<SEC-DOCUMENT>0001292814-19-002325.txt : 20190628
<SEC-HEADER>0001292814-19-002325.hdr.sgml : 20190628
<ACCEPTANCE-DATETIME>20190627202342
ACCESSION NUMBER:		0001292814-19-002325
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		2
CONFORMED PERIOD OF REPORT:	20190630
FILED AS OF DATE:		20190628
DATE AS OF CHANGE:		20190627

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:		19927002

	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>sid20190627_6k1.htm
<DESCRIPTION>SID20190627_6K1
<TEXT>

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<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">UNITED STATES</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:12.0pt;">Washington, D.C. 20549</font></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<div align=center style="margin:0in;margin-bottom:.0001pt;text-align:center;">

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&nbsp;</div>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">FORM 6-K</font></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Report of Foreign Private
Issuer<br>
Pursuant to Rule 13a-16 or 15d-16 of the</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Securities Exchange Act of 1934</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">For the month of June 2019</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Commission File Number 1-14732</font></b></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

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&nbsp;</div>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">COMPANHIA SIDER&#218;RGICA NACIONAL</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(Exact name of registrant as
specified in its charter)</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">National Steel Company</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(Translation of registrant&#8217;s
name into English)</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><b><font color=black face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">Av. Brigadeiro Faria Lima 3400, 20th Floor<br>
S&#227;o Paulo, SP, Brazil<br>
04538-132</font></b></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">(Address of principal executive
office)</font></p>

<p style="background:white;margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Indicate by check mark whether
the registrant files or will file annual reports<br>
under cover Form 20-F or Form 40-F.</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">Form 20-F ___X___ Form 40-F
_______</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;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></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">Yes _______ No ___X____</font></p>

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&nbsp;</div>

<p style="margin:0in;margin-bottom:.0001pt;"><font color=black face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>

<p align=center style="background:white;margin:0in;margin-bottom:.0001pt;text-align:center;"><font color=black face="Times New Roman" lang=PT-BR style="font-size:10.0pt;">&nbsp;</font></p>




<p style="margin:0in;margin-bottom:.0001pt;"><font face="Times New Roman" lang=EN-US style="font-size:10.0pt;">&nbsp;</font></p>


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<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 11pt" face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt" face="Times New Roman">Corporate Taxpayer&#8217;s ID (CNPJ/MF): 33.042.730/0001-04</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Company Registry (NIRE): 35300396090</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Publicly-held Company</FONT></P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT></B>&nbsp;</P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">CERTAIN UPDATES TO 2018 ANNUAL REPORT</FONT></B></P>

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

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">This report on Form 6-K presents certain updates to Companhia Sider&#250;rgica Nacional&#8217;s (&#8220;CSN,&#8221; &#8220;we,&#8221; &#8220;us&#8221; or &#8220;our&#8221;) Annual Report on Form 20-F for its fiscal year ended December 31, 2018 (&#8220;2018 Annual Report&#8221;), as filed with the U.S. Securities and Exchange Commission and amended on April 5, 2019.</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt 1in; TEXT-INDENT: -1in"><B><FONT lang=EN-US style="FONT-SIZE: 11pt; TEXT-DECORATION: none" color=windowtext face="Times New Roman">Exhibit&nbsp;A</FONT></B><B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">:&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT></B><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman">Management&#8217;s Discussion and Analysis of Financial Condition and Results of Operations for the Three Months Ended March 31, 2019</FONT></P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 12pt"><FONT lang=EN-US style="FONT-SIZE: 11pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 11pt" color=black face="Times New Roman">S&#227;o Paulo, June 27, 2019</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><FONT lang=PT-BR style="FONT-SIZE: 11pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=PT-BR style="FONT-SIZE: 11pt" color=black face="Times New Roman">COMPANHIA SIDER&#218;RGICA NACIONAL</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Times New Roman">Marcelo Cunha Ribeiro</FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 11pt" color=black face="Times New Roman">Chief Financial and Investor Relations Officer</FONT></B></P>

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

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

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

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

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">MANAGEMENT&#8217;S DISCUSSION AND ANALYSIS OF </FONT></B></P>

<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">FINANCIAL CONDITION</FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"> </FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">AND RESULTS OF OPERATIONS</FONT></B></P>

<P style="BACKGROUND: white; MARGIN: 12pt 0in 0pt; TEXT-INDENT: 24.5pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">The following discussion of our financial condition, results of operations and legal proceedings should be read in conjunction with our unaudited interim consolidated financial information as of March 31, 2019 and for the&nbsp;three months ended March 31, 2018 and 2019, as furnished to the SEC on May 30, 2019 on Form 6-K, and the information presented under the sections entitled &#8220;Presentation of Financial and Other Information,&#8221; &#8220;Item 3. Key Information&#8212;Selected Financial Data,&#8221; &#8220;Item 5. Operating and Financial Review and Prospects&#8221; and &#8220;Item 11. Quantitative and Qualitative Disclosures About Market Risk&#8221; in our 2018 Annual Report, which includes our audited consolidated financial statements as of December 31, 2017 and 2018 and for the years ended December 31, 2016, 2017 and 2018.</FONT></I></P>

