<SEC-DOCUMENT>0001292814-19-001817.txt : 20190509
<SEC-HEADER>0001292814-19-001817.hdr.sgml : 20190509
<ACCEPTANCE-DATETIME>20190508213818
ACCESSION NUMBER:		0001292814-19-001817
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		16
CONFORMED PERIOD OF REPORT:	20190331
FILED AS OF DATE:		20190509
DATE AS OF CHANGE:		20190508

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:		19808570

	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>sidpr1q19_6k.htm
<DESCRIPTION>RESULTS FOR THE FIRST QUARTER OF 2019
<TEXT>

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

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

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

<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>

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<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of May, 2019</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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

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

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

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

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

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

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

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

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<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt; TEXT-INDENT: 0.5in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif>S&#227;o Paulo, May 8, 2019</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 6pt 0in 3pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 14pt" color=#002060 face=calibri,sans-serif>Results for the First Quarter of 2019</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 9.5pt" face=calibri,sans-serif></FONT>&nbsp;</P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Companhia Sider&#250;rgica Nacional (CSN) (BM&amp;FBOVESPA: CSNA3) (NYSE: SID) </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>announces today its consolidated results for the first quarter of 2019 (1Q19)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, which are presented in Brazilian Reais and in accordance with International Financial Reporting Standards (IFRS) issued by the International Accounting Standards Board (IASB), and with Brazilian accounting practices, which are fully convergent with international accounting norms, issued by the Accounting Pronouncements Committee (CPC) and approved by the Brazilian Securities and Exchange Commission (CVM), pursuant to CVM Instruction 485 of September 1, 2010. All comments presented herein refer to the Company&#8217;s consolidated results for the first quarter of 2019 (1Q19) and comparisons refer to the fourth quarter of 2018 (4Q18) and the first quarter of 2018 (1Q18), unless otherwise stated. The real/U.S. dollar exchange rate was R$3.8967 on 3/30/2019 and R$3.8748 on 12/31/2018.</FONT></P>

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

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Operating and Financial Highlights</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted EBITDA totaled R$1,724MM</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, up 39% over 1Q18 and 11% over 4Q18. The EBITDA margin increased 4.2p.p., to 27.7%, fueled by the strong mining performance.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Mining EBITDA reached R$1,259MM</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, 51% more than in 4Q18, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>with an increase of around 68% in EBITDA/ton</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> in the segment, thanks to better realized prices</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>.</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face=calibri,sans-serif>4% growth in the volume of steel sales</FONT></B><FONT lang=EN style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#212121 face=calibri,sans-serif> in the domestic market in relation to 1Q18, with maintenance of the level of coated products.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The leverage ratio fell 0.48x</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, from </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.55x </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>in 4Q18 to </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4.07x</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, thanks to higher EBITDA and lower debt.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif></FONT>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Highlights</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 6.95pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Steel sales (thousand t)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,277</FONT></B></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,181</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,175</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(8%)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(0%)</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp; - Domestic market</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>782</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>835</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>811</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4%</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3%)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp; - Subsidiaries abroad</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>436</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>299</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>340</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(22%)</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>14%</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp; - Exports</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>60</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>46</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>24</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(60%)</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(48%)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Iron ore sales (thousand t)</FONT></B></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7,474</FONT></B></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9,889</FONT></B></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8,859</FONT></B></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>19%</FONT></B></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(10%)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp; - Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,309</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,366</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,169</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(11%)</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(14%)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp; - Exports</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6,165</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8,523</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7,690</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>25%</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(10%)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Consolidated results (R$ million)</FONT></B></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net revenue</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5,066</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6,051</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6,005</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>19%</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(1%)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Gross profit </FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,381</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,052</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,984</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>44%</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3%)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted EBITDA&#185;</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,242</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,560</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,724</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>39%</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>11%</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted net debt&#178;</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>26,508</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>26,616</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>25,772</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3%)</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3%)</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted cash and cash equivalents&#178;</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,070</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,274</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,601</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>17%</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>10%</FONT></P></TD></TR>

<TR style="HEIGHT: 6.95pt">

   <TD style="HEIGHT: 6.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net debt/adjusted EBITDA</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5.82x</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4.55x</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4.07x</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 6.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-1.75x</FONT></P></TD>

   <TD style="HEIGHT: 6.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-0.48x</FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#185;Adjusted EBITDA is calculated based on net profit/loss, plus depreciation and amortization, income tax, net financial result, share of profit (loss) of investees and other operating income (expenses), and includes the proportionate share of EBITDA of the jointly-owned subsidiaries MRS Log&#237;stica and CBSI. It includes the Company&#8217;s stakes of 100% in CSN Minera&#231;&#227;o, 37.27% in MRS and 50% in CBSI.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#178;Adjusted net debt and the adjusted cash position include the stakes of 100% in CSN Minera&#231;&#227;o, 37.27% in MRS and 50% in CBS excluding Forfaiting and drawee risk operations.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" face=calibri,sans-serif></FONT>&nbsp;</P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>
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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>&nbsp;

