHER FD; JOHN HANCOCK FUNDS II INTERNATIONAL STRATEGIC EQUITY ALLOCAT; JOHN HANCOCK FUNDS II STRATEGIC EQUITY ALLOCATION FUND; JOHN HANCOCK VARIABLE INS TRUST INTERN EQUITY INDEX TRUST B; KAPITALFORENINGEN INVESTIN PRO, GLOBAL EQUITIES I; KAPITALFORENINGEN LAEGERNES PENSIONSINVESTERING, LPI AEM III; LACM EMERGING MARKETS FUND L.P.; LACM EMII, L.P.; LEGAL &amp; GENERAL COLLECTIVE INVESTMENT TRUST; LEGAL &amp; GENERAL GLOBAL EMERGING MARKETS INDEX FUND; LEGAL &amp; GENERAL INTERNATIONAL INDEX TRUST; LEGAL AND GENERAL ASSURANCE PENSIONS MNG LTD; LEGAL AND GENERAL ASSURANCE SOCIETY LIMITED; LOS ANGELES CAPITAL GLOBAL FUNDS PLC; MANAGED PENSION FUNDS LIMITED; MERCER QIF FUND PLC; MM SELECT EQUITY ASSET FUND; MUNICIPAL E ANNUITY A B FUND OF CHICAGO; NATIONAL COUNCIL FOR SOCIAL SECURITY FUND; NAV CANADA PENSION PLAN; NEW </FONT>
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<FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">YORK STATE TEACHERS RETIREMENT SYSTEM; NEW ZEALAND SUPERANNUATION FUND; NORTHERN EMERGING MARKETS EQUITY INDEX FUND; NORTHERN TRUST COLLECTIVE ALL COUNTRY WORLD I (ACWI) E-U F-L; NORTHERN TRUST COLLECTIVE EMERGING MARKETS INDEX FUND-LEND; NORTHERN TRUST INVESTIMENT FUNDS PLC; NORTHERN TRUST UCITS FGR FUND; NTGI QM COMMON DAILY ALL COUNT WORLD EXUS EQU INDEX FD LEND; NTGI QUANTITATIVE MANAGEMENT COLLEC FUNDS TRUST; NTGI-QM COMMON DAC WORLD EX-US INVESTABLE MIF &#8211; LENDING; NTGI-QM COMMON DAILY EMERGING MARKETS EIF &#8211; LENDING; NTGI-QM COMMON DAILY EMERGING MARKETS EQUITY I F- NON L; PARAMETRIC EMERGING MARKETS CORE FUND; PARAMETRIC EMERGING MARKETS FUND; PARAMETRIC TAX-MANAGED EMERGING MARKETS FUND; PICTET - EMERGING MARKETS INDEX; PICTET FUNDS S.A RE: PI(CH)-EMERGING MARKETS TRACKER; POWERSHARES FTSE RAFI EMERGING MARKETS PORTFOLIO; POWERSHARES FTSE RAFI EMERGING MARKETS UCITS ETF; POWERSHARES S&amp;P EMERGING MARKETS HIGH BETA PORTFOLIO; PUBLIC EMPLOYEE RETIREMENT SYSTEM OF IDAHO; PUBLIC SECTOR PENSION INVESTMENT BOARD; RUSSELL INVESTMENT COMPANY PUBLIC LIMITED COMPANY; SCHWAB EMERGING MARKETS EQUITY ETF; SCHWAB FUNDAMENTAL EMERGING MARKETS LARGE COMPANY INDEX FUND; SCHWAB FUNDAMENTAL EMERG0ING MARKETS LARGE COMPANY INDEX ETF; SCOTTISH WIDOWS INVESTMENT SOLUTIONS FUNDS ICVC- FUNDAMENTAL; SOUTHERN CAL ED C N F Q C DC MT S ON P VD N G; SPDR MSCI EMERGING MARKETS STRATEGICFACTORS ETF; SPDR S&amp;P EMERGING MARKETS FUND; SSGA MSCI BRAZIL INDEX NON-LENDING QP COMMON TRUST FUND; SSGA SPDR ETFS EUROPE I PLC; ST STR RUSSELL FUND GL EX-U.S. INDEX NON-LEND COMMON TR FD; ST STR MSCI ACWI EX USA IMI SCREENED NON-LENDING COMM TR FD; ST. JAMES S PLACE GLOBAL EQUITY UNIT TRUST; STANLIB FUNDS LIMITED; STATE GENERAL RESERVES FUND; STATE OF MINNESOTA STATE EMPLOYEES RET PLAN; STATE OF NEW JERSEY COMMON PENSION FUND D; STATE STREET BANK AND TRUST COMPANY INVESTMENT FUNDS FOR TAX EXEMPT RETIREMENT PLANS; STATE STREET C S JERSEY L T O T COSM I F; STATE STREET EMERGING MARKETS EQUITY INDEX FUND; STATE STREET GLOBAL ADVISORS LUX SICAV. S S G E M I E FUND; STATE STREET GLOBAL EQUITY EX-US INDEX PORTFOLIO; STATE STREET IRELAND UNIT TRUST; STICHTING PENSIOENFONDS VAN DE ABN AMRO BK NV; STICHTING PENSIOENFONDS VAN DE NEDERLANDSCHE BANK N.V; STICHTING PGGM DEPOSITARY; STICHTING PHILIPS PENSIOENFONDS; SUNSUPER SUPERANNUATION FUND; TEACHER RETIREMENT SYSTEM OF TEXAS; TEACHERS RETIREMENT SYSTEM OF THE STATE OF ILLINOIS; THE BANK OF NEW YORK MELLON EMP BEN COLLECTIVE INVEST FD PLA; THE BOARD OF.A.C.E.R.S.LOS ANGELES, CALIFORNIA; THE GOVERNMENT OF HIS M THE S AND Y D-P OF BRUNEI DARUSSALAM; THE HARTFORD GLOBAL REAL ASSET FUND; THE NOMURA T AND B CO LTD RE I E S INDEX MSCI E NO HED M FUN; THE PENSION RESERVES INVESTMENT MANAG.BOARD; THE REGENTS OF THE UNIVERSITY OF CALIFORNIA; THE SEVENTH SWEDISH NATIONAL PENSION FUND - AP7 EQUITY FUND; THE STATE TEACHERS RETIREMENT SYSTEM OF OHIO; THE TEXAS EDUCATION AGENCY; TIAA-CREF FUNDS - TIAA-CREF EMERGING MARKETS EQUITY I F; TOTAL INTERNATIONAL EX U.S. I MASTER PORT OF MASTER INV PORT; TRUST &amp; CUSTODY SERVICES BANK, LTD. RE: EMERGING E P M F; UAW RETIREE MEDICAL BENEFITS TRUST; UPS GROUP TRUST; UTAH STATE RETIREMENT SYSTEMS; VANG FTSE ALL-WORLD EX-US INDEX FD, A S OF V INTER E I FDS; VANGUARD EMERGING MARKETS STOCK INDEX FUND; VANGUARD FUNDS PUBLIC LIMITED COMPANY; VANGUARD INV FUNDS ICVC-VANGUARD FTSE GLOBAL ALL CAP INDEX F; VANGUARD INVESTMENT SERIES PLC; VANGUARD TOTAL WSI FD, A SOV INTERNATIONAL EQUITY INDEX FDS; VOYA EMERGING MARKETS INDEX PORTFOLIO; WASHINGTON STATE INVESTMENT BOARD; WELLINGTON DIVERSIFIED INFLATION HEDGES FUND; WELLINGTON TRUST COMPANY N.A.; WELLS FARGO BK D OF T ESTABLISHING INV F FOR E BENEFIT TR; WILSHIRE MUTUAL FUNDS, INC. - WILSHIRE INTERNATIONAL EQUITY; WISDOMTREE EMERGING MARKETS EX-STATE-OWNED ENTERPRISES FUND; WSIB INVESTMENTS PUBLIC EQUITIES POOLED FUND TRUST.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">I attest that this is a true copy of the original document, drawn up in the appropriate book.</FONT></P>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">S&#227;o Paulo, July 3, 2017.</FONT></P>

