<SEC-DOCUMENT>0001292814-23-001284.txt : 20230331
<SEC-HEADER>0001292814-23-001284.hdr.sgml : 20230331
<ACCEPTANCE-DATETIME>20230330211108
ACCESSION NUMBER:		0001292814-23-001284
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20230331
FILED AS OF DATE:		20230331
DATE AS OF CHANGE:		20230330

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:		23782680

	BUSINESS ADDRESS:	
		STREET 1:		RUA LAURO MULLER
		STREET 2:		116 36 ANDAR
		CITY:			RIO DE JANEIRO RJ BR
		STATE:			D5
		ZIP:			00000
</SEC-HEADER>
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<TYPE>6-K
<SEQUENCE>1
<FILENAME>sid20230330_6k1.htm
<DESCRIPTION>6-K
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<DIV><FONT size=1></FONT>&nbsp;</DIV>

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

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

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

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

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

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

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

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

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

<DIV align=center>

<DIV><FONT color=#000000 size=3 face="Times New Roman"><B>For the month of March, 2023</B></FONT></DIV><FONT color=#000000 size=3 face="Times New Roman"><B>Commission File Number 1-14732 </B></FONT></DIV>

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

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

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

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

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

<DIV align=center></DIV>

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

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

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

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

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

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

<P></P>

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

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

<P></P>


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<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

<P STYLE="font: small-caps bold 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">COMPANHIA SIDER&Uacute;RGICA NACIONAL</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Publicly Held Company</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Corporate Taxpayer ID 33.042.730/0001-04</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">NIRE 35300396090</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>MATERIAL FACT</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><B>Companhia Sider&uacute;rgica Nacional</B> (&quot;<U>Companhia</U>&quot;
or &quot;<U>CSN</U>&quot;) informs its shareholders and the market in general that, on that date, it has <FONT STYLE="color: #191919">received
a correspondence</FONT> letter from its shareholder Vicunha A&ccedil;os S.A. (&quot;<U>Vicunha A&ccedil;os</U>&quot;) and CFL Participa&ccedil;&otilde;es
S.A. (&quot;<U>CFL</U>&quot;), <FONT STYLE="color: #191919">stating the following:</FONT></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><B><U>Communication from Vicunha A&ccedil;os</U>:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><I>Pursuant to article 12 of CVM Resolution
44, of August 23, 2021, we hereby inform you that the AGREEMENT FOR EQUITY RESTRUCTURING, TRANSACTION AND OTHER COVENANTS (&ldquo;Transaction&rdquo;)
between Rio Purus Participa&ccedil;&otilde;es S.A. (&ldquo;Rio Purus&rdquo;) and CFL Participa&ccedil;&otilde;es S.A. (&ldquo;CFL&rdquo;),
shareholders who directly and indirectly own all the shares of Vicunha A&ccedil;os S.A. (&ldquo;Vicunha A&ccedil;os&rdquo;) was concluded
on the present date after the fulfillment of all its precedent conditions.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #191919"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><I>As anticipated in the correspondence
dated November 21, 2022, the aforementioned Transaction agreed to terminate the corporate relationship in the investment vehicle in Companhia
Sider&uacute;rgica Nacional S.A. (&ldquo;CSN&rdquo;), among others, and legal disputes.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #191919"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><I>Thus, the implementation of this
Transaction results in (a) removal of CFL from the structure of Vicunha A&ccedil;os, which will be held indirectly solely by Rio Purus,
(b) ownership of CFL Ana Participa&ccedil;&otilde;es S.A. (&ldquo;CFL Ana&rdquo;), a subsidiary of CFL, of 135,904,451 common, book-entry
shares with no par value issued by CSN, representing on this date 10.25% (ten point twenty-five percent) of its capital stock , (c) ownership
by Vicunha A&ccedil;os of 543,617,803 common, book-entry shares with no par value issued by CSN representing, on this date, 40.99% (forty
point ninety-nine percent) of its share capital, and ownership by Rio Iaco Participa&ccedil;&otilde;es S.A., subsidiary of Rio Purus,
of 45,706,242 common, book-entry shares with no par value issued by CSN representing, on this date, 3.45% (three point forty-five percent)
of its capital stock; and (d) beginning of validity of the Shareholders' Agreement between Vicunha A&ccedil;os and CFL Ana with a fixed
term of 10 (ten) years, highlighting the following rules (d.1) lock-up of sale for 9 (nine) months of the shares held by CFL Ana, (d.2)
after the lock-up period, limitation on the volume of sales of shares of the CFL Ana subsidiary, (d.3) preemptive rights in favor of Vicunha
A&ccedil;os in the sale of shares CSN shares held by CFL Ana, (d.4) for a period of 5 (five) years, CFL Ana's vote to follow the vote
of Vicunha A&ccedil;os or to abstain in deliberation about election to CSN's management positions.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #191919"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><I>Vicunha A&ccedil;os does not own
other securities and derivative financial instruments referenced in such actions, whether physical or financial settlement.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #191919"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><I>The parties also committed to vote
in favor of the approval of a dividend in the amount of BRL 2,314,000,000.00 at CSN's annual general meeting to resolve on the financial
statements for the year 2022 (&quot;AGM 2023&quot;), including the amount of interest on own capital and dividends that may be declared
by the Board of Directors before the AGM 2023.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #191919"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><I>Attached, we forward the Shareholders'
Agreement for filing at CSN's headquarters, in the form and for the purposes of the provisions of articles 40 and 118 of the Brazilian
Corporate Law, as well as made available for consultation on CSN's investor relations website (https:/ /ri.csn.com.br), the Securities
and Exchange Commission (www.cvm.gov.br) and B3 S.A. Brasil, Bolsa, Balc&atilde;o (www.b3.com.br), in compliance with the provisions of
item VIII of Article 33 of CVM Resolution No. 80, of March 29, 2022. CSN shall
ensure the faithful compliance with its provisions, committing undertakes to immediately communicate to the Parties any act or omission
that may imply non-compliance with the obligations set forth in this Shareholders' Agreement.</I></P>