<P style="BACKGROUND: white; MARGIN: 12pt 0in 0pt; TEXT-INDENT: 24.5pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">The following discussion contains forward-looking statements that involve risks and uncertainties. Our actual results may differ materially from those discussed in the forward-looking statements as a result of various factors, including those set forth under &#8220;Forward-Looking Statements&#8221; and in &#8220;Item 3. Key Information&#8212;Risk Factors&#8221; in our 2018 Annual Report.</FONT></I></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><A name="_Toc511910385"></A><A name="_Toc3970022"></A><A name="_Toc3970191"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Consolidated Results of Operations</FONT></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">The following table presents certain financial information with respect to our operating results for the three months ended March 31, 2018 and 2019:</FONT></P>

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<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="58%" colSpan=3>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Three months ended March 31,</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2018</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2019</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2019<SUP>(1)</SUP></FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Income Statement Data </FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="39%" colSpan=2>

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 8pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(in millions of R$, except per share data)</FONT></I></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: center; MARGIN: 0in 0in 8pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(in millions of US$, except per share data)</FONT></I></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Net operating revenues</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">5,066</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">6,005</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,541</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: 13.6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Cost of products sold</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(3,685)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(4,021)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(1,032)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Gross profit</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,381</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,984</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">509</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Operating expenses</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

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

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

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

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

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

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: 13.6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Selling</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(456)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(573)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(147)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: 13.6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">General and administrative&nbsp;</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(108)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(120)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(31)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 21.25pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Equity in results of affiliated companies </FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">25</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">26</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">7</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: 13.6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Other expenses</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(149)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(364)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(94)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: 13.6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Other income</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,946</FONT></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">229</FONT></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">59</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: 13.6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Total</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,258</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(803)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(206)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Operating income</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">2,639</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,181</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">303</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Non-operating income (expenses), net</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

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

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

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

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

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

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: 13.6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Financial income</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">43</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">111</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">29</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: 13.6pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Financial expenses</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(637)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(746)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(192)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Income before taxes</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">2,045</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">546</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">140</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Income tax </FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(558)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(459)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(118)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Net income&nbsp;(loss) from continuing operations</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,486</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">87</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">22</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Net income (loss) for the period</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,486</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">87</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">22</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Net income (loss) attributable to noncontrolling interest</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">15</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">94</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">24</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Net income&nbsp;(loss) attributable to Companhia Sider&#250;rgica Nacional shareholders</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,472</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(8)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(2)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Basic earnings per common share</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1.08454</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(0.00551)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(0.00141)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="42%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 3.2pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Diluted earnings per common share </FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1.08454</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="20%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(0.00551)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="19%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(0.00141)</FONT></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">_________________ </FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Translated solely for the convenience of the reader at the rate of R$3.897 to US$1.00, which was the U.S. dollar selling rate as reported by the Central Bank as of March 31, 2019.</FONT></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT></I></B>&nbsp;</P></DIV>

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



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

&nbsp; <A name="page_4"></A>

<a name="_bclPageBorder4"></a><DIV style="PADDING-LEFT: 0%; PADDING-RIGHT: 0%">

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Three Months Ended March 31, 2018 Compared to Three Months Ended March 31, 2019</FONT></I></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><A name="_Toc448822190"></A><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Our consolidated results for the three months ended March 31, 2018 and 2019 by business segment are presented below: </FONT></P>

<DIV align=center>

<TABLE style="WIDTH: 100%; BORDER-COLLAPSE: collapse" cellSpacing=0 cellPadding=0 border=0>



<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="82%" colSpan=8>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Three months ended March 31, 2018</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Consolidated Results</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Steel</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Mining</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Port</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Logistics</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Railway</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Logistics</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Energy</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Cement</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Eliminations</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">Consolidated</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="82%" colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">(in millions of R$)</FONT></I></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Net operating revenues</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">3,674</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,152</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">66</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">331</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">91</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">131</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(378)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">5,066</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 12.25pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">2,291</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">219</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">66</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">331</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">91</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">131</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(612)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">2,515</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 12.25pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Export market</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,384</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">933</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">234</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">2,551</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Cost of goods sold</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(2,900)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(795)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(46)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(244)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(66)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(125)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">493</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(3,685)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Gross profit</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">774</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">356</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">20</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">87</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">24</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">5</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">115</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,381</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(234)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(21)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(10)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(23)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(7)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(20)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(249)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(564)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">150</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">106</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">4</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">65</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">4</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">27</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(51)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">305</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Proportionate EBITDA of joint ventures</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">119</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">119</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Adjusted EBITDA<SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">690</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">442</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">14</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">128</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">22</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">12</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(66)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,242</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="82%" colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="82%" colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="82%" colSpan=8>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Three months ended March 31, 2019</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Steel</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Mining</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Port</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Logistics</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Railway</FONT></B></P>