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

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

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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><b><u><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;line-height:12.5pt;">EXHIBIT I</font></u></b></p>

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SIDER&#218;RGICA NACIONAL</font></b></p>

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<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;line-height:12.5pt;">NAME, OBJECT,
HEADQUARTERS AND DURATION</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:13.0pt;line-height:12.5pt;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 1&#160;&#160;&#160;&#160;
- </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Companhia
Sider&#250;rgica Nacional, a publicly-held corporation established on April 9, 1941,
shall be governed by these Bylaws and the applicable legislation.</font></p>

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<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 2</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&#160;&#160;&#160;&#160;  - The purpose of the
Company is to manufacture, transform and sell steel products and by products,
including importing and exporting thereof, and to exploit any other similar
activities that may, directly or indirectly, be related to the purposes of the
Company, such as: mining, cement and carbon-chemical industries, metallic
structure manufacture and assembly, construction, transportation, navigation
and port activities, as well as energy generation, management and trade in
different forms and modalities, and holding equity interest in other domestic
or international business incorporated under any form of partnership.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 3</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&#160;&#160;&#160;&#160;  - The Company has
its head office and jurisdiction in the city of S&#227;o Paulo, State of S&#227;o Paulo,
and may, as resolved by the Executive Board, open, transfer or close branches,
branch offices, agencies or representation offices, or establishments of any
other type, in any part of the country or abroad.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 4</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&#160;&#160;&#160;&#160;  - The Company shall
remain in existence for an indefinite term.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Chapter
II</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">CAPITAL
AND SHARES</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 5</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The capital stock of
the Company, fully subscribed and paid in, is four billion, five hundred and
forty million </font><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Reais</font></i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> (R$4,540,000,000.00), divided into one billion,
three hundred and eighty-seven million, five hundred and twenty-four thousand
and forty-seven (1,387,524,047) common, book-entry shares with no par value.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 6 </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">- Each common share shall
entitle the holder to one (01) vote in the resolutions of the General Meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 7 -
</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">The
capital stock of the Company may be increased to up two billion four hundred
million (2,400,000,000) shares, by decision of the Board of Directors,
regardless of any statutory reform.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 1 -
The authorized capital stock may be reached, upon one or more share issues, at
the discretion of the Board of Directors.</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_7"></a><a name="_bclPageBorder7"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 2  - Shareholders shall have preemptive rights in
the case of subscription to a capital increase in proportion to the number of
shares held.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 3  -
At the discretion of the Board of Directors, preemptive rights for former
shareholders may be excluded or the deadline for their exercise may be reduced
in the case of the issue of shares and share-convertible debentures or
subscription warrants, which are placed through sale on the stock exchange or
by public subscription or through an exchange of shares in a public offer for
the acquisition of control, pursuant to the prevailing legislation. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 4 -
The Board of Directors shall establish the price, term and conditions of each
issue. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 5 -
Shareholders who fail to pay in the subscribed shares, as per the subscription
order or call, shall be declared, for all legal purposes, to be in default and
shall pay the Company interest of one percent (1%) per month or a fraction
thereof, from the first (1st) day as of the failure to perform the obligation,
adjusted for inflation pursuant to the law, in addition to a fine equivalent to
ten per cent (10%) of the amount in arrears and not paid in.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Chapter
III</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">GENERAL
MEETING</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 8&#160;&#160;&#160;&#160;
- </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">The
General Meeting is empowered to decide on all business related to the Company,
take any resolutions it deems appropriate for its defense and development, and
shall be called, with an indication of the agenda, as provided for by the law. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Art. 9&#186;</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&#160;&#160;&#160; -&#160;&#160;&#160; The General
Meeting shall be convened by the Board of Directors and chaired by the chairman
of the Board of Directors or, in his or her absence, by whomever he or she
appoints. The chairman shall appoint the secretary of the General Meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 1 - Prior
to convening the General Meeting, shareholders must sign the Attendance Book
informing their name, nationality, residence and the quantity of shares held by
them. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 2  -
The list of shareholders attending the meeting shall be closed by the chairman
immediately after the General Meeting is convened. Shareholders arriving to the
General Meeting after the closing of the list shall be able to participate in
the meeting, although they shall not be entitled to vote any corporate
decisions, and their actions shall not be valid for purposes of quorum or the
votes attributed to each shareholder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 3 - In
order to participate and vote in General Meetings, shareholders must evidence
their condition as such, by presenting a document issued by the financial
institution that is the depositary of book-entry shares, as well as the
identification documents of the shareholder, or, as the case may be, of the
attorney in fact, together with the power of attorney. Should the shareholder
be a legal entity or investment fund, it must also present the documents
evidencing the authority and the identification of the persons attending the
Meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 10&#160;&#160; </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">The General Meeting shall
meet ordinarily in the first four months following the end of the fiscal year
in order to discuss matters referred to in article 132 of Law 6.404 of December
15, 1976, and extraordinarily whenever corporate interests so require.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_8"></a><a name="_bclPageBorder8"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 11</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&#160;&#160; Shareholders represented by a legal representative must
submit the power-of-attorney to the company's headquarters up to forty-eight (48)
hours before the time established for the Meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Chapter
IV</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">MANAGEMENT</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;text-decoration:none;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Section
I</font></u></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;text-decoration:none;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Standard Rules</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 12</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The management of the
Company shall be incumbent upon the Board of Directors and the Board of
Executive Officers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 13
-</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> The
remuneration of the managers shall be established by the General Meeting in
accordance with the provisions of this article.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 1 - The
fixed overall or individual remuneration of the managers, at the discretion of
the General Meeting, shall comprise a fixed monthly amount, which are the fees,
and in the case of the executive officers, may also include a variable amount
to be paid yearly, calculated on the net income of the Company after formation
of the reserves required by law, including for the payment of income tax, and
of the provision for mandatory dividends. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 2  -
In the event that the General Meeting establishes an aggregate amount for the
managers&#8217; remuneration, it is incumbent on the Board of Directors to distribute
said amount.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Section
II</font></u></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;text-decoration:none;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">BOARD
OF DIRECTORS</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 14</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The Board of Directors
is composed of up to eleven (11) members, elected or dismissed at any time by
resolution of the General Meeting, with a term of office of two (2) years,
reelection being allowed. One member shall be the Chairman and another the
Vice-Chairman. The term of office of the Board Members shall extend until the
investiture of their successors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 1 - The
Chairman and Vice-Chairman of the Board of Directors shall be chosen by their
peers, by majority vote, at the first meeting held after their investiture.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 2&#160;&#160; -
In the event that the employees of the Company, whether or not joined in an
investment club or as co-owners, do not have a sufficient shareholding to
guarantee membership on the Board of Directors, one position on the Board shall
be reserved for the person chosen by the employees and in such a capacity,
indicated to the General Meeting, through a specific procedure, to be elected
to fill said position.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 15</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The Board of Directors
shall meet, ordinarily at least once each quarter, and extraordinarily whenever
called by the Chairman, the Vice-Chairman, when exercising the role of chairman,
or the majority of its Members.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 1 - The
meetings of the Board of Directors shall only be installed with the attendance
of a majority of its members, and shall be presided over by its Chairman.</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_9"></a><a name="_bclPageBorder9"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 2  - The Board of Directors meetings may be held,
exceptionally, by conference call, video conferencing, electronic mail, or
other means of communication, computing as present those members who manifest
by any of these means.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 3  -
Minutes of the meetings shall be drawn up in a book for this purpose and, after
being read and approved by those members present, shall be signed by a
sufficient number to constitute the majority required for approval of the
matters under examination.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 4  -
Board resolutions shall be passed by a majority vote of those present. In the
event of a tie, the Chairman of the meeting shall have the casting vote, in
addition to his own.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 5  -
Meetings shall be called at least seventy-two (72) hours prior to the date of
the meeting, except in case of urgency. The presence of all members of the
Board of Directors shall wave any call formality. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 6  -
The Board of Directors shall have a General Secretary, in whose absence shall
be replaced by another employee or manager designated by the Chairman of the