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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 0.5in; text-align: justify; color: #191919"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><I>Thus, with the end of disputes
between Rio Purus and CFL and the Shareholders' Agreement, the signatory anticipates that there will be harmony in the exercise of control
with the alignment of shareholders Vicunha A&ccedil;os and CFL's subsidiary.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><I>&nbsp;</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919"><B><U>CFL Communication</U>:</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: justify; color: #191919">&nbsp;</P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>CFL PARTICIPA&Ccedil;&Otilde;ES S.A. (&ldquo;CFL&rdquo;),
hereby represented in the form of its bylaws, pursuant to article 12 of Resolution of the Brazilian Securities Commission (&ldquo;CVM&rdquo;)
No. 44, of August 23, 2021, informs that the EQUITY RESTRUCTURING AGREEMENT, TRANSACTION AND OTHER COVENANTS (&ldquo;Transaction&rdquo;)
between CFL and Rio Purus Participa&ccedil;&otilde;es S.A. (&ldquo;Rio Purus&rdquo; and, jointly with CFL, &ldquo;Parties&rdquo;), shareholders
who directly and indirectly own all the shares of Vicunha A&ccedil;os S.A. (&ldquo;Vicunha A&ccedil;os&rdquo;), was concluded, on the
present date, after the fulfillment of all its precedent conditions.</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>As anticipated in the correspondence dated
November 21, 2022, the Transaction agreed to terminate the corporate relationship in the investment vehicle at Companhia Sider&uacute;rgica
Nacional S.A. (&ldquo;CSN&rdquo;), among others, and legal disputes.</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Thus, the implementation of this Transaction
results in (a) removal of CFL from the structure of Vicunha A&ccedil;os, which will be held indirectly solely by Rio Purus, (b) ownership
of CFL Ana Participa&ccedil;&otilde;es S.A. (&ldquo;CFL Ana&rdquo;), a subsidiary of CFL, of 135,904,451 common, book-entry shares with
no par value issued by CSN, representing on this date 10.25% (ten point twenty-five percent) of its capital stock , (c) ownership by Vicunha
A&ccedil;os of 543,617,803 common, book-entry shares with no par value issued by CSN, representing on this date 40.99% (forty point ninety-nine
percent) of its share capital, and ownership by Rio Iaco Participa&ccedil;&otilde;es S.A., subsidiary of Rio Purus, of 45,706,242 common,
book-entry shares with no par value issued by CSN, representing on this date 3.45% (three point forty-five percent) of its capital stock;
and (d) beginning of validity of the shareholders' agreement between Vicunha A&ccedil;os and CFL Ana with a fixed term of 10 (ten) years
(&ldquo;Shareholders' Agreement&rdquo;).</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>CFL does not hold other securities and derivative
financial instruments referenced in such shares, whether physically or financially settled.</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>The Parties also committed to vote in favor
of the approval of a dividend in the amount of BRL 2,314,000,000.00 at CSN's annual general meeting to resolve on the financial statements
for the year 2022 (&quot;AGM 2023&quot;), including the amount of interest on equity and dividends that may be declared by the Board of
Directors before the AGM 2023.</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Attached, we forward the Shareholders' Agreement
for filing at CSN's headquarters, in the form and for the purposes of the provisions of articles 40 and 118 of the Brazilian Corporate
Law, as well as made available for consultation on CSN's investor relations website (https://ri.csn.com.br), CVM (www.cvm.gov.br) and
B3 S.A. Brasil, Bolsa, Balc&atilde;o (www.b3.com.br), in compliance with the provisions of item VIII of Article 33 of CVM Resolution No. 80, of March 29, 2022. CSN shall
ensure the faithful compliance with its provisions, committing undertakes to immediately communicate to the Parties any act or omission
that may imply non-compliance with the obligations established in the Shareholders' Agreement.</I></P>