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PAGE-BREAK-AFTER: avoid; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Logistics</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Energy</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Cement</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Eliminations</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">Consolidated</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="82%" colSpan=8>

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(in millions of R$)</FONT></I></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Net operating revenues</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">3,605</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">2,079</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">52</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">335</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">70</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">120</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(255)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">6,005</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: 0.1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Domestic market</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">2,567</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">245</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">52</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">335</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">70</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">120</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(629)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">2,760</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: 0.1pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Export market</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,038</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,834</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">374</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">3,245</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Cost of goods sold</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(3,222)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(870)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(47)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(261)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(61)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(138)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">577</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(4,021)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Gross profit</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">383</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,209</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">5</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">74</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">9</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(18)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">322</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,984</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">General and administrative expenses</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(197)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(42)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(9)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(27)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(7)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(21)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(390)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(694)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="18%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="10%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">157</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">92</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">7</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">92</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">4</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">32</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(79)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">306</FONT></P></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Proportionate EBITDA of joint ventures</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">-</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">127</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">127</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">Adjusted EBITDA<SUP>(1)</SUP></FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">344</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,259</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">3</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="9%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">138</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">6</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(7)</FONT></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">(19)</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="16%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " color=black face="Times New Roman">1,724</FONT></P></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">_________________ </FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Adjusted EBITDA is a measurement which helps us to assess the performance of our operations and our capacity to generate recurring operating cash, consisting of net income (loss) for the year </FONT><I><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">less</FONT></I><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"> net financial income (expenses), income tax and social contribution, depreciation and amortization, equity in results of affiliated companies, results of discontinued operations and other operating income (expenses), plus the proportionate EBITDA of joint ventures. Although Adjusted EBITDA is an indicator used for performance measurement purposes, it is not a measurement recognized under IFRS. Therefore, it has no standard definition and may not be comparable with measurements using similar names provided by other companies. For the reconciliation of net income to EBITDA and Adjusted EBITDA, see note 25 to our unaudited interim consolidated financial information as of March 31, 2019 and for the three months ended March 31, 2018 and 2019.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><A name="_Toc511910386"></A><A name="_Toc3970023"></A><A name="_Toc3970192"></A><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Net Operating Revenues</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Net operating revenues increased R$939&nbsp;million, or 19%, from R$5,066&nbsp;million in the three months</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">ended March 31, 2018 to R$6,005&nbsp;million in the three months</FONT><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"> </FONT></B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">ended March 31, 2019, mainly due to an increase in sales volume and prices in the mining market. </FONT></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Net domestic revenues increased R$245 million, or 10%, from R$2,515&nbsp;million in the three months ended March 31, 2018 to R$2,760&nbsp;million in the three months ended March 31, 2019, while</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"> net revenues of exports and sales abroad increased R$694&nbsp;million, or 27%, from R$2,551&nbsp;million in the three months ended March 31, 2018 to R$3,245&nbsp;million in the three months ended March 31, 2019, driven by higher realized iron ore and steel prices and sales volume.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Steel</FONT></U></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Steel net operating revenues decreased R$69&nbsp;million</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">, or 2%, from R$3,674&nbsp;million in the three months ended March 31, 2018 to R$3,605&nbsp;million in the three months ended March 31, 2019.</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"> Sales volume decreased 8% from 1.3 </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">million tons in the three months ended March 31, 2018 to 1.2 million tons in the three months ended March 31, 2019. Steel net domestic revenues increased R$276&nbsp;million, or 12%, from R$2,291&nbsp;million in the three months ended March 31, 2018 to R$2,567&nbsp;million in the three months ended March 31, 2019.</FONT></P></DIV>

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<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Mining</FONT></U></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Mining net operating revenues increased R$927&nbsp;million, or 80%, from R$1,152&nbsp;million in the three months ended March 31, 2018 to R$2,079&nbsp;million in the three months ended March 31, 2019, due to an increase in iron ore prices and an increase of 19% in sales volume from 7.5 million tons in the three months ended March 31, 2018 to 8.9 million tons in the three months ended March 31, 2019. </FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Logistics</FONT></U></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">In the three months ended March 31, 2018, net operating revenues from railway logistics were R$331&nbsp;million and net operating revenues from port logistics were R$66&nbsp;million, while in the three months ended March 31, 2019, net operating revenues from railway logistics were R$335&nbsp;million and net operating revenues from port logistics were R$52&nbsp;million. Port logistics handled 162,000 tons of steel products, 1,000 tons of general cargo, 43,000 containers and 56,000 tons of bulk. </FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Energy</FONT></U></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Our net operating revenues from the energy segment decreased R$21 million, or 23%, from R$91&nbsp;million in the three months ended March 31, 2018 to R$70&nbsp;million in the three months ended March 31, 2019, mainly due to an increase in available energy sold in the free market.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><A name="_Toc3970024"></A><A name="_Toc3970193"></A><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Cost of Products Sold</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Consolidated cost of products sold increased R$336 million, or 9%, from R$3,685&nbsp;million in the three months ended March 31, 2018 to R$4,021&nbsp;million in the three months ended March 31, 2019, due to higher raw materials prices, mainly due to the 17% appreciation of the U.S. dollar against the </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">real</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">, as well as an increase in sales volume and prices in the mining market.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Steel</FONT></U></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Consolidated steel costs of products sold were R$3,222 million in the three months ended March 31, 2019, representing an 11% increase as compared to R$2,900 million in the three months ended March 31, 2018,</FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"> mainly due to the low productivity of one of our blast furnaces.</FONT></P></DIV>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Three months ended March 31,</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Change</FONT></B></P></DIV></TD></TR>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt 7.65pt; PADDING-RIGHT: 0in; TEXT-INDENT: -7.65pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">2018</FONT></B></P></DIV></TD>