Board.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 16</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - In the cases of
vacancy, temporary impediment, or absence of a member of the Board of
Directors, the following rules shall be observed:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">I. In the case
of vacancy of any member of the Board of Directors, the remaining members shall
appoint a substitute to serve until the Company's next General Meeting, if the
number of remaining members is less than the minimum provided for in the law,
and who, if confirmed by the respective General Meeting, shall complete the
term of the member replaced.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">II. In the
case of temporary impediment or absence of any member of the Board of
Directors, the absent or impeded member may indicate a replacement from among
the other members, who shall replace and represent the impeded or absent member
as long as the impediment lasts. If said impediment lasts for more than ninety
days, however, the position shall be deemed to be vacant.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">III. If the
vacancy occurs in the position of Chairman, the Vice-Chairman shall assume the
office of Chairman or, in the lack thereof, by another member chosen by the
remaining members. In the case of the Chairman's temporary impediment or
absence, he shall be replaced by the Vice-Chairman or, in the lack thereof, by
another member appointed by him.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">IV. In the
cases of temporary impediment or absence under this Article 16, representatives
shall act on their own behalf and on that of the members represented.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 17</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - Board Members shall,
upon request, receive copies of the minutes of meetings of the Board of
Executive Officers and any special committees created by the Board of Directors
hereunder.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 18</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The Board of Directors
may form special committees to assist it, with defined purposes and limited
terms of activities, designating the members thereof.</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_10"></a><a name="_bclPageBorder10"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Sole Paragraph
- The special committees created by the Board of Directors shall have neither
an executive nor a deliberative function and their recommendations, proposals
and/or opinions should be submitted for consideration by the Board of
Directors.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 19</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - In addition to the
duties established by law, it is incumbent upon the Board of Directors:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">I. to
establish the general policy for the businesses of the Company, its
wholly-owned subsidiaries and controlled companies;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">II. to approve
the annual and pluriannual budgets, expansion projects and investment programs,
and to follow up on execution and performance thereof;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">III. to call
on the general meeting;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">IV. to elect
and dismiss the members of the Board of Executive Officers and assign their
duties;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">V. to elect
and dismiss the members of the Audit Committee and, if a position becomes
vacant, to elect a substitute to complete the term of office of the replaced
member;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">VI. to assign
to an Executive Officer the function of investor relations officer, which may
or may not be exercised concurrently with other executive functions and whose
powers are establish&#160;&#160;&#160;&#160;&#160;&#160; by law;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">VII. to
appoint and dismiss the Company's independent auditors after hearing the
recommendation of the Audit Committee;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">VIII. to
appoint and dismiss the person responsible for the internal audit, who shall be
a legally qualified employee of the Company and report to the Chairman of the
Board of Directors;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">IX. to decide
on capital increases within the limits of authorized capital, observing the provisions
of Article 7 of these Bylaws;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">X. to
authorize trading by the Company of its own shares for maintenance in treasury
for subsequent sale or cancellation;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XI. to
establish the terms and other conditions for the placement of debentures,
including those convertible to shares, specifying the limit of the capital
increase resulting from the conversion of the debentures and the type and class
of shares to be issued, as well as determining the conditions stated in items
VI to VIII inclusive of article 59 of Law 6.404/76 and the opportunity for
issuance;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_11"></a><a name="_bclPageBorder11"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XII. to decide on the issuance by the Company of commercial
papers, bonds, notes, and other securities intended to raise funds through
primary or secondary distribution on the domestic or international capital
markets;&#160; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XIII. to
delegate and establish criteria for the following acts by the Executive
Officers, independently of prior authorization by the Board of Directors;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:198.45pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">a) acquisition
or disposal of any assets of the Company;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:198.45pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:198.45pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">b) performance
of any transaction, operation, agreement or arrangement of any nature,
including financing and loans in isolation or jointly, with due regard for the
matters incumbent on the Executive Board, as provided for in article 21 hereof;
and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:198.45pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:198.45pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">c)
constitution of any type of guarantee or encumbrance on any asset of the
Company, including for the benefit or in favor of third parties, as long as the
party is a subsidiary entity, subsidiary or affiliate of the Company;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:198.45pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:198.45pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">d)
representation of the Company at General Meetings, shareholders meetings and/or
equivalent meetings held by the companies, consortiums and other entities in
which the Company may hold an equity interest, as well as regarding the matters
submitted to said meetings; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:198.45pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XIV. to decide
on the operation or action constituting a transfer of the Company's funds to
others, including employee associations, recreational assistance entities,
pension funds, foundations and public corporations;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XV. to resolve
on any acts involving transformation, consolidation, spin-off, incorporation or
liquidation of companies in which the Company has corporate holding, directly
or indirectly, as well as regarding the incorporation of companies in Brazil or
abroad, by the Company and its subsidiaries;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XVI. to
resolve on the Company&#8217;s interest in (i) other companies or undertakings, as
partner or shareholder, including through consortiums or special partnerships,
(ii) in partnership agreements, shareholders&#8217; agreements or partners&#8217;
agreements; and (iii) in capital increases in the companies in which the
Company holds an equity interest;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XVII. to
appoint and dismiss the General Secretary of the Board of Directors and define
his duties;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XVIII. to
establish policies for taking up tax incentives;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XIX. to
establish the remuneration, determine the duties, and approve the operational
rules for the functioning of the Audit Committee and any other committees that
may be created to support it;</font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_12"></a><a name="_bclPageBorder12"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">
<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XX.&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; to resolve any omissions and perform other legal
duties that do not conflict with those established by these Bylaws or by Law;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">XXI. to
resolve on any matters listed in item XIII of article 19 hereof, except for the
possibility that the Board delegates and gives powers of authority to the
Executive Board, as provided for in said item.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:7.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Sole paragraph
&#8211; Relating to item XIII hereof, the Board of Directors may delegate and give
powers of authority regarding the practice of said acts by two Executive
Officers, who must always sign jointly, regardless of approval by the meetings
of the Executive Board and/or the Board of Directors. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:7.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><u><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Section
III</font></u></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;text-decoration:none;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">EXECUTIVE
BOARD</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 20</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&#160;&#160;&#160;&#160; The Company shall
have a Board of Executive Officers composed of two (2) to nine (9) Executive
Officers, at the discretion of the Board of Directors, one of whom to be the
Chief Executive Officer and the other, Executive Officers, each having an area
of activity determined by the Board of Directors, one of whom shall be
designated as the investor relations officer.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 1 - The
term of office of the Executive Officers is two (2) years, reelection being
allowed, and shall last until their respective successors take office;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 2 - In
the case of impediment or vacancy of any Officer, said Officer shall be
replaced in accordance with the determination of the Board of Directors. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 3 - The
Executive Officers shall perform their duties on a full-time basis.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 21</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&#160;&#160;&#160;&#160; - With due regard for
the guidelines and resolutions of the Board of Directors and the General
Meeting, the Board of Executive Officers shall have authority to administer and
manage the business of the Company, with powers to perform all acts and carry
out all transactions related to the purpose of the Company, with due regard for
the provisions established by the Board of Directors (Article 19, item XIII)
and other provisions provided for herein.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 1 &#8211;
In addition to the attributions provided for herein, it shall be incumbent on
the Executive Board to resolve on the following matters:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><i><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></i></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">I. to appoint
an Executive Officer or attorney in fact with specific powers to represent the
Company severally in certain acts, except as provided for in article 25, II;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">II. to
authorize the opening, transfer or closing of branches, agencies,
representation offices or establishments of any other kind of the Company, in
any region of Brazil or abroad; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">III. to
approve the names of the persons to be appointed by the Company to the
executive boards and boards of directors, advisory, fiscal and decision-making
councils of subsidiaries directly or indirectly controlled </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">by
or associated with the Company, as well as associations, foundations and other
types of corporate groups in which the Company participates.</font></p>
</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV><a name="page_13"></a><a name="_bclPageBorder13"></a><DIV STYLE="PADDING-RIGHT: 0%; PADDING-LEFT: 0%">