<P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right>&nbsp;</P></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>CSN&#8217;s Consolidated Results</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=PT-BR style="FONT-SIZE: 6pt; LINE-HEIGHT: 13pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> totaled R$6,005 million in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, up 19% over 1Q18 and down 1% from 4Q18. It remained in line with 4Q18, thanks to the improvement in the performance of the mining operations and steel seasonality.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>cost of goods sold</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> totaled R$4,021 million, 9% more than in 1Q18 and 0.5% higher than in 4Q18. Compared to 4Q18, we saw an increase in slab costs in the Steel segment, due the end of blast furnace number 3 campaign, while mining showed a decrease in the COGS due to the lower sales volume.&nbsp; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Gross profit</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> stood at R$1,984 million in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, 3% less than in 4Q18. The gross margin fell 0.9p.p. from 4Q18, to 33% in 1Q19, due to an increase in steel costs, partially offset by the mining performance. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>General and administrative expenses</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> totaled R$120 million, with a </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>dilution from 2.1% (1Q18) to 2.0% (1Q19)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of net revenue. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Selling expenses </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>amounted to R$573 million, or 9.5% of net revenue, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>0.5p.p. more </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>than in 1Q18 (9.0% of net revenue), due to the greater proportion of the transoceanic freight of iron ore in the CIF modality.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net other income (expenses)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> was an expense of R$135 million in 1Q19, mainly driven by the recognition of the hedge accounting result and other expenses, partially offset by the appreciation of Usiminas shares. </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net financial result</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> was an expense of R$635 million in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Financial expenses (ex-exchange variation)</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> edged up to </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>R$633 million</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, as a result of the non-recurring increase in other financial expenses related to new issue, partially offset by a decline in the cost of debt. </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Financial Result (R$ million)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>Financial result &#8211; IFRS</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (594)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (635)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>&nbsp;Financial revenue</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 884 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 111 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>&nbsp;Financial expenses</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (637)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (746)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>&nbsp;&nbsp; Financial expenses (ex-exchange rate variation)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (523)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (589)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (633)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>&nbsp;&nbsp; Result with exchange rate variation</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Monetary and exchange rate variation</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Hedge accounting</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Derivative result</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif>&#185; The financial result includes the stakes of 100% in CSN Minera&#231;&#227;o, 37.27% in MRS and 50% in CBSI as of December 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: 0.5in"><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>CSN&#8217;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>share of profit of investees </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>was a positive R$26 million in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, versus a positive R$25 million in 1Q18, remaining flat as a result of stable results at MRS.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Share of Profit (Loss) of Investees (R$ million)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>MRS Log&#237;stica</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 </FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 54 </FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 43 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>30%</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(20%)</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>CBSI</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 </FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 </FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>TLSA</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>50%</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Arvedi Metalfer BR</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 0 </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 12.45pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Eliminations</FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12)</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>100%</FONT></P></TD>

   <TD style="HEIGHT: 12.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>20%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 12.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Share of profit of investees</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>25 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 </FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4%</FONT></B></P></TD>

   <TD style="HEIGHT: 12.45pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(35%)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=PT-BR style="FONT-SIZE: 12pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>CSN recorded</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>a </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net profit of R$87 million</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, versus a net profit of R$1,772 million in 4Q18. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 6pt" face=calibri,sans-serif></FONT>&nbsp;</P>

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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>&nbsp;

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Adjusted EBITDA (R$ million)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 13.35pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 13.35pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 13.35pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=6>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.35pt">

   <TD style="HEIGHT: 13.35pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.35pt">

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Net profit (loss) for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,486</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,772</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>87</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(94%)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(95%)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.35pt">

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(-) Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>305</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>285</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>306</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>0%</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.35pt">

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(+)&nbsp; Income tax and social contribution</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>559</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>89</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>459</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(18%)</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>416%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.35pt">

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(-) Net financial result</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>594</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(510)</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>635</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7%</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 13.35pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>EBITDA (CVM Instruction 527)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>2,944</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,636</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,487</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 13.35pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(49%)</FONT></B></P></TD>

   <TD style="BORDER-TOP: #000000 1px solid; HEIGHT: 13.35pt; BORDER-BOTTOM: #000000 1px solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(9%)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.35pt">

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(+) Other operating income (expenses)</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(1,797)</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(188)</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>135</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD></TR>

<TR style="HEIGHT: 13.35pt">

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(+) Share of profit (loss) of investees</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(25)</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(40)</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(26)</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4%</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(35%)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.35pt">

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(-) Proportionate EBITDA of jointly-owned subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>119</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>153</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>127</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7%</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(17%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,242</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,560</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,724</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>39%</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>11%</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif>&#185;The Company discloses adjusted EBITDA excluding interests in investments and other operating income (expenses) in the belief that these items should not be considered when calculating recurring operating cash flow.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Adjusted EBITDA amounted to R$1,724 million in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, versus R$1,242 million in 1Q18, due to an increase in the share of mining, while the adjusted EBITDA margin was 27.7%, 4.2p.p. higher year on year.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#262626 face=calibri,sans-serif>Adjusted EBITDA (R$ MM) and Adjusted EBITDA Margin (%)</FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>
<IMG border=0 src="grafico1.gif"></FONT></P>

<P style="TEXT-ALIGN: left; MARGIN: 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#185;The adjusted EBITDA margin is calculated as the ratio between adjusted EBITDA and adjusted net revenue, considering the stakes of 100% in CSN Minera&#231;&#227;o, 37.27% in MRS and 50% in CBSI as of December 2015.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#002060 face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Free Cash Flow</FONT></B></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Operating cash flow, as measured by free cash flow, was negative by R$493 million, influenced by the temporary increase in working capital in the steel and mining sectors, to be reversed in the coming quarters.</FONT></P>

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

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center>
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<P style="TEXT-ALIGN: left; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>&#185;Our working capital includes changes in net current capital, excluding the impacts of the exchange rate variation and an advance from our customer Glencore.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Para mais informa&#231;&#245;es, visite nosso website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>&nbsp;

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Debt </FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>On 3/30/2019, consolidated net debt totaled R$25,772 million, while the net debt/EBITDA ratio, calculated based on LTM adjusted EBITDA, stood at 4.09x, 1.73x less than in 1Q18.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph">&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Debt (R$MM) and Net Debt/Adjusted EBITDA(x)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Foreign Exchange Exposure</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=calibri,sans-serif>The net FX exposure + perpetual bond of our consolidated balance sheet on 3/30/2019 was US$726 million, as shown in the table below. It should be noted that the net foreign exchange exposure includes a liability of US$1.0 billion in line item &#8220;Loans and Financing&#8221; related to the perpetual bond, which, due to its nature, will not require disbursement to settle the principal amount in the foreseeable future. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>The hedge accounting adopted by CSN correlates projected export inflows in dollars with part of the scheduled debt payments in the same currency. Therefore, the exchange variation of the dollar-denominated debt is temporarily booked under shareholders&#8217; equity, being recorded in the income statement when dollar revenues from exports are received.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=calibri,sans-serif> </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Foreign Exchange Exposure</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>3/31/2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>12/31/2018</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>3/30/2019</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(in thousands of U.S. dollars)</FONT></B></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Cash</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 377 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 99 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Accounts receivable</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 322 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 358 </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 486 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Other</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4 </FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 </FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total assets</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 571 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;743 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 593 </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,236)</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,117)</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,053)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175)</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (175)</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (125)</FONT></P></TD></TR>