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   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Steel Production Cost </FONT></B></P>

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">(Parent Company)</FONT></B></P></TD>

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   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt" align=right><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">(R$/ ton)</FONT></I></P></TD>

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt" align=right><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">(R$ million)</FONT></I></P></TD>

   <TD style="HEIGHT: 6.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt 7.65pt; TEXT-INDENT: -7.65pt" align=right><I><FONT lang=EN-US style="FONT-SIZE: 8pt" color=black face="Times New Roman">(R$/ ton)</FONT></I></P></TD></TR>

<TR style="HEIGHT: 9.3pt">

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Raw materials</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">1,277</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">1,215</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">1,887</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">1,789</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(609)</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(574)</FONT></P></TD></TR>

<TR style="HEIGHT: 8.65pt">

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 8.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Iron ore </FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">201</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">191</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">225</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">213</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(24)</FONT></P></TD>

   <TD style="HEIGHT: 8.65pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(22)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.3pt">

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 8.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Coal</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">343</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">327</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">316</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">300</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">27</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">27</FONT></P></TD></TR>

<TR style="HEIGHT: 9.3pt">

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 8.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Coke</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">308</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">293</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">476</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">451</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(168)</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(158)</FONT></P></TD></TR>

<TR style="HEIGHT: 9.3pt">

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 8.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Coils</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

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

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

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

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">51</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">49</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(51)</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(49)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.15in">

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 8.1pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Metals</FONT></P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">190</FONT></P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">180</FONT></P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">195</FONT></P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">185</FONT></P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(5)</FONT></P></TD>

   <TD style="HEIGHT: 0.15in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(5)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: 5.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Outsourced slabs</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">14</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">13</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">382</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">362</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(369)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(349)</FONT></P></TD></TR>

<TR style="HEIGHT: 0.2in">

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: 5.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Pellets</FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">143</FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">136</FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">127</FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">120</FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">16</FONT></P></TD>

   <TD style="HEIGHT: 0.2in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">16</FONT></P></TD></TR>

<TR style="HEIGHT: 9.3pt">

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: 5.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Scrap</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">33</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">31</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">56</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">53</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(23)</FONT></P></TD>

   <TD style="HEIGHT: 9.3pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(21)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: 5.85pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Other<SUP>(1)</SUP></FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">46</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">44</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">59</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">56</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(13)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(12)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Labor</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">214</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">203</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">226</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">214</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(12)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(11)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Other production costs</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">615</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">585</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">739</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">701</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(124)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(116)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Energy/fuel</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">265</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">252</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">344</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">326</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(79)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(74)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Services and maintenance</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">153</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">146</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">179</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">170</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(26)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(25)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Tools and supplies</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">86</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">82</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">98</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">93</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(12)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(11)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Depreciation</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">97</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">93</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">102</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">97</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(5)</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(4)</FONT></P></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Other</FONT></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">14</FONT></P></DIV></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">13</FONT></P></DIV></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">16</FONT></P></DIV></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">15</FONT></P></DIV></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(2)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: right; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(2)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 4pt">

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="31%">

   <P style="PAGE-BREAK-AFTER: avoid; MARGIN: 0in 0pt 0pt 7.65pt; TEXT-INDENT: -7.65pt"><B><FONT lang=EN-US style="FONT-SIZE: 9pt" face="Times New Roman">Total</FONT></B></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">2,106</FONT></B></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">2,003</FONT></B></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">2,852</FONT></B></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="12%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">2,704</FONT></B></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(746)</FONT></B></P></TD>

   <TD style="HEIGHT: 4pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 5.75pt; PADDING-RIGHT: 5.75pt" vAlign=bottom width="11%">

   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 9pt; TEXT-AUTOSPACE: " face="Times New Roman">(700)</FONT></B></P></TD></TR></TABLE></DIV>