<p style="margin:0in;margin-bottom:.0001pt;margin-left:127.6pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 2 -
It is incumbent on the Executive Officers, always in pairs, regardless of the
approval by the meetings of the Executive Board or the Board of Directors:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">I. authorize
audits in companies, associations, foundations and similar entities in which
the Company participates;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">II. to
negotiate confidentiality agreements;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">III. to engage
routine bank services, under any modality, which are in line with the practices
of the Company;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">IV. to enter
into loan and export prepayment agreements (exports advance payments) between
the Company and subsidiaries in which the Company has equity interest of at
least 99%; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">V. to authorize
the provision of surety in real estate lease agreements for employees and
Executive Officers.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 22</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The Board of Executive
Officers shall meet whenever summoned by the Chief Executive Officer or by two
Executive Officers, and shall be installed if a majority of its members are
present.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 1 - The
Board of Executive Officers shall decide always by a majority vote of those
present. In the event of a tie, the Board of Executive Officers shall submit
the matter to the Board of Directors for resolution. </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 2 - Resolutions
of the Board of Executive Officers shall be recorded in minutes drawn up in the
proper book and signed by a number of attendants that is sufficient to
constitute the majority required for approval of the matters discussed, the
copies of all minutes being sent to the members of the Board of Directors upon
request.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 23</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The Chief Executive
Officer shall:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">I - preside
over meetings of the Board of Executive Officers;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">II. carry out
the executive direction of the Company, to that end coordinating and
supervising the activities of the other Executive Officers, ensuring full
observance of the resolutions and policies established by the Board of
Directors and General Meeting;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">III. organize,
coordinate and supervise the activities of the areas directly subordinated to
him;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">IV. assign
special activities and duties to any of the Executive Officers independently of
their normal ones, ad referendum of the Board of Directors;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">V. keep the
Board of Directors informed of the activities of the Company; </font></p>


</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<A name="page_14"></A>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">VI -&nbsp;prepare, with the assistance of the other Executive Officers, and submit to the Board of Directors proposals to (i) define the duties of the other Executive Officers; and (ii) establish the criteria as to amounts or limit for expenditure for acts by each of the Executive Officers; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">VII - prepare the annual report and draw up the balance sheet, together with the other Executive Officers.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 5.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">Article 24</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman"> - It is incumbent upon each of the Executive Officers, within the specific sphere of activity assigned to them by the Board of Directors:</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 5.1pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">I. &nbsp;&nbsp; to represent the Company in accordance with the law and these Bylaws;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">II. &nbsp; to organize, coordinate and supervise the services for which they are responsible;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">III. to attend Board of Executive Officers meetings, helping define the policies to be followed by the Company and reporting on matters in their respective areas of supervision and coordination; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">IV -&nbsp;&nbsp; to comply and cause compliance with the policies and general guidelines for the business of the Company established by the Board of Directors, each Executive Officer being responsible for his specific area of activity.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 120.5pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 5.1pt"><B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">Article 25</FONT></B><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">&nbsp;&nbsp;&nbsp;&nbsp; The representation of the Company and the practice of acts necessary for its normal operation shall be the responsibility of the Executive Officers, subject to the following provisions.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 5.1pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 113.4pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">I. All acts, agreements or documents that imply responsibility for the Company or that release third parties from responsibilities or obligations with the Company shall be signed (a) by two Executive Officers, (b) by an Executive Officer and one attorney in fact with these specific powers, or (c) by two attorneys in fact with these specific powers, under penalty of not being binding upon the Company; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 113.4pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 5.65pt 0pt 113.4pt"><FONT lang=EN-US style="FONT-SIZE: 12pt; LINE-HEIGHT: 102%" face="Times New Roman">II. With the exception of the provisions in these Bylaws, the Company may be represented in isolation by any one Executive Officers or attorney in fact with special powers in the following circumstances: (i) when performing simple routine administrative acts, including those in connection with government departments in general, autonomous government entities, government-owned companies, mixed-capital companies, the Commercial Registry, Labor Courts, National Social Security Institute, Unemployment Compensation Fund, and its banks, (ii) before public service concessionaires or licensees in acts that do not imply the assumption or release of third party obligations; (iii) to protect its rights in administrative proceedings or of any nature, and in meeting its tax, labor, or social security obligations; (iv) in the endorsement of securities for purposes of collection or deposit in the Company's bank accounts; (v) in general meetings of shareholders, partners&#8217; meetings and/or the equivalent of companies, consortia, and other entities in which the Company holds equity, &nbsp;(vi) &nbsp;for the purpose of receiving </FONT>