<TR style="HEIGHT: 7.55pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Other payables</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total liabilities</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,417)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,295)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,181)</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Natural foreign exchange exposure (assets - liabilities)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(3,846)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,552)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,589)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Derivatives, net</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 7.55pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Cash flow hedge accounting</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,307 </FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,076 </FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,862 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Net foreign exchange exposure </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2,539)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,476)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,726)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Perpetual bond</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000 </FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000 </FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,000 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Net foreign exchange exposure excluding perpetual bond</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(1,539)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (476)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 7.55pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (726)</FONT></B></P></TD></TR></TABLE></DIV>

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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></FONT></FONT></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Investments</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=calibri,sans-serif>Investments totaled R$313 million in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=calibri,sans-serif>, moving up 40% over 1Q18, due to investments related to scheduled stoppage of blast furnace number 3 in the steel segment and the tailings filtering plants in the mining segment, which will enable efficiency gains in steel production and 100% processing of the production without the need to use dams in the end of 2019.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Investments (R$ million)</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2017</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>2018</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Steel</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>65</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>271</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>160</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>481</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>637</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Mining</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>116</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>174</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>118</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>378</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>505</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Cement</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>23</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>30</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>14</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>118</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>79</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Logistics</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>18</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>26</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>17</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>76</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>84</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Other</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 13.35pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>12</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>12</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;Total investments - IFRS </FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 223 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 507 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 313 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,065 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.35pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="13%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,319 </FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=PT-BR style="FONT-SIZE: 10pt" color=red face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Working capital </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=PT-BR style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>To calculate working capital, CSN adjusts its assets and liabilities as shown below: </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Accounts receivable: excludes dividends receivable, advances to employees and other receivables; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Inventories: includes estimated losses and excludes spare parts, which are not part of the cash conversion cycle, and will later be booked under property, plant and equipment; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Prepaid taxes: composed only of the portion of income tax and social contribution included in recoverable taxes;</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Taxes payable: composed of taxes payable under current liabilities plus taxes in installments; </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Advances from customers: sub-account of other liabilities recorded under current liabilities; and</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Suppliers: Includes Drawee Risk </FONT></P>

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

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Accordingly, working capital invested in the business</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> totaled R$3,344 million in 1Q19, an increase of R$967MM </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>in</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>relation to </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4Q18</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, due to temporary increases in inventories and accounts receivable. Specifically, Blast Furnace #3 shutdown increased the slab inventory in anticipation of the period of lower production, while the growth in accounts receivable was due to iron ore sales concentrated at the end of the period, aiming to obtain better realized prices.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<DIV align=left>

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



<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Working Capital (R$ million)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Assets</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6,252</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6,480</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7,797</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,544 </FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,317 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Accounts receivable</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,146</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,078</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,835</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>689 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>757 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,064</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,393</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,952</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>888 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>559 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Prepaid taxes</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>42</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(33)</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(0)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Liabilities</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,869</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,103</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,452</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>584 </FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>349 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,253</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,445</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,529</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;276 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>84 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Payroll and related taxes</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>233</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>248</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>262</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>29 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>14 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Taxes payable</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>288</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>272</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>555</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>268 </FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom colSpan=3 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>283 </FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Advances from customers</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>95</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>137</FONT></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>106</FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>11 </FONT></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(31)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Working capital</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,383</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,377</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,344</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>961 </FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>967 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: white 1pt solid; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Average Term (days)</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: white 1pt solid; HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Amounts received</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>33</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>27</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>37</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>4 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>10 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Amounts paid</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>79</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>78</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>79</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;- </FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>99</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>99</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>111</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>12 </FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>12 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Financial cycle</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>53</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>48</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>69</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#000000 face=calibri,sans-serif>16 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>21 </FONT></B></P></TD></TR></TABLE></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The Company maintains integrated operations in five business segments: Steel, Mining, Logistics, Energy and Cement.&nbsp; The main assets and/or companies comprising each segment are presented below:</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Net Revenue by Segment &#8211; 1Q19 (R$ million)</FONT></B></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=gray face=calibri,sans-serif>Adjusted EBITDA by Segment &#8211; 1Q19 (R$ million)</FONT></B><FONT lang=PT-BR><BR clear=all></FONT></P>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>
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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>&nbsp;

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19 Result</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Steel</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Port logistics</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Railway logistics</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Cement</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Corporate </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>expenses/</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>elimination</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(R$ million)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,605</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,079</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>52</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>335</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>70</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>120</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(255)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6,005</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,567</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>245</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>52</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>335</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>70</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>120</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(629)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,760</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Foreign market</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,038</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,834</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>374</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,245</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>COGS</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3,222)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(870)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(47)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(261)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(61)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(138)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>577</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(4,021)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>383</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,209</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>74</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>9</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(18)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>322</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,984</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>SG&amp;A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(197)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(42)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(9)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(27)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(21)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(390)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(694)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>157</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>92</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>7</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>92</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>32</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(79)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>306</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Proportionate EBITDA of jointly-owned subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>127</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>127</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>344</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,259</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>138</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(7)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(19)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,724</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18 Result</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Steel</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Mining</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Port logistics</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Railway logistics</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Energy</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Cement</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Corporate </FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>expenses/</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>elimination</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(R$ million)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,768</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,843</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>72</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>398</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>103</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>145</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(278)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6,051</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,718</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>300</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>72</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>398</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>103</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>145</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(768)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,969</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Foreign market</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,050</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,542</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>490</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,082</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>COGS</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3,057)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(1,054)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(48)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(275)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(77)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(149)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>662</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3,998)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>711</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>789</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>24</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>123</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>26</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(4)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>384</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,052</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>SG&amp;A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(266)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(42)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(9)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(34)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(31)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(541)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(929)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>150</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>88</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>66</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(56)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>285</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Proportionate EBITDA of jointly-owned subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>153</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>153</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>594</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>835</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>21</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>156</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>23</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(8)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(60)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,560</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18 Result</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Steel</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Mining</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Port logistics</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Railway logistics</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Energy</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Cement</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Corporate expenses/</FONT></B></P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>elimination</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Consolidated</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(R$ million)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Net revenue</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>3,674</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,152</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>66</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>331</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>91</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>131</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(378)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5,066</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,291</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>219</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>66</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>331</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>91</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>131</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(612)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,515</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 8pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Foreign market</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,384</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>933</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>234</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,551</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>COGS</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(2,900)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(795)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(46)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(244)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(66)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(125)</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>493</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3,685)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>774</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>356</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>20</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>87</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>24</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>115</FONT></B></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,381</FONT></B></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>SG&amp;A</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(234)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(21)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(10)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(23)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(7)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(20)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(249)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(564)</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>150</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>106</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>65</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>27</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(51)</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>305</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Proportionate EBITDA of jointly-owned subsidiaries</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>119</FONT></P></TD>