<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Mining</FONT></U></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Our mining costs of products sold increased R$75 million, or 9%, from R$795&nbsp;million in the three months ended March 31, 2018 to R$870&nbsp;million in the three months ended March 31, 2019, mainly due to an increase in iron ore production.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Logistics</FONT></U></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Cost of services attributable to our logistics segment increased R$18 million, or 6%, from R$290&nbsp;million in the three months ended March 31, 2018 to R$308&nbsp;million in the three months ended March 31, 2019, mainly due to adjustments in fuel prices.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><U><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Energy</FONT></U></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Cost of products sold attributable to our energy segment remained stable and was R$61&nbsp;million in the three months ended March 31, 2019 compared to R$66 million in the three months ended March 31, 2018.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><A name="_Toc3970025"></A><A name="_Toc3970194"></A><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Gross Profit</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Gross profit increased R$603 million, or 44%, from R$1,381 million in the three months ended March 31, 2018 to R$1,984 million in the three months ended March 31, 2019, due to an increase of R$939 million in net revenues, which was partially offset by an increase of R$336 million in cost of products sold, as discussed above.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><A name="_Toc511910389"></A><A name="_Toc3970026"></A><A name="_Toc3970195"></A><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Selling, General and Administrative</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"> </FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Expenses</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Selling, general and administrative expenses increased R$130 million, or 23%, from R$564 million in the three months ended March 31, 2018 to R$694 million in the three months ended March 31, 2019. Selling expenses increased R$117 million, or 25%, from R$456 million in the three months ended March 31, 2018 to R$573 million in the three months ended March 31, 2019, mainly due to an increase in average freight rates. General and administrative expenses increased R$12 million, or 11%, from R$108 million in the three months ended March 31, 2018 to R$120 million in the three months ended March 31, 2019, mainly due to an increase in personnel costs.</FONT></P>

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<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Other Operating Income (Expenses)</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Other operating income (expenses) decreased R$1,932 million from a net operating income of R$1,797 million in the three months ended March 31, 2018 to a net operating expense of R$135 million in the three months ended March 31, 2019. </FONT></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Other operating income decreased R$1,717 million, from R$1,946 million in the three months ended March 31, 2018 to R$229 million in the three months ended March 31, 2019. This decrease was mainly due to R$1,936 million in accumulated appreciation of our shares in Usiminas, which we had recorded in other comprehensive income in shareholders&#8217; equity until December 31, 2017 and, upon adoption of IFRS 9 as of January 1, 2018, we reclassified and recorded as other operating income in the three months ended March 31, 2018. In the three months ended March 31, 2019, accumulated appreciation of our shares in Usiminas was R$128 million, which represented a decrease of R$1,808 million in other operating income as compared to the three months ended March 31, 2018.</FONT></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Other operating expenses increased R$215 million, from R$149 million in the three months ended March 31, 2018 to R$364 million in the three months ended March 31, 2019, mainly due to realization of our cash flow hedge in the amount of R$184 million.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><A name="_Toc3970028"></A><A name="_Toc3970197"></A><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Equity in Results of Affiliated Companies</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Equity in results of affiliated companies remained stable and was R$26 million in the three months ended March 31, 2019 compared to R$25 million in the three months ended March 31, 2018. </FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Operating Income</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Operating income decreased R$1,458 million, or 55%, from R$2,639 million in the three months ended March 31, 2018 to R$1,181 million in the three months ended March 31, 2019, due to the reasons discussed above.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Financial Income (Expenses), Net</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Financial income (expenses) generated net financial expenses of R$594 million in the three months ended March 31, 2018, as compared to net financial expenses of R$635 million in the three months ended March 31, 2019, representing an increase of R$41 million, or 7%. This increase in net financial expenses was mainly due to recognition of monetary adjustment on tax credits of PIS and COFINS that had been over-collected since 2001. These overpayments were due to the Brazilian government&#8217;s calculation methodology for these taxes, which included the state value-added tax (ICMS) embedded in local sales invoices in the basis of taxable revenues. Along with other Brazilian companies, we disputed the inclusion of the state value-added tax in the basis of taxable revenues and, in 2018, we received a final favorable decision. Accordingly, we recognized these tax credits as other operating income and the corresponding monetary correction as financial income.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><A name="_Toc3970030"></A><A name="_Toc3970199"></A><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Income Taxes</FONT></I><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"> </FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Income tax expense in Brazil refers to federal income tax and social contribution. The statutory rates for these taxes applicable to the periods presented herein were 25% for federal income tax and 9% for social contribution. Adjustments are made to income in order to reach the effective tax expense or benefit for each fiscal year. As a result, our effective tax rate between fiscal years is volatile.</FONT></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">At statutory rates, we had a tax expense of R$695 million in the three months ended March 31, 2018 and R$186 million in the three months ended March 31, 2019, which represents 34% of our income before taxes. After adjustments to meet the effective income tax rates, we recorded an expense for income tax and social contribution of R$559 million in the three months ended March 31, 2018, as compared to an expense of R$459 million in the three months ended March 31, 2019. Expressed as a percentage of pretax income, our effective income tax rate was 27% in the three months ended March 31, 2018 and 84% in the three months ended March 31, 2019. For the three months ended March 31, 2019, adjustments to meet the effective income tax rate resulted in an expense of R$273 million, mainly due to a negative impact of R$212 million related to tax credits not recognized in the period, as well as additional items that comprise our reconciliation of our statutory income tax rate to our effective income tax rate, including adjustments related to equity results, results of subsidiaries taxed at different rates or not taxed, transfer price adjustments and tax incentives, among others, which net tax result was an expense of R$61 million. In the three months ended March 31, 2018, we had a positive net adjustment of R$136 million mainly due to recognition of R$194 million in income tax credits, partially offset by R$42 million in results of subsidiaries taxed at different </FONT>


<FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">rates. For further information, see note 15 to our unaudited interim consolidated financial information as of March 31, 2019 and for the three months ended March 31, 2018 and 2019.</FONT></P></DIV>

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<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">It is not possible to predict future adjustments to federal income tax and social contribution statutory rates, as they depend on interest on shareholders&#8217; equity, tax incentives and non-taxable factors, including income from offshore operations and tax losses from offshore operations.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><A name="_Toc3970031"></A><A name="_Toc3970200"></A><I><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Net Income (Loss) for the Year</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">In the three months ended March 31, 2019, we recorded net income of R$87 million, as compared to R$1,486 million in the three months ended March 31, 2018. The decrease of R$1,399 million was due to the reasons discussed above.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><A name="_Toc511910663"></A><A name="_Toc511910879"></A><A name="_Toc3970211"></A><B><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Liquidity and Capital Resources </FONT></B></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Cash Flows</FONT></I></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Cash and cash equivalents decreased R$1,177 million in the three months ended March 31, 2018, compared to an increase of R$454 million in the three months ended March 31, 2019.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Operating Activities</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Cash provided by operating activities increased R$727 million, or 158%, from R$459 million in the three months ended March 31, 2018 to R$1,186 million in the three months ended March 31, 2019, mainly due to the following events:</FONT></P>

<P style="MARGIN: 0in 0in 5pt 0.5in; 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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">in the three months ended March 31, 2019, our consolidated net income was R$87 million, as compared to consolidated net income of R$1,486 million in the three months ended March 31, 2018, which was mainly due to reclassification of R$1,936 million in accumulated appreciation of our shares in Usiminas as other operating income in the three months ended March 31, 2018, as discussed above; </FONT></P>

<P style="MARGIN: 0in 0in 5pt 0.5in; 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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$1,935 million in customer advances related to an export prepayment agreement for the supply of approximately 22 million tons of iron ore over five years with Glencore International AG; and</FONT></P>

<P style="MARGIN: 0in 0in 5pt 0.5in; 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; </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">changes in other working capital accounts, mainly suppliers, accounts receivable and value-added taxes.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Investing Activities</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Cash used in investing activities increased R$7 million, or 3%, from R$214 million in the three months ended March 31, 2018 to R$221 million in the three months ended March 31, 2019, mainly due to capital expenditures of R$314 million in the three months ended March 31, 2019, as compared to R$223 million in the three months ended March 31, 2018, which represented an increase of R$91 million, partially offset by R$117 million in financial investments. In addition, in the three months ended March 31, 2018, we received R$39 million in cash from the sale of shares in Usiminas.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Financing Activities</FONT></I></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Cash used in financing activities decreased R$908 million, or 64%, from R$1,423 million in the three months ended March 31, 2018 to R$515 million in the three months ended March 31, 2019. This was mainly due to an increase of R$1,145 million in new borrowings in the three months ended March 31, 2019 as compared to the three months ended March 31, 2018, which was partially offset by (i) payment of dividends in the amount of R$502 million in the three months ended March 31, 2019, which did not occur in the three months ended March 31, 2018, and (ii) an increase of R$748 million in debt amortization payments in the three months ended March 31, 2019 as compared to the three months ended March 31, 2018.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 6pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Trade Accounts Receivable Turnover Ratio</FONT></I></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Our trade accounts receivable turnover ratio, which is the ratio between our trade accounts receivable and our net operating revenues, measured in days of sales, increased by four days from 33 days as of March 31, 2018 to 37 days as of March 31, 2019.</FONT></P></DIV>

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<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 6pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Inventory Turnover Ratio</FONT></I></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Our inventory turnover ratio, which we measure by dividing our inventories by our annualized cost of products sold, measured in days of cost of products sold, was 99 days and 111 days as of March 31, 2018 and March 31, 2019, respectively.</FONT></P>