<font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">subpoenas, citations,
notices, or judicial notifications in active and passive representation of the
Company in court and testify in person, or similar acts, without the power of confession,
and (vii) the signature of documents of any kind that may result in the
assumption of commitments in circumstances in which the presence of a second
representative is not possible and if authorized by the Board of Executive
Officers (Art. 21, Paragraph 1, Item I)</font></P>

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<p style="margin:0in;margin-bottom:.0001pt;margin-left:113.4pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 1 - The
acts for which these Bylaws require prior authorization by the Board of
Directors may only be performed after said condition has been met;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 2&#160;&#160; -
The Board of Directors shall define the amount above which the acts and
instruments entailing liabilities for the Company shall necessarily be signed
by an Executive Officer jointly with an attorney in fact with specific powers;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 26</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The following rules
shall be observed as regards the appointment of attorneys in fact:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">I. all powers
of attorney shall be signed by two Executive Officers or by one Executive
Officer jointly with an attorney in fact appointed by the Board of Directors;
and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">II. all powers
of attorney shall be granted for a specific term of no more than one year, with
specific and limited powers, except for &#8220;ad judicia&#8221; powers of attorney, or
those granted to lawyers regarding administrative proceedings filed with the
Brazilian Federal Revenue Service, State Departments, Municipal Departments and
the National Department of Mineral Production &#8211; DNPM, which may be granted for
an indefinite period.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 27</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - Any acts performed
without due regard for the rules established in these Bylaws, particularly in
articles 25 and 26, shall be null and void, and shall not give rise to any
liabilities for the Company.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Chapter
V</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">FISCAL
COUNCIL</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 28</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - Designed to function in
the fiscal years in which it is constituted at the request of shareholders, the
Fiscal Council shall be composed of three (3) sitting members and three (3) alternates
elected by the General Meeting, which shall establish the compensation of the
sitting members.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Sole Paragraph
- The Fiscal Council's term of office ends upon the first Annual General
Meeting held after it has been constituted.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Chapter
VI</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">AUDIT
COMMITTEE</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>


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<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:102%;">Article 29 - </font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:102%;">The
Company shall have an Audit Committee composed of three (3) members elected by
the Board of Directors from among its members, with term of office of</font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> two (2) years, reelection
being allowed.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;layout-grid-mode:line;line-height:102%;">Sole Paragraph - The Board of Directors shall approve the Internal Rules
of the Committee, whereby its functions and duties, which shall comply with the
laws and regulations applicable to audit committees, shall be determined.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Chapter
VII</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">FISCAL
YEAR, BALANCE SHEETS AND PROFITS</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 30</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The fiscal year shall
end on December 31 of each year, when the Financial Statements shall be drawn
up and, after examination by the Board of Directors, submitted to the General
Meeting, along with the proposal for allocation of net income for the year.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 1 - The
accumulated losses and provision for income and social contribution taxes shall
be deducted from the result of the year, prior to any profit sharing.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 2 - The
net income shall mandatorily have the following allocation:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">I &#8211; five per
cent (5%) shall be allocated to the legal reserve fund until reaching twenty
per cent (20%) of the subscribed capital stock;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">II &#8211; payment
of mandatory dividends (Article 33);</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">III &#8211;
allocation of the remaining income shall be resolved by the General Meeting,
observing the legal precepts.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:7.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Paragraph 3 - The
Board of Directors may propose, for the deliberation of the Meeting, the
deduction of at least one percent (1%) from net income for the year for the
establishment of a Working Capital and Investment Reserve, in accordance with
the following precepts:</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:7.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">I &#8211; its
constitution shall not jeopardize the right to minimum mandatory dividends
referred to in Article. 33; </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">II &#8211; its
balance in conjunction with the other income reserves, excluding reserves for
contingencies and unrealized profits, may not exceed the Company&#8217;s capital
stock, under penalty of capitalization or distribution in cash of the surplus
at the discretion of the General Meeting;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">III. the
Working Capital and Investment Reserve is intended to ensure the maintenance
and development of activities that constitute the Company's corporate purpose
and investments in fixed assets, and/or additions to working capital including
through amortizations of the Company&#8217;s debt, independently of the retention of
profits linked to the capital budget;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">IV. its
balance may be used (i) to absorb losses whenever necessary, (ii) for the
distribution of dividends at any time, (iii) for the redemption, refund, or
purchase of shares as authorized by law, and (iv) be incorporated into the </font><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Company&#8217;s capital, including through stock bonuses
consisting of new shares.</font></p>
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<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:5.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">31</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - In addition,
it shall be incumbent upon the Board of Directors: </font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:5.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">I &#8211; to
determine the drawing up of half-yearly and quarterly balance sheets, or for
shorter periods, observing the legal precepts;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:5.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">II &#8211; to
approve the payment of any additional or interim dividends, including as a
total or partial advance on the mandatory dividend for the year in progress,
observing the legal provisions;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:5.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">III &#8211; to
declare dividends to the year&#8217;s profit account verified in the half-yearly
balance sheets, retained earnings or profit reserves existing in the last
annual or half-yearly balance sheet; and</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:5.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">IV &#8211; pay
interest on equity attributing the interest paid or credited to the mandatory
dividend (Article 33), pursuant to Article 9, paragraph 7 of Law 9.249 of
December 26, 1995.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:120.5pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:5.0pt;line-height:102%;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">32</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The Board of
Directors&#8217; act to resolve on the advance payment of the mandatory dividend
shall determine if these payments shall be monetarily restated, deducted from
the mandatory dividend for the year and once this deduction is determined, the
Annual General Meeting shall be the payment of the mandatory balance, if any,
as well as the reversal to the original account of the amount paid in advance.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:5.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 33</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; The
dividend distribution in each year shall not be less than twenty-five percent
(25%) of the net income, adjusted pursuant to article 202 of Law 6.404 of
December 15, 1976, and in compliance with Article 30 hereof.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:5.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article 34</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - Dividends and interest
on shareholders&#8217; equity shall be paid on the dates and at the places indicated
by the Executive Officer in charge of the Investor Relations area, in
accordance with the terms established by the General Shareholders&#8217; Meeting or
the Board of Directors, when applicable. If not claimed within three (3) years
as from the beginning of the payment, dividends shall become time-barred in
favor of the Company.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:5.0pt;line-height:102%;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Chapter
VIII</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p align=center style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:center;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">DISSOLUTION
AND LIQUIDATION</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Article</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> </font><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">35</font></b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;"> - The Company
shall be dissolved, liquidated or extinguish in the events established by Law,
with due regard for the applicable rules, or as resolved by the General
Meeting.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><b><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">&nbsp;</font></b></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-left:5.1pt;margin-right:5.65pt;margin-top:0in;text-align:justify;"><font face="Times New Roman" lang=EN-US style="font-size:12.0pt;line-height:102%;">Sole Paragraph
- The General Meeting that approves the liquidation shall appoint the
liquidator and the members of the Fiscal Council that shall function during the
liquidation period, establishing their respective fees and the guidelines for
its operation.</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.5pt;">&nbsp;</font></p>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;"><font face="Times New Roman" lang=EN-US style="font-size:11.0pt;line-height:12.5pt;">&nbsp;</font></p>