   <TD style="HEIGHT: 1pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>119</FONT></P></TD></TR>

<TR style="HEIGHT: 1pt">

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

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Adjusted EBITDA</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>690</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>442</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>14</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>128</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>22</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>12</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(66)</FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,242</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>CSN&#8217;s Steel Results</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=PT-BR style="FONT-SIZE: 7pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the World Steel Association (WSA), global crude steel production totaled 444.1 million tons (Mton) in 1Q19, 4.5% more than in 1Q18. Asia produced 312.9 Mton in 1Q19, 7.0% more than in 1Q18, while output in the European Union fell 2.0% and production in North America declined 4.0% in the same period. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to the Brazilian Steel Institute (IABr), domestic sales totaled 2.8 million tons in the first two months of 2019, down 0.7% less from the same period last year. Apparent consumption reached 3.2 million tons in the same period, a 1.2% year-on-year decline. Brazilian crude steel production reached 5.6 million tons, a 0.5% increase over the first two months of 2018.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.5in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>CSN&#8217;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>slab production</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> reached 830,000 tons in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, down 18% from 4Q18, due to higher maintenance shutdowns associated with the end of the Blast Furnace #3 campaign, and other reforms scheduled for the next quarter. In this period, CSN acquired 200,000 tons of slabs from third parties to maintain production of rolled products stable in 1Q19.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></B></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Para mais informa&#231;&#245;es, visite nosso website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

   <TD width="50%" align=right><FONT style="FONT-FAMILY: Times New Roman"><FONT style="FONT-SIZE: 12pt; FONT-FAMILY: Calibri">7</FONT></FONT></TD></TR></TABLE></DIV></DIV></DIV></DIV>

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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>&nbsp;

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Steel Production</FONT></B></P></TD>

   <TD style="HEIGHT: 12.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="HEIGHT: 12.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="11%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

   <TD style="HEIGHT: 12.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="12%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 12.5pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="37%" colSpan=6 noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>(in thousands of tons)</FONT></B></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 10.6pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Total slabs (UPV - President Vargas Steelwork + third parties)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,050</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,021</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,030</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(2%)</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; Slab production</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,050</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,013</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>830</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(21%)</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(18%)</FONT></P></TD></TR>

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   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; Third-party slabs</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>0</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>200</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>-</FONT></P></TD>

   <TD style="HEIGHT: 12.5pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>2,339%</FONT></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Total flat rolled products</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>978</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>927</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>927</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(5%)</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(0%)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12.5pt">

   <TD style="HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="28%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Total long rolled products</FONT></B></P></TD>

   <TD style="HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>40</FONT></B></P></TD>

   <TD style="HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>53</FONT></B></P></TD>

   <TD style="HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>51</FONT></B></P></TD>

   <TD style="HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>28%</FONT></B></P></TD>

   <TD style="HEIGHT: 12.5pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3%)</FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, total sales reached </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1,175,000</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> tons, in line with 4Q18, due to the delay in the economic recovery observed in the first months of the year.<BR>&nbsp;</FONT></P>

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   <P style="MARGIN-BOTTOM: 5pt"><FONT size=2 face=Calibri>In </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, CSN&#8217;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>domestic steel</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> sales came to 811,000 tons, 3% lower than in 4Q18, due to seasonality</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> According to the National Institute of Steel Distributors (INDA), distribution purchases increased 1.2% in 1Q19 over 1Q18. Imports closed 1Q19 at 305,900 tons, up 1.1% over 1Q18.</FONT></P></TD>

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   <TD vAlign=top width="40%"><STRONG><FONT size=2 face=Calibri>Foreign</FONT></STRONG><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> steel sales</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>amounted to 364,000 tons in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, up 5% over 4Q18, and the comparison as 1Q18 is impaired by the sale of the plant in Terra Haute. In this period, 24,000 tons were exported directly and 340,000 tons were sold by foreign subsidiaries, of which 30,000 tons by LLC, 226,000 tons by SWT and 84,000 tons by Lusosider. </FONT></TD>

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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>&nbsp; </DIV>

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   <TD vAlign=top width="97%"><FONT size=2 face=Calibri>In </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, CSN maintained a high </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>share of coated products</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> as a percentage of total sales volume, following the strategy of adding more value to its product mix. Sales of coated products, such as galvanized items and tin plates, accounted for 48% of flat steel sales, considering all the markets in which the Company operates. In the</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> foreign market</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, the share of coated products in flat steel sales remained stable at 89% in 1Q19. </FONT></TD></TR></TABLE></DIV></DIV>

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   <TD width="49%"><FONT size=2 face=Calibri>According to ANFAVEA (National Association of Automobile&nbsp; Manufacturers), the production of automobiles, light commercial vehicles, trucks and buses reached 695,730,000 units in the first quarter of 2019, a decline of 0.58% from 1Q18 and an increase of 1.50% over 4Q18. Exports showed a weaker performance, with 104,562,000 vehicles sold, a decrease of 42% versus 1Q18. Anfavea expects vehicle production to grow 9.0%, to 3.14 million units, in 2019. </FONT></TD>

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   <TD width="49%"><FONT size=2 face=Calibri>According to ABRAMAT (the Construction Material Manufacturers&#8217; Association), sales of building materials grew 2.9% in March 2019 over the same month in </FONT><FONT lang=EN-US style="FONT-SIZE: 12pt" face="Times New Roman">&nbsp;</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>2018. The association maintains its expectation that sales of building materials will grow 2.0% in 2019.</FONT></TD></TR>

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   <TD width="49%"><FONT size=2 face=Calibri>According to IBGE (Brazilian Institute of Geography and Statistics), home appliance production moved up 1.5% in the twelve months ended February 2019 compared to the same period last year.</FONT></TD></TR></TABLE></DIV>