<P style="PAGE-BREAK-AFTER: avoid; MARGIN: 10pt 0in 6pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Trade Accounts Payable Turnover Ratio </FONT></I></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Our trade accounts payable turnover ratio, which we measure by dividing our trade accounts payable by our annualized cost of products sold, measured in days of cost of products sold,&nbsp;was 79 days as of March 31, 2018 and as of March 31, 2019. </FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Liquidity Management </FONT></I></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Given the capital intensive and cyclical nature of our industry and the generally volatile Brazilian macroeconomic environment, we retain sufficient cash on hand to run our operations and to meet our short-term financial obligations.&nbsp;As of March 31, 2018, cash and cash equivalents were R$2,234 million, as compared to R$2,702 million as of March 31, 2019.</FONT></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">As of March 31, 2019, our short-term and long-term indebtedness accounted for 19% and 81%, respectively, of our total debt, and the average life of our existing debt was equivalent to approximately seven years, considering a 40-year term for the perpetual bonds issued in September&nbsp;2010.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Capital Expenditures and Investments </FONT></I></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">We invested R$313 million in the three months ended March 31, 2019, mainly in:</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$160 million in steel: sustaining investments at Presidente Vargas Steelworks, mainly in the blast furnace, coke plants and technological modernization projects, as well as maintenance projects in all our steel plants;</FONT></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$118 million in mining: projects in iron ore beneficiation, increase in iron ore quality, maintenance of tailings dams and sustaining investments in all our mining facilities; and</FONT></P>

<P style="BACKGROUND: white; TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt 0.5in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">R$14 million in cement: sustaining projects in the Volta Redonda and Arcos plants.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Debt and Derivative Instruments</FONT></I></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">As of March 31, 2019, our total debt (composed of current and non-current portions of borrowings and financings) was R$28,303 million (including transactions costs), which represents 276% of shareholders&#8217; equity as of March 31, 2019, respectively. As of March 31, 2019, our short-term debt (composed of current borrowings and financings, which includes current portion of long-term debt) totaled R$5,415 million and our long-term debt (composed of non-current borrowings and financings) totaled R$22,888 million.</FONT></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">As of March 31, 2019, approximately 44% of our debt was denominated in </FONT><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">reais&nbsp;</FONT></I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">and substantially all of the remaining balance was denominated in U.S. dollars.</FONT></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Our policy is to protect ourselves against foreign exchange losses and interest rate losses on our debt, which we do through hedge accounting.</FONT></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">The following table sets forth our borrowings, financing and debentures, which we record at amortized cost:</FONT></P>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Consolidated</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Current liabilities</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Non-current liabilities</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">As of March 31, 2019</FONT></B></P></DIV></TD>

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   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">As of March 31, 2019</FONT></B></P></DIV></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT></B>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">(in millions)</FONT></I></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Debt Agreements in the International Market</FONT></I></B></P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD>

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   <P style="TEXT-ALIGN: right; MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Variable interest:</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%">&nbsp;</TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%">&nbsp;</TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">US$</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Prepayment</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">1,462.8</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">3,357.6</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Fixed interest:</FONT></B></P></TD>

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   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 0.1in">

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   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">US$</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 0.1in">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Bonds, Perpetual Bonds and ACC</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">2,310.2</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">8,662.2</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">EUR</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 0.1in">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Others</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">149.6</FONT></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">175.0</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">3,922.6</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">12,194.8</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">&nbsp;</TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Debt Agreements in Brazil</FONT></I></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Variable interest:</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">R$</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">BNDES/FINAME, Debentures, NCE and CCB</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">1,476.9</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">10,795.0</FONT></P></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Fixed interest:</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">R$</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>&nbsp;</TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Prepayment</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">48.0</FONT></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>&nbsp;</TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">&nbsp;</TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">1,524.9</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">10,795.0</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Total borrowings and financing</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">5,447.6</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">22,989.8</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Transaction costs and issue premiums</FONT></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">(32.4)</FONT></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">(102.3)</FONT></P></DIV></TD></TR>

<TR style="HEIGHT: 0.1in">

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="51%">

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Total borrowings and financing + transaction costs</FONT></B></P></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="24%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">5,415.1</FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 0.1in; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="25%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">22,887.6</FONT></B></P></DIV></TD></TR></TABLE></DIV></DIV>

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<P style="TEXT-ALIGN: justify; MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">The following table sets forth the average interest rate of our borrowings and financing:</FONT></P>

<DIV align=center>

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



<TR style="HEIGHT: 7.55pt">

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">&nbsp;</TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">As of March 31, 2019</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 7.55pt">

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">&nbsp;</TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Average interest rate<SUP>(1)</SUP></FONT></B></P></DIV></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; TEXT-ALIGN: center; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">Total Debt</FONT></B></P></DIV></TD></TR>

<TR style="HEIGHT: 7.55pt">

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%">

   <P style="TEXT-ALIGN: center; MARGIN: 0in 0in 0pt" align=center><I><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">(in millions of R$)</FONT></I></P></TD></TR>

<TR style="HEIGHT: 7.55pt">

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">US$</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">5.58%</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">15,792.8</FONT></P></TD></TR>

<TR style="HEIGHT: 7.55pt">

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="34%">

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">R$</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">8.20%</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">12,320.0</FONT></P></TD></TR>

<TR style="HEIGHT: 7.55pt">

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">EUR</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">3.88%</FONT></P></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">324.6</FONT></P></DIV></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" vAlign=bottom width="33%" align=right>

   <P style="MARGIN: 0in 0in 0pt" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT></B>&nbsp;</P></TD>