<div align=left><table cellpadding=0 cellspacing=0 border=0 style="border-collapse:collapse;width:100%;">
 <tr>
  <td valign=top width=51% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:40.4pt;text-align:center;"><font color=windowtext face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:150%;text-decoration:none;">_______________________</font></p>
  </td>
 <td valign=top width=49% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:40.4pt;text-align:center;"><font color=windowtext face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:150%;text-decoration:none;">________________________</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=51% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:40.4pt;text-align:center;"><font color=windowtext face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:150%;text-decoration:none;">David Moise Salama</font></p>
  </td>
 <td valign=top width=49% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:40.4pt;text-align:center;"><font color=windowtext face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:150%;text-decoration:none;">Claudia Maria Sarti</font></p>
  </td>
 </tr>
<tr>
  <td valign=top width=51% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:40.4pt;text-align:center;"><font color=windowtext face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:150%;text-decoration:none;">Chief Executive Officer</font></p>
  </td>
 <td valign=top width=49% style="padding:0in 5.4pt 0in 5.4pt;">
  <p align=center style="margin:0in;margin-bottom:.0001pt;margin-right:40.4pt;text-align:center;"><font color=windowtext face="times new roman" lang=EN-US style="font-size:11.0pt;line-height:150%;text-decoration:none;">Secretary</font></p>
  </td>
 </tr>
</table></div>

<p style="margin:0in;margin-bottom:.0001pt;margin-top:6.0pt;"><font face=calibri,sans-serif lang=EN-US style="font-size:10.0pt;line-height:12.5pt;">&nbsp;</font></p>





</DIV><HR noshade align="center" width="100%" size=2><DIV STYLE="page-break-before: always">&nbsp;</DIV>
<A name="page_18"></A>

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<DIV align=left>

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   <P style="MARGIN: 0in 0in 0pt">
   <IMG id=Imagem10 src="x17112714011500.jpg" width=71 height=59>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="77%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>MESQUITA PEREIRA, ALMEIDA, ESTEVES ADVOGADOS</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>LIST OF VOTES - 11973</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.5pt" color=windowtext face=arial,sans-serif>1 / 1</FONT></P>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.5pt" color=windowtext face=arial,sans-serif>06/30/2017</FONT></P></TD></TR>

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   <P style="MARGIN: 7.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>COMPANY&#8217;S DATA</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=6 width="21%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 4pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>VOTING LEGEND</FONT></B></P>

   <P style="MARGIN: 3.8pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A) ABSTENTION</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 105%" color=windowtext face=arial,sans-serif>(C) CONTRARY</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 105%" color=windowtext face=arial,sans-serif>(F) FAVORABLE</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.35pt" color=windowtext face=arial,sans-serif>(O) OTHERS</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>Company</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="67%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>COMPANHIA SIDERURGICA NACIONAL</FONT></B></P></TD></TR>

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   <P style="MARGIN: 3.55pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Custodian</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="67%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.5pt" color=windowtext face=arial,sans-serif>J.P. MORGAN S.A. - DISTRIBUIDORA DE T&#205;TULOS E VALORES MOBILI&#193;RIOS</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>Date of the Event</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="67%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 11pt" color=windowtext face=arial,sans-serif>03/07/2017 11:00 </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 11pt" color=windowtext face=arial,sans-serif>AM</FONT></P></TD></TR>

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   <P style="MARGIN: 3.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>EVENT - Annual Shareholders&#8217; Meeting - 2nd Call</FONT></B></P></TD></TR>

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   <P style="MARGIN: 4.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ISIN </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>- </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>BRCSNAACNOR6 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CSNA3</FONT></B></P></TD></TR>

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   <TD width="11%">&nbsp;</TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>PASSENGER</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>SK</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>POSITION</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CNPJ</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>AQR FUNDS - AQR EMERGING MOMENTUM STYLE FUND</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A) II.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261411-4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>3200</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>20.047.294/0001-14</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A) II.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>259002-9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>178300</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>13.981.241/0001-00</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A) II.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261038-0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>77700</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>97.540.082/0001-07</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045828</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A) II.(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261456-4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>662900</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>20.196.632/0001-80</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045829</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A) II.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261457-2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>692700</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>20.196.633/0001-24</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045833</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A) II.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>260018-0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>132900</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>14.819.360/0001-24</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045835</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A)II.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>260020-2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>308100</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>14.819.363/0001-68</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB400045792</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A) II.(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261350-9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>700400</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>19.822.653/0001-84</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB400045795</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A) II.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261483-1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>569100</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>20.270.308/0001-64</FONT></P></TD></TR>

<TR style="HEIGHT: 39.75pt">

   <TD style="HEIGHT: 39.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10</FONT></P></TD>

   <TD style="HEIGHT: 39.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB4000405796</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A) II.(C)</FONT></P></TD>

   <TD style="HEIGHT: 39.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261332-0</FONT></P></TD>

   <TD style="HEIGHT: 39.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>617200</FONT></P></TD>

   <TD style="HEIGHT: 39.75pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>19.808.699/0001-49</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>11</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND, A SERIES OF VANGUARD STAR FUNDS</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(A) II.(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>251363-6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6003344</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>97.540.615/0001-42</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face="courier new"></FONT>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 12pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ITEM</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Number)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Description</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Vote)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Position</FONT></P></TD></TR>

<TR style="HEIGHT: 16pt">

   <TD style="HEIGHT: 16pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1.1.</FONT></P></TD>

   <TD style="HEIGHT: 16pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(11)</FONT></P></TD>

   <TD style="HEIGHT: 16pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>FAVORABLE</FONT></P></TD>

   <TD style="HEIGHT: 16pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(F)</FONT></P></TD>

   <TD style="HEIGHT: 16pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>9,945,844</FONT></P></TD></TR>

<TR style="HEIGHT: 13pt">

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1.2.</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(11)</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="HEIGHT: 13pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>9,945,844</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1.3.</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(11)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>9,945,844</FONT></P></TD></TR>

<TR style="HEIGHT: 17pt">

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>II.</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(8)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CONTRARY</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(C)</FONT></P></TD>

   <TD style="HEIGHT: 17pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>2,579,200</FONT></P></TD></TR>

<TR style="HEIGHT: 9pt">

   <TD style="HEIGHT: 9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>II.</FONT></P></TD>

   <TD style="HEIGHT: 9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(3)</FONT></P></TD>

   <TD style="HEIGHT: 9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="22%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>FAVORABLE</FONT></P></TD>

   <TD style="HEIGHT: 9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="24%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(F)</FONT></P></TD>

   <TD style="HEIGHT: 9pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="29%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>7,366,644</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=calibri,sans-serif></FONT>&nbsp;</P>

<DIV></DIV>

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



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

<A name="page_19"></A>

<DIV align=left>

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



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt">
   <IMG id=Imagem10 src="x17112714011500.jpg" width=71 height=59></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="78%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>MESQUITA PEREIRA, ALMEIDA, ESTEVES ADVOGADOS</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>LIST OF VOTES - 11973</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.5pt" color=windowtext face=arial,sans-serif>1 / 1</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 3.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.5pt" color=windowtext face=arial,sans-serif>6/29/2017</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 7.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>COMPANY&#8217;S DATA</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=6 width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 4pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>VOTING LEGEND</FONT></B></P>