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   <TD vAlign=top width="97%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif><STRONG>Net revenue</STRONG><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> from steel operations reached R$3,605 million in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, 4% lower than in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>4Q18</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>. This was due to the reflection of seasonality, as well as the delay in economic recovery. In the domestic market, average steel prices fell 3% compared to the previous quarter.</FONT></FONT></TD></TR></TABLE>

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   <TD width="40%"><FONT size=2 face=Calibri>In </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>cost of goods sold</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> increased 5.3% over 4Q18, to R$3,222 million, mainly due to lower productivity of blast furnace number 3.</FONT></TD>

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   <TD width="40%"><STRONG><FONT size=2 face=Calibri>Slab production cost </FONT></STRONG><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>reached R$2,061/t in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>, 14% higher than in 4Q18, fueled by higher spending on iron ore, driven by a sharp price increase and the scheduled stoppage of blast furnace number 3, which reduced slab production.</FONT></TD></TR></TABLE></DIV>

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   <TD vAlign=top width="97%"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif><STRONG>Adjusted EBITDA</STRONG><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif> totaled R$344 million in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>, 41% lower than in 4Q18, driving the EBITDA margin to 9.5% in 1Q19.&nbsp; The efficiency gains expected after the scheduled stoppage of blast furnace number 3 should be felt partially as of 3Q19 and fully as of 4Q19, taking the profitability of the business unit to its historical standard.</FONT></FONT></FONT></TD></TR></TABLE></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>&nbsp;

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>CSN&#8217;s Mining Results</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 1Q19, there was a significant reduction in the transoceanic supply of iron ore, addition to the maintenance of the strong growth of the Chinese economy and robust demand in the infrastructure and civil construction sectors had a positive impact on steel production, reflecting higher raw material prices. In this context, the commodity's price averaged US$82.70/dmt (Platts, Fe62%, N. China) in 1Q19, up 15.5% over the previous quarter.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0pt 0pt 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In regard to maritime freight, the BCI-C3 (Tubar&#227;o-Qingdao) route recorded an average of US$13.94/wmt in 1Q19, a decline of 24% compared to the prior quarter mainly driven by lower demand for ships in the period, as a result of a reduction in the supply of ore.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, CSN&#8217;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>iron ore production </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled 8.2 million tons, up 34% higher year on year, due to the removal of bottlenecks from the start of filtration operations. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Iron ore purchases</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> reached 1,530,000 tons in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, up 3% over 1Q18.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>CSN </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>sold</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> 8.9 million tons of iron ore in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, 19% more than in 1Q18, with 1.2 million tons sold to the Presidente Vargas Steelworks and the remaining volume sold in Asia and Europe.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Mining Production Volume and Sales</FONT></B></P></TD>

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   <TD style="HEIGHT: 13.3pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 13.3pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="HEIGHT: 13.3pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.3pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 13.3pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 13.3pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.3pt">

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Iron ore production</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>6,129</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,382</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>8,190</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34% </FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11% </FONT></P></TD></TR>

<TR style="HEIGHT: 13.3pt">

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Iron ore purchased from third parties</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,487</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>2,478</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,530</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3% </FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (38%)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.3pt">

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total production + purchases</FONT></B></P></TD>

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,616</FONT></B></P></TD>

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>9,860</FONT></B></P></TD>

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: #002060 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>9,719</FONT></B></P></TD>

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 28% </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1%)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.3pt">

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Sales to UPV</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,309</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,366</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1,169</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11%)</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14%)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.3pt">

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Volume sold to third parties</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>6,165</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>8,523</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,690</FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25% </FONT></P></TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">&nbsp;</TD>

   <TD style="HEIGHT: 13.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10%)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.3pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Total sales</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>7,474</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>9,889</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>8,859</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19% </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.3pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" colSpan=3>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10%)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face=calibri,sans-serif>Production and sales volumes include our 100% stake in CSN Minera&#231;&#227;o.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 0.25in; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" color=black face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>In </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif> from mining reached R$2,079 million, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>13%</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif> higher than in the previous quarter, fueled by a 12% upturn in realized prices. The Platts 62 index reached </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>US$82.70/dmt</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>, up 16% in the quarter, while the CIF + FOB realized price stood at </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>US$70.6/wmt</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>, up 12% over the previous period</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>.</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 14.2pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#262626 face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=#262626 face=calibri,sans-serif>
<IMG border=0 src="figura2.gif"></FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol></FONT>&nbsp;</P><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=symbol>&#183;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>cost of goods sold</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif> in the Mining segment came to R$870 million in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif>, down 17% from 4Q18, due to an increase in iron ore production and a decline in purchases of ore from third parties.</FONT>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Para mais informa&#231;&#245;es, visite nosso website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>&nbsp;

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0in 25.05pt; TEXT-JUSTIFY: inter-ideograph; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=symbol>&#183;</FONT><FONT lang=EN-US style="FONT-SIZE: 7pt" face="times new roman">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>The </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin reached 61% in 1Q19, up 15.2p.p. over 4Q18</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, while</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> EBITDA came to R$1,259 million in 1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, up 51% over 4Q18, due to the higher price, the higher proportion of own production and lower costs, leading to a substantial increase in EBITDA/ton.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"> </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>CSN&#8217;s Logistics Results</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Railway Logistics:</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>stood at R$335 million in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, generating </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of R$138 million, accompanied by an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of 41%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Port Logistics</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>: Sepetiba Tecon shipped 162,000 tons of steel products and 1,000 tons of general cargo, in addition to handling around 43,000 containers and 56,000 tons of bulk cargo in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>. </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>Net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> reached R$52 million, generating </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of R$3 million, with an </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> of 6%. </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Sepetiba TECON Highlights</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 11.6pt; BACKGROUND: navy; BORDER-BOTTOM: white 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="8%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Container volume (thousand units)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>65</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>63</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>43</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(33%)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(32%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;Steel volume (thousand tons)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>219</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>162</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>162</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(26%)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>0%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;General cargo volume (thousand tons)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>31</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>19</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>1</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(98%)</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>(96%)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;Bulk volume (thousand tons)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>56</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>-</FONT></P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>-</FONT></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=PT-BR style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>CSN&#8217;s Energy Results</FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=PT-BR style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=#002060 face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>According to EPE (Energy Research Company), electricity consumption in Brazil increased 4.6% in February 2019 compared to the same month last year. Electricity consumption fell 2.1% in the industrial segment, but grew a substantial 9.2% and 7.2%, respectively, in the residential and commercial segments.&nbsp; </FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In 1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>net revenue</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> from energy operations totaled R$70 million, </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>stood at R$6 million and the </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA margin</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> was 9%.</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 12pt" color=gray face=calibri,sans-serif>CSN&#8217;s Cement Results</FONT></P>