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<P STYLE="font: 10pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>Thus, with the end of disputes between Rio
Purus and CFL and the signing of the Shareholders' Agreement, the signatory anticipates that there will be harmony in the exercise of
control with the alignment of shareholders Vicunha A&ccedil;os and CFL's subsidiary.</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 11pt/15pt Times New Roman, Times, Serif; margin: 0; text-align: justify"><I>We remain at your disposal to provide any
additional clarifications regarding the purpose of this communication.</I></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">S&atilde;o Paulo, March 30, 2023.</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center">Marcelo Cunha Ribeiro</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0; text-align: center"><B>Executive Director of Finance and Investor Relations</B></P>



<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0">&nbsp;</P>

<P STYLE="text-align: center; margin-top: 0; margin-bottom: 0"></P>

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

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

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

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

<DIV style="TEXT-INDENT: 4%"><FONT color=#000000 size=3 face="Times New Roman">Date:&nbsp;March 30, 2023</FONT></DIV>

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

<DIV align=center>

<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 border=0>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

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

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

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

   <TD vAlign=bottom width="45%" align=center>

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

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

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

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

<P>&nbsp;</P>

<DIV align=center>

<TABLE style="WIDTH: 50%" cellSpacing=0 cellPadding=0 align=center border=0>



<TR>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left>&nbsp;</DIV></TD></TR>

<TR height=20>

   <TD vAlign=top width="50%" colSpan=2>

   <DIV align=left><FONT color=#000000 size=3 face="Times New Roman"></FONT></DIV></TD></TR>

<TR>

   <TD vAlign=top width="5%">

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

   <TD vAlign=bottom width="45%" align=center>

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

   <HR align=left color=#000000 SIZE=1 noShade>

</TD></TR>

<TR>

   <TD width="5%"><FONT size=1>&nbsp;</FONT></TD>

   <TD vAlign=bottom width="45%" align=center>

   <DIV align=left><FONT color=#000000 size=2 face="Times New Roman"><B>Marcelo Cunha Ribeiro </B></FONT></DIV>

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

<DIV>&nbsp;</DIV>

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

<P>&nbsp;</P>

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

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

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

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