   <P style="MARGIN: 3.8pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A) ABSTENTION</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 105%" color=windowtext face=arial,sans-serif>(C) CONTRARY</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 105%" color=windowtext face=arial,sans-serif>(F) FAVORABLE</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.35pt" color=windowtext face=arial,sans-serif>(O) OTHERS</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>Companhia</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>COMPANHIA SIDERURGICA NACIONAL</FONT></B></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 3.55pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Custodian</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.5pt" color=windowtext face=arial,sans-serif>ITAU UNIBANCO S.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>Date of the Event</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 11pt" color=windowtext face=arial,sans-serif>3/7/2017 11:00 </FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 11pt" color=windowtext face=arial,sans-serif>AM</FONT></P></TD></TR>

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   <P style="MARGIN: 3.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>EVENT - Annual Shareholders&#8217; Meeting - 2nd Call</FONT></B></P></TD></TR>

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   <P style="MARGIN: 4.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ISIN </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>- </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>BRCSNAACNOR6 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CSNA3</FONT></B></P></TD></TR>

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   <TD width="12%">&nbsp;</TD>

   <TD width="68%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR></TABLE></DIV>

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

<DIV align=left>

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<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="66%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>PASSENGER</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>SK</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>POSITION</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CNPJ</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>STICHTING JURIDISCH EIGENAAR ACTIAM BELEGGINGSFONDSEN</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.(F) I.2.(A) I.3.(F) II.(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="MARGIN: 1.1pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.1pt" color=windowtext face=arial,sans-serif>9669-2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 1.1pt 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.1pt" color=windowtext face=arial,sans-serif>46240</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="MARGIN: 2pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.2pt" color=windowtext face=arial,sans-serif>24.992.329/0001-44</FONT></P></TD></TR>

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   <TD width="3%">&nbsp;</TD>

   <TD width="63%">&nbsp;</TD>

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   <TD width="10%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0.5pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT>&nbsp;</P>

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<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ITEM</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Number)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Description</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Vote)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Position</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.1.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>FAVORABLE</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>46,240</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.2.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>46,240</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.3.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>FAVORABLE</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>46,240</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>II.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>FAVORABLE</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>46,240</FONT></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT>&nbsp;</P>

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

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<TR>

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   <P style="MARGIN: 0in 0in 0pt">
   <IMG id=Imagem10 src="x17112714011500.jpg" width=71 height=59></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="78%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>MESQUITA PEREIRA, ALMEIDA, ESTEVES ADVOGADOS</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>LIST OF VOTES - 11976</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.5pt" color=windowtext face=arial,sans-serif>1 / 1</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 3.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.5pt" color=windowtext face=arial,sans-serif>6/29/2017</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 7.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>COMPANY&#8217;S DATA</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=6 width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 4pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>VOTING LEGEND</FONT></B></P>

   <P style="MARGIN: 3.8pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A) ABSTENTION</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 105%" color=windowtext face=arial,sans-serif>(C) CONTRARY</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 105%" color=windowtext face=arial,sans-serif>(F) FAVORABLE</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.35pt" color=windowtext face=arial,sans-serif>(O) OTHERS</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>Company</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>COMPANHIA SIDERURGICA NACIONAL</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 3.55pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Custodian</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.5pt" color=windowtext face=arial,sans-serif>ITAU UNIBANCO S.A.</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>Date of the Event</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 11pt" color=windowtext face=arial,sans-serif>3/7/2017 11:00 AM</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 3.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>EVENT </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>&#8211; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Special Shareholders&#8217; Meeting </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>&#8211;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif> 2nd Call</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 4.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ISIN </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>- </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>BRCSNAACNOR6 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CSNA3</FONT></B></P></TD></TR>

<TR>

   <TD width="12%">&nbsp;</TD>

   <TD width="68%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="66%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>PASSENGER</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>SK</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>POSITION</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CNPJ</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>STICHTING JURIDISCH EIGENAAR ACTIAM BELEGGINGSFONDSEN</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="MARGIN: 1.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>9669-2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 1.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>46240</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="MARGIN: 1.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>24.992.329/0001-44</FONT></P></TD></TR>

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   <TD width="3%">&nbsp;</TD>

   <TD width="63%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0.4pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ITEM</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Number)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Description</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Vote)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Position</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="35%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CONTRARY</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="14%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>46,240</FONT></P></TD></TR></TABLE></DIV>

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<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt">
   <IMG id=Imagem10 src="x17112714011500.jpg" width=71 height=59></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="78%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>MESQUITA PEREIRA, ALMEIDA, ESTEVES ADVOGADOS</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>LIST OF VOTES - 11976</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.5pt" color=windowtext face=arial,sans-serif>1 / 2</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 3.5pt 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.5pt" color=windowtext face=arial,sans-serif>6/30/2017</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 7.35pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>COMPANY&#8217;S DATA</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=6 width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 4pt 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>VOTING LEGEND</FONT></B></P>

   <P style="MARGIN: 3.8pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A) ABSTENTION</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 105%" color=windowtext face=arial,sans-serif>(C) CONTRARY</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 105%" color=windowtext face=arial,sans-serif>(F) FAVORABLE</FONT></P>

   <P style="MARGIN: 0.25pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.35pt" color=windowtext face=arial,sans-serif>(O) OTHERS</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>Company</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>COMPANHIA SIDERURGICA NACIONAL</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 3.55pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Custodian</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.5pt" color=windowtext face=arial,sans-serif>J.P. MORGAN S.A. - DISTRIBUIDORA DE T</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.5pt" color=windowtext face="Times New Roman">&#205;</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.5pt" color=windowtext face=arial,sans-serif>TULOS E VALORES MOBILI</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.5pt" color=windowtext face="Times New Roman">&#193;</FONT><FONT lang=EN-US style="FONT-SIZE: 8.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.5pt" color=windowtext face=arial,sans-serif>RIOS</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.05pt" color=windowtext face=arial,sans-serif>Date of the Event</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 11pt" color=windowtext face=arial,sans-serif>3/7/2017 11:00 AM</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 3.1pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>EVENT </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>&#8211; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Special Shareholders&#8217; Meeting </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>&#8211;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif> 2nd Call</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 4.5pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ISIN </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>- </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>BRCSNAACNOR6 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CSNA3</FONT></B></P></TD></TR>