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<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In the first three months of 2019, domestic cement sales totaled 12.7 million, according to preliminary date of SNIC (National Cement Industry Association). This amount represents a 1.3% increase over the same period in 2018. Also according to SNIC (</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-DECORATION: none" color=windowtext face=calibri,sans-serif>National Cement Industry Association</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>), the 1Q19 sales result was slightly above estimates, supporting an optimistic scenario with projected growth of 3% for 2019. </FONT></P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 6pt 0in; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>In </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>, CSN&#8217;s </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>cement sales</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> declined 7% compared to the same quarter in 2018.</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif> Net revenue </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>totaled R$120 million and </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>EBITDA </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" face=calibri,sans-serif>was negative by R$7 million, due to reduced sales volume and lower dilution of fixed costs.</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT face=arial,sans-serif><FONT style="FONT-SIZE: 8pt" face=arial,sans-serif>Para mais informa&#231;&#245;es, visite nosso website: www.csn.com.br/ri</FONT></FONT></P></DIV></TD>

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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>&nbsp;

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT lang=EN-US style="FONT-SIZE: 12pt" color=#002060 face=calibri,sans-serif>Capital Market </FONT></B></P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face=calibri,sans-serif></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=calibri,sans-serif>CSN&#8217;s shares appreciated 76.44% in </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=windowtext face=calibri,sans-serif>, while the IBOVESPA moved up 11.78%. Daily traded volume (CSNA3) on B3 averaged R$192 million. On the New York Stock Exchange (NYSE), CSN&#8217;s American Depositary Receipts (ADRs) appreciated 69.14%, while the Dow Jones climbed 11.06%. On the NYSE, daily traded volume of CSN&#8217;s ADRs (SID) averaged US$15.4 million.</FONT></P>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

   <TD style="HEIGHT: 14.75pt; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Number of shares (in thousands)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,387,524</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: navy 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,387,524</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Market cap</FONT></B></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%" noWrap>&nbsp;</TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Closing price (R$/share)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8.84 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16.25 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Closing price (US$/ADR)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2.23 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4.11 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Market cap (R$ million)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>12,265</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>20,841 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Market cap (US$ million)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,094 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,314 </FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Total return including dividends and interest on equity</FONT></B></P></TD>

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   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">&nbsp;</TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>CSNA3</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(5.05%)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 76.44%</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>SID</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(2.19%)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>69.14%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Ibovespa</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>11.78%</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4.84%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Dow Jones</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(13.47%)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>11.06%</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Volume</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Daily average (thousand shares)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8,042</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>15,184</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Daily average (R$ thousand)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>74,976</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>191,925</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Daily average (thousand ADRs)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,958</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,473</FONT></P></TD></TR>

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   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="65%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Daily average (US$ thousand)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>4,764</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="15%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>15,417</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><I><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Source: Bloomberg</FONT></I></P></TD>

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<DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

<H3 style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BACKGROUND: navy; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 6pt 0in 0pt; BORDER-LEFT: medium none; PADDING-RIGHT: 0in"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=white face=calibri,sans-serif>Webcast - 1Q19 Earnings Presentation</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 13pt" face=Arial,sans-serif> &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 9pt" color=white face=calibri,sans-serif>&nbsp;&nbsp;Investor Relations Team</FONT></B></H3></DIV>

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   <P style="MARGIN: 3pt 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>Conference Call in Portuguese with Simultaneous Translation into English</FONT></B></P></TD>

   <TD style="HEIGHT: 100.85pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=top rowSpan=11 width="50%">

   <P style="MARGIN: 3pt 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;</FONT><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>CFO and IRO </FONT><B><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>&#8211; </FONT></B><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>Marcelo Cunha Ribeiro</FONT></P>

   <P style="MARGIN: 3pt 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;Leo Shinohara (leonardo.shinohara@csn.com.br) </FONT></P>

   <P style="MARGIN: 3pt 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>&nbsp;Jos&#233; Henrique Triques (jose.triques@csn.com.br) </FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>&nbsp;Bruno Souza (bruno.souza@csn.com.br)</FONT></P>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; LINE-HEIGHT: 13pt" face=calibri,sans-serif>&nbsp;Eduardo Ito (eduardo.ito@csn.com.br) </FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt" color=black face=calibri,sans-serif>May 9, 2019</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" face=calibri,sans-serif>11:00 a.m. (Bras&#237;lia time)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face=calibri,sans-serif>10:00 a.m. (New York time)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=#323232 face=calibri,sans-serif>Phone: +1 929 378-3440/ +1 516 300-1066</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=#323232 face=calibri,sans-serif>Code: CSN</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=#323232 face=calibri,sans-serif>Replay phone: +55 11 3127-4999</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=#323232 face=calibri,sans-serif>Replay Code: 16148087</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt" color=#323232 face=calibri,sans-serif>Webcast: </FONT><FONT style="FONT-SIZE: 10pt" face=calibri,sans-serif>click here</FONT></P></TD></TR>

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<P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: justify; PADDING-TOP: 0in; PADDING-LEFT: 0in; MARGIN: 0in 0in 0pt; BORDER-LEFT: medium none; TEXT-JUSTIFY: inter-ideograph; PADDING-RIGHT: 0in"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Some of the statements contained herein are forward-looking statements that express or imply expected results, performance or events. These include future results that may be implied by historical results and the statements under &#8216;Outlook&#8217;. Actual results, performance or events may differ materially from those expressed or implied by the forward-looking statements as a result of several factors, such as the general and economic conditions in Brazil and other countries, interest rate and exchange rate levels, protectionist measures in the USA, Brazil and other countries, changes in laws and regulations and general competitive factors (on a global, regional or national basis).</FONT></P></DIV>

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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif></FONT></B>&nbsp;</P>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>CONSOLIDATED SALES VOLUME (in thousands of tons)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.9pt; BACKGROUND: navy; BORDER-BOTTOM: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" rowSpan=2 width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.9pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: navy; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="39%" colSpan=7>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>Change</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Flat steel </FONT></U></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 737 </FONT></U></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 791 </FONT></U></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 760 </FONT></U></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23 </FONT></U></B></P></TD>