   <TD style="HEIGHT: 7.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 3.5pt; PADDING-RIGHT: 3.5pt" vAlign=bottom width="33%" align=right>

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1.5pt double; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in" align=right><B><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">28,437.4</FONT></B></P></DIV></TD></TR></TABLE></DIV>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">_________________ </FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; In order to determine the average interest rates for our borrowings and financing agreements with floating rates, we used rates as of March 31, 2019.</FONT></P>

<P style="MARGIN: 0in 0in 6pt"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><B><I><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">Debt Maturity Schedule</FONT></I></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">The following chart sets forth our debt maturity profile as of December 31, 2017 and as of March 31, 2019, as adjusted to reflect (x) our issuance on April 17, 2019 of US$400.0 million in initial notes and US$600.0 million in 2026 notes and (y) our purchase on May 7, 2019 of US$404.7 million in 2019 notes and US$595.3 million in 2020 notes, in each case pursuant to tender offers.</FONT></P>

<P style="TEXT-ALIGN: center; MARGIN: 0in 0in 6pt" align=center>
<IMG border=0 src="pg10.jpg">&nbsp;</P>

<P style="PAGE-BREAK-AFTER: avoid; TEXT-ALIGN: justify; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 8pt; TEXT-AUTOSPACE: " face="Times New Roman">_________________ </FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 8pt" face="Times New Roman">(1)&nbsp;&nbsp;&nbsp;&nbsp; Translated solely for the convenience of the reader at the rate of R$3.875 to US$1.00, which was the U.S. dollar selling rate as reported by the Central Bank as of December 31, 2017.</FONT></P>

<P style="MARGIN: 0in 0in 0pt 0.25in; TEXT-INDENT: -0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman"></FONT>&nbsp;</P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">For further information on our indebtedness, see note 12 to our unaudited interim consolidated financial information as of March 31, 2019 and for the three months ended March 31, 2018 and 2019.</FONT></P>

<P style="BACKGROUND: white; PAGE-BREAK-AFTER: avoid; MARGIN: 12pt 0in 6pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt; BACKGROUND: white; TEXT-AUTOSPACE: " face="Times New Roman">Legal Proceedings</FONT></B></P>

<P style="MARGIN: 0in 0in 6pt; TEXT-INDENT: 0.25in"><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">In April 2019, the Prosecutor&#8217;s Office of the state of Minas Gerais filed a public civil action against us before a state court in the city of Congonhas, Minas Gerais, in which it requests an injunction ordering us to take, among </FONT><FONT lang=EN-US style="FONT-SIZE: 10pt; TEXT-AUTOSPACE: " face="Times New Roman">others, measures to relocate people living in the surroundings of our Casa de Pedra tailings dam who wish to be relocated.&nbsp;We believe this claim is without merit because the Casa de Pedra tailings dam complies with applicable rules and standards and has obtained valid stability certification.</FONT></P></DIV>

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<P style="BACKGROUND: white; TEXT-ALIGN: center; MARGIN: 0in 0in 0pt; TEXT-INDENT: 24.5pt" align=center><B><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman">SIGNATURES</FONT></B></P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black face="Times New Roman"></FONT>&nbsp;</P>

<P style="BACKGROUND: white; MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" color=black 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></P>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">June 27, 2019</FONT></P></TD>

   <TD style="HEIGHT: 11.6pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="60%" colSpan=2>

   <P style="MARGIN: 0in 0in 0pt"><B><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Companhia Sider&#250;rgica Nacional </FONT></B></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">By: </FONT></P>

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

   <TD style="HEIGHT: 65.45pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

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

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in"><I><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Benjamin Steinbruch </FONT></I></P></DIV>

   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Benjamin Steinbruch</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Title: </FONT></P></TD>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Chief Executive Officer </FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">By: </FONT></P>

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

   <TD style="HEIGHT: 38.55pt; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; PADDING-RIGHT: 0in" vAlign=bottom width="42%">

   <DIV style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: windowtext 1pt solid; PADDING-BOTTOM: 1pt; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; PADDING-RIGHT: 0in">

   <P style="BORDER-TOP: medium none; BORDER-RIGHT: medium none; BORDER-BOTTOM: medium none; PADDING-BOTTOM: 0in; PADDING-TOP: 0in; PADDING-LEFT: 0in; BORDER-LEFT: medium none; MARGIN: 0in 0in 0pt; PADDING-RIGHT: 0in"><I><FONT style="FONT-SIZE: 10pt" face="Times New Roman">/s/ Marcelo Cunha Ribeiro</FONT></I></P></DIV>

   <P style="MARGIN: 0in 0in 0pt"><FONT style="FONT-SIZE: 10pt" face="Times New Roman">Marcelo Cunha Ribeiro</FONT></P></TD></TR>

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   <P style="MARGIN: 0in 0in 0pt"><FONT lang=EN-US style="FONT-SIZE: 10pt" face="Times New Roman">Chief Financial and Investor Relations Officer</FONT></P></TD></TR>

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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