<TR>

   <TD width="12%">&nbsp;</TD>

   <TD width="68%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="67%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>PASSENGER</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>SK</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>POSITION</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CNPJ</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>AQR FUNDS - AQR EMERGING MOMENTUM STYLE FUND</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261411-4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>3200</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>20.047.294/0001-14</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>BUREAU OF LABOR FUNDS-LABOR PENSION FUND</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261188-3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6000</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>97.539.774/0001-27</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>BUREAU OF LABOR FUNDS-LABOR PENSION FUND</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>253773-0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>34109</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>97.539.774/0001-27</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>BUREAU OF LABOR FUNDS-LABOR PENSION FUND</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>253772-1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>23041</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>97.539.774/0001-27</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>BUREAU OF LABOR FUNDS-LABOR PENSION FUND</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>252107-8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>7400</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>97.539.774/0001-27</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CONSTRUCTION &amp; BUILDING UNIONS SUPERANNUATION FUND</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>262274-5</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>39200</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>20.065.292/0001-58</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>7</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CONSTRUCTION &amp; BUILDING UNIONS SUPERANNUATION FUND</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261420-3</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>88314</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>20.065.292/0001-58</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>JNL/MELLON CAPITAL EMERGING MARKETS INDEX FUND</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>259002-9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>178300</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>13.981.241/0001-00</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>PUBLIC EMPLOYEES RETIREMENT SYSTEM OF OHIO</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261038-0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>77700</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>97.540.082/0001-07</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045828</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261456-4</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>662900</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>20.196.632/0001-80</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>11</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045829</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261457-2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>692700</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>20.196.633/0001-24</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>12</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045833</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>260018-0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>132900</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>14.819.360/0001-24</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>13</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MTBJ400045835</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>260020-2</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>308100</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>14.819.363/0001-68</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>14</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB400045792</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 1.65pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261350-9</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 1.65pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>700400</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.15pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>19.822.653/0001-84</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>15</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB400045795</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 1.55pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 10.25pt" color=windowtext face=arial,sans-serif>261483-1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.75pt" color=windowtext face=arial,sans-serif>569100</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 2.05pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none; LINE-HEIGHT: 9.75pt" color=windowtext face=arial,sans-serif>20.270.308/0001-64</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>16</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>THE MASTER TRUST BANK OF JAPAN, LTD. AS TRUSTEE FOR MUTB400045796</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>261332-0</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>617200</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>19.808.699/0001-49</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>17</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="64%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>VANGUARD TOTAL INTERNATIONAL STOCK INDEX FUND, A SERIES OF VANGUARD STAR FUNDS</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>251363-6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6003344</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>97.540.615/0001-42</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT>&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ITEM</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Number)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Description</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Vote)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Position</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(16)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CONTRARY</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>9,481,008</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>I.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="23%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>FAVORABLE</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>662,900</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=arial,sans-serif></FONT>&nbsp;</P>

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

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   <IMG id=Imagem10 src="x17112714011500.jpg" width=71 height=59></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="78%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>MESQUITA PEREIRA, ALMEIDA, ESTEVES ADVOGADOS</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>LIST OF VOTES - 12012</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1 / 1</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6/29/2017</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>COMPANY&#8217;S DATA</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=6 width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>VOTING LEGEND</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A) ABSTENTION</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(C) CONTRARY</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(F) FAVORABLE</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(O) OTHERS</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Company</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>COMPANHIA SIDERURGICA NACIONAL</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Custodian</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CITIBANK N.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Date of the Event</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>3/7/2017 11:00 AM</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>EVENT - Annual Shareholders&#8217; Meeting - 2nd Call</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ISIN </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>- </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>BRCSNAACNOR6 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CSNA3</FONT></B></P></TD></TR>

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<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="66%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>PASSENGER</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>SK</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>POSITION</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CNPJ</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>PANAGORA GROUP TRUST</FONT></P>

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1.(F) 2.(F) 3.(A) 4.(A) 5.(A) 6.1.(A) 6.2.(A) 6.3.(A) 6.4.(A) 6.5.(A) 7.(C) 8.(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>204963-8</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10000</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>05.987.588/000-132</FONT></P></TD></TR>

<TR>

   <TD width="3%">&nbsp;</TD>

   <TD width="63%">&nbsp;</TD>

   <TD width="8%">&nbsp;</TD>

   <TD width="10%">&nbsp;</TD>

   <TD width="16%">&nbsp;</TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><I><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT></I>&nbsp;</P>

<DIV align=left>

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



<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ITEM</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Number)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Description</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Vote)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Position</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>FAVORABLE</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>2.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>FAVORABLE</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(F)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>3.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>4.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>5.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6.1.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6.2.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6.3.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6.4.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6.5.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>7.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1) '</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CONTRARY</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>8.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ABSTENTION</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="13%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; LINE-HEIGHT: 150%" face=Arial,sans-serif></FONT>&nbsp;</P>

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

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   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt">
   <IMG id=Imagem10 src="x17112714011500.jpg" width=71 height=59></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="78%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>MESQUITA PEREIRA, ALMEIDA, ESTEVES ADVOGADOS</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>LIST OF VOTES - 12012</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1 / 1</FONT></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>6/29/2017</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>COMPANY&#8217;S DATA</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top rowSpan=6 width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>VOTING LEGEND</FONT></B></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(A) ABSTENTION</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(C) CONTRARY</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(F) FAVORABLE</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(O) OTHERS</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Company</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>COMPANHIA SIDERURGICA NACIONAL</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="12%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Custodian</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CITIBANK N.A.</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Date of the Event</FONT></B></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="68%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>3/7/2017 11:00 AM</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>EVENT </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>&#8211; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Special Shareholders&#8217; Meeting </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>&#8211;</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif> 2<SUP>nd</SUP> Call</FONT></B></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="80%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ISIN </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>- </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>BRCSNAACNOR6 -</FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CSNA3</FONT></B></P></TD></TR>

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<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="66%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>PASSENGER</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>SK</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>POSITION</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CNPJ</FONT></P></TD></TR>

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   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 5.4pt" vAlign=top width="3%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="63%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>JAPAN TRUSTEE SERVICES BANK</FONT><B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>, </FONT></B><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>LTD. RE: STB DAIWA EMERGING EQUITY FUNDAMENTAL INDEX MOTHER FUND</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1. (C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="8%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>235177-6</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="10%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10000</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.4pt; PADDING-RIGHT: 5.4pt" vAlign=top width="16%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>12.120.411/0001-08</FONT></P></TD></TR>

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   <TD width="16%">&nbsp;</TD></TR></TABLE></DIV>

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<TR>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>ITEM</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Number)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Description</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="15%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(Vote)</FONT></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>Position</FONT></P></TD></TR>

<TR>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 1.4pt" vAlign=top width="17%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>1.</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="19%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(1)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="31%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>CONTRARY</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="15%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>(C)</FONT></P></TD>

   <TD style="BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 1.4pt; PADDING-RIGHT: 1.4pt" vAlign=top width="18%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9.5pt; TEXT-DECORATION: none" color=windowtext face=arial,sans-serif>10,000</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=garamond></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=garamond></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=garamond></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=garamond></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=garamond></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=garamond></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: normal" face=garamond></FONT>&nbsp;</P>

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

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

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

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

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

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

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

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

<DIV align=center>

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



<TR>

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

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

<TR height=20>

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

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

<TR>

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

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

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

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

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

</TD></TR>

<TR>

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

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

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

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

<P>&nbsp;</P>

<DIV align=center>

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



<TR>

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

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

<TR height=20>

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

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

<TR>

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

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

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

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

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

</TD></TR>

<TR>

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

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

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

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

<DIV>&nbsp;</DIV>

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

<P>&nbsp;</P>

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

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

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

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