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

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.25pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (31)</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Slab</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Hot rolled</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 271 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 284 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 293 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 9 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Cold rolled</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 157 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 159 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 155 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Galvanized</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 242 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 279 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 244 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (35)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Tin plates</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 67 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 69 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 68 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;UPV long steel </FONT></B></P></TD>

   <TD style="HEIGHT: 13.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 </FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 13.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 </FONT></P></TD>

   <TD style="HEIGHT: 13.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 13.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;DOMESTIC MARKET </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 782 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 835 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 811 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 29 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (24)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Flat steel </FONT></U></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 280 </FONT></U></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 152 </FONT></U></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137 </FONT></U></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (143)</FONT></U></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.25pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (15)</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Hot rolled</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (2)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Cold rolled</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 17 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Galvanized</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 191 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 96 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (95)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Tin plates</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 37 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 26 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Long steel (profiles) </FONT></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 </FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 </FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 </FONT></P></TD>

   <TD style="HEIGHT: 13.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;FOREIGN MARKET </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 496 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 345 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 364 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (132)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.9pt">

   <TD style="HEIGHT: 13.9pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.9pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.9pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.9pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="4%" noWrap>&nbsp;</TD>

   <TD style="HEIGHT: 13.9pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="7%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face="arial narrow,sans-serif"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="4%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>x</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: navy; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="7%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.25pt">

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Flat steel </FONT></U></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,017 </FONT></U></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 943 </FONT></U></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 897 </FONT></U></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (120)</FONT></U></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></U></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.25pt; BORDER-RIGHT: black 1pt solid; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><U><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (46)</FONT></U></B></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Slab</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (0)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; -&nbsp;&nbsp; </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Hot rolled</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 306 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 295 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 303 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8 </FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Cold rolled</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 174 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 166 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 161 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (5)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.25pt">

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Galvanized</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 433 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 368 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 340 </FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (93)</FONT></P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28)</FONT></P></TD></TR>

<TR style="HEIGHT: 11.9pt">

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" vAlign=bottom width="26%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 10pt"><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>Tin plates</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 104 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 113 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94 </FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">&nbsp;</TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (10)</FONT></P></TD>

   <TD style="HEIGHT: 11.9pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 11.9pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (19)</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;UPV long steel </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 44 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 51 </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6 </FONT></P></TD>

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   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Long steel (profiles) </FONT></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 216 </FONT></B></P></TD>

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

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 193 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 226 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10 </FONT></P></TD>

   <TD style="HEIGHT: 13.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 13.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33 </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;TOTAL MARKET </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,277 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,181 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,175 </FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BACKGROUND: white; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102)</FONT></B></P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="3%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 11.25pt; BORDER-RIGHT: black 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="18%" colSpan=3 align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6)</FONT></B></P></TD></TR></TABLE></DIV>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: left; MARGIN: 0in 0in 0pt"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>
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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" color=red face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>INCOME STATEMENT</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>CONSOLIDATED &#8211; Brazilian Corporate Law (in thousands of reais)</FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Net sales revenue&nbsp; </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,065,950 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,050,932 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 6,005,466 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Domestic market </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,515,270 </FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,968,706 </FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,760,089 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Foreign market </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,550,680 </FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,082,226 </FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,245,377 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Cost of Goods Sold (COGS) </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>(3,684,743)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,998,456)</FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4,021,495)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;COGS, excluding depreciation and depletion </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(3,386,399)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,723,023)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (3,722,830)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Depreciation/depletion allocated to COGS </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(298,344)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (275,433)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (298,665)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Gross profit </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,381,207 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,052,476 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,983,971 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Gross margin (%) </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>27%</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>34%</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>33%</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Selling expenses </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (454,860)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (765,345)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (572,205)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;General and administrative expenses </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (102,385)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (154,669)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (113,959)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Depreciation and amortization allocated to SG&amp;A </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(6,831)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(9,358)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,501)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Other income (expenses), net </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,796,928 </FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 188,172 </FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (135,420)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Share of profit of investees </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>24,851 </FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 39,696 </FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,833 </FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Operating income before the financial result </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>2,638,910 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,350,972 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,180,719 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Net financial result </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (593,704)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 510,350 </FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (635,099)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Income before income tax and social contribution </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>2,045,206 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,861,322 </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 545,620 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Income tax and social contribution </FONT></B></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(558,711)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (89,085)</FONT></P></TD>

   <TD style="HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (458,857)</FONT></P></TD></TR>

<TR style="HEIGHT: 13.95pt">

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.95pt; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="41%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Profit (loss) for the period </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="20%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>1,486,495 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="19%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,772,237 </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 13.95pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="20%" colSpan=2 noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 86,763 </FONT></B></P></TD></TR></TABLE></DIV>

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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman"></FONT>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>BALANCE SHEET</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>Brazilian Corporate Law (in thousands of reais)</FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>31/12/2018</FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>31/03/2019</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>Current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,014,483 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,825,742 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Cash and cash equivalents</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,248,004 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,702,077 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Financial investments</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 895,713 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 778,608 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Accounts receivable</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,078,182 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,835,396 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Inventories</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,039,560 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,665,830 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Other current assets</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,753,024 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,843,831 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>Non-current assets</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 35,313,041 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 36,126,764 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Long-term assets</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,382,389 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,419,990 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Investments</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,630,613 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,791,267 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Property, plant and equipment</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,046,864 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 18,682,759 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Intangible assets</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,253,175 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,232,748 </FONT></P></TD></TR>

<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: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>TOTAL ASSETS</FONT></B></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: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,327,524 </FONT></B></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: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,952,506 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>Current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 11,438,552 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 12,077,635 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Payroll and related taxes</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 248,185 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 261,717 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Trade payables</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,408,056 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,228,213 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Taxes payable</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 251,746 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 535,681 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Loans and financing</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,653,439 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5,415,138 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Other payables</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,770,623 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,530,746 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; Dividends and JCP payable</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932,005 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 932,005 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; Customer Advance</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 137,418 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 563,002 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; Payables &#8211; Drawee Risk</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 65,766 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 300,947 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; Lease liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 45,742 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; Other payables</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 635,434 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 689,050 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Provisions for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106,503 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 106,140 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>Non-current liabilities</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,875,532 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 27,624,483 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Loans, financing and debentures</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 23,173,635 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 22,887,556 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Other payables</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227,328 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,259,172 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt; TEXT-JUSTIFY: inter-ideograph"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; Customer Advance</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,469,166 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; Lease liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 587,496 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; Other payables</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 227,328 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 202,510 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Deferred taxes</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 601,731 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 667,907 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Provisions for tax, social security, labor and civil risks</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 685,953 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=black face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 615,371 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Other provisions</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,186,885 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,194,477 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>Equity</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,013,440 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,250,388 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%">

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Paid-up capital</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,540,000 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,540,000 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Capital reserve</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,720 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 32,720 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Profit reserve</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,064,827 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,064,827 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Accumulated earnings (losses)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,572)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Other comprehensive income</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,065,188 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,215,371 </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: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Non-controlling interest</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: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,310,705 </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: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 1,405,042 </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: 3.5pt; BORDER-LEFT: windowtext 1pt solid; PADDING-RIGHT: 3.5pt" width="54%" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>TOTAL LIABILITIES AND EQUITY</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 47,327,524 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" width="23%" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 49,952,506 </FONT></B></P></TD></TR></TABLE></DIV>

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   <TD width="50%" align=right>&nbsp;<FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>EARNINGS RELEASE</FONT></B></FONT>

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<H1 style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: right; MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.5in"><FONT color=windowtext face=calibri,sans-serif><B><FONT style="FONT-SIZE: 14pt" color=windowtext face=calibri,sans-serif>1Q19</FONT></B></FONT></H1></DIV></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 12pt; TEXT-AUTOSPACE: ideograph-numeric" face="Times New Roman"></FONT>&nbsp;</P>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>CASH FLOW</FONT></B></P></TD></TR>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>CONSOLIDATED &#8211; Brazilian Corporate Law (in thousands of reais) </FONT></B></P></TD></TR>

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   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>&nbsp;</FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>4Q18&nbsp; </FONT></B></P></TD>

   <TD style="BORDER-TOP: windowtext 1pt solid; HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: #1f497d; BORDER-BOTTOM: windowtext 1pt solid">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=white face=calibri,sans-serif>1Q19&nbsp; </FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Net cash generated by operating activities </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>609,552 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp; 1,185,970 </FONT></B></P></TD></TR>

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   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Net income for the period attributable to controlling shareholders&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>1,720,288 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (7,572)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Net income attributable to non-controlling shareholders </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>51,949 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 94,335 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Charges on loans and financing raised </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>486,143 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 465,928 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Charges on loans and financing granted </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(13,540)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (13,946)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Charges on lease liabilities</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 4,957 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Depreciation, depletion and amortization </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 310,970 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 328,070 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Share of profit (loss) of investees </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(39,696)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (25,833)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Deferred taxes </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (296,999)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 89,039 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Provisions for tax, social security, labor, civil and environmental risks </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>5,639 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (69,853)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Monetary and exchange rate variation, net </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(97,728)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 241,297 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Write-off of fixed and intangible assets </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>8,862 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 13,712 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Provision for actuarial liabilities </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (20,984)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Adjusted shares - VJR </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (108,548)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (127,653)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Provisions for decommissioning and environmental liabilities </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6,252 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 7,592 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Monetary correction of compulsory loan to Eletrobr&#225;s </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(21,558)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,715) </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Provisions (reversal) for consumption and services </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>55,726 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8,853 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;PIS/COFINS tax credit </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp; (1,483,424)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Other provisions </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,984)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 10,992 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Working capital variation </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 487,426 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 758,388 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Accounts receivable &#8211; third parties </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (104,539)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (713,057)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Accounts receivable &#8211; related parties </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19,957 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (92,283)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Inventories </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (275,342)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (653,465)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Borrowings &#8211; related parties </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 112,146 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 447 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Taxes to offset </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 373,225 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (41,211)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Judicial deposits </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 25,010 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (11,569)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Trade payables </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 509,825 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (170,461)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp; Trade payables &#8211; Drawee Risk</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 235,181 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Payroll and related taxes </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (66,521)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 14,014 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Taxes/Refis </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (53,909)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 282,973 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Accounts payable &#8211; related parties </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 42,042 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BACKGROUND: white" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (30,173)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Advance Iron Ore payments&nbsp; </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp; 1,935,831 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (94,468)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2,161 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9.05pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Other payments and receipts </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (434,242)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (590,621)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 0.25in"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Interest paid </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (434,242)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (590,621)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Cash flow from investing activities </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>(623,585)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (220,750)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Acquisition of intangible assets </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (1,569)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (49)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Investments/AFAC (Advance for future capital increase) </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>(121,938)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Acquisition of fixed assets </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (507,014)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (313,530)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Derivative transactions </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (372)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Loans granted - related parties </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (40,643)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Short-term investment, net of redeemed amount </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>- </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 16,796 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>Financial application, net of redemption</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>6,936 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 117,048 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Cash flow from financing activities </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>(743,174)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (514,817)</FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Loans and financing raised </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 140,906 </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp; 2,465,845 </FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Loan amortizations - principal </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp; (877,472)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp; (2,939,145)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt; TEXT-INDENT: 9pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;Borrowing costs </FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6,608)</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (28,810)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Lease amortizations</FONT></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (12,707)</FONT></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Exchange rate variation on cash and cash equivalents </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>9,971 </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 3,670 </FONT></B></P></TD></TR>

<TR style="HEIGHT: 12pt">

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid; BORDER-LEFT: windowtext 1pt solid" noWrap>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;Free cash flow </FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp; (747,236)</FONT></B></P></TD>

   <TD style="HEIGHT: 12pt; BORDER-RIGHT: windowtext 1pt solid; BORDER-BOTTOM: windowtext 1pt solid" noWrap>

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: ideograph-numeric" color=#333399 face=calibri,sans-serif>&nbsp;&nbsp;&nbsp; 454,073 </FONT></B></P></TD></TR></TABLE></DIV>

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

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

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;May 8, 2019</FONT></DIV>

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

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

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

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

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

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

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

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   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Marcelo Cunha Ribeiro </B></FONT></DIV>

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

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

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

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