SID Companhia Siderurgica Nacional

Article 3 The Company has its head office and jurisdiction in the city of São Paulo, State of São Paulo, and may open or close branches, branch offices, agencies or offices or representations in any part of the country or abroad.

Article 3 The Company has its head office and jurisdiction in the city of São Paulo, State of São Paulo, and may, as resolved by the Executive Board, open , transfer or close branches, branch offices, agencies or representation offices, or establishments of any other type, in any part of the country or abroad.

Wording improved.

Management understands that the amendment proposed has no material legal and economic effects.

Article 4 The Company shall remain in existence for an indefinite term.

Article 4 The Company shall remain in existence for an indefinite term.

Unchanged.

N/A

Chapter II

CAPITAL AND SHARES

Chapter II

CAPITAL AND SHARES

Article 5 The capital stock of the Company, fully subscribed and paid in, is four billion, five hundred and forty million Reais (R$4,540,000,000.00), divided into one billion, three hundred and eight-seven million, five hundred and twenty-four thousand and forty-seven (1,387,524,047) common, book-entry shares with no par value.

Article 5 The capital stock of the Company, fully subscribed and paid in, is four billion, five hundred and forty million Reais (R$4,540,000,000.00), divided into one billion, three hundred and eight-seven million, five hundred and twenty-four thousand and forty-seven (1,387,524,047) common, book-entry shares with no par value.

Unchanged.

N/A

Sole Paragraph Each common share shall entitle the holder to one vote in the resolutions of the General Meeting.

Transferred to Article 6.

N/A

Article 6 - Unless otherwise decided by the General Meeting, dividends and interest on equity shall be paid within 60 (sixty) days as from the date they are declared and in any event during the same fiscal year.

Article 6 - Each common share shall entitle the holder to one (01) vote in the resolutions of the General Meeting.

Inclusion of text transferred from the former Sole Paragraph of Article 5. The text regarding payment of dividends and interest on equity was transferred to Article 34.

N/A

Article 7 The capital stock of the Company may be increased to up two billion four hundred million (2,400,000,000) shares, by decision of the Board of Directors.

Article 7 - The capital stock of the Company may be increased to up two billion four hundred million (2,400,000,000) shares, by decision of the Board of Directors , regardless of any statutory reform.

Wording improved.

Management understands that the amendment proposed has no material legal and economic effects.

Paragraph 1 - The authorized capital stock may be reached, upon one or more share issues, at the discretion of the Board of Directors.

Paragraph 1 - The authorized capital stock may be reached, upon one or more share issues, at the discretion of the Board of Directors.

Unchanged.

N/A

Paragraph 2 - Shareholders shall have preemptive rights in the case of subscription to a capital increase in proportion to the number of shares held.

Paragraph 2 - Shareholders shall have preemptive rights in the case of subscription to a capital increase in proportion to the number of shares held.

Unchanged.

N/A

Paragraph 3 - At the discretion of the Board of Directors, preemptive rights for former shareholders may be excluded or the deadline for their exercise may be reduced in the case of the issue of shares and share-convertible debentures or subscription warrants, which are placed through sale on the stock exchange or by public subscription or through an exchange of shares in a public offer for the acquisition of control, pursuant to the prevailing legislation.

Paragraph 3 - At the discretion of the Board of Directors, preemptive rights for former shareholders may be excluded or the deadline for their exercise may be reduced in the case of the issue of shares and share-convertible debentures or subscription warrants, which are placed through sale on the stock exchange or by public subscription or through an exchange of shares in a public offer for the acquisition of control, pursuant to the prevailing legislation.

Unchanged.

N/A

Paragraph 4 - The Board of Directors shall establish the price, term and conditions of each issue.

Paragraph 4 - The Board of Directors shall establish the price, term and conditions of each issue.

Unchanged.

N/A

Paragraph 5 - Shareholders who fail to pay in the subscribed shares, as per the subscription order or call, shall be declared, for all legal purposes, to be in default and shall pay the Company interest of one percent (1%) per month or a fraction thereof, from the first (1st) day as of the failure to perform the obligation, adjusted for inflation pursuant to the law, in addition to a fine equivalent to ten per cent (10%) of the amount in arrears and not paid in.

Paragraph 5 - Shareholders who fail to pay in the subscribed shares, as per the subscription order or call, shall be declared, for all legal purposes, to be in default and shall pay the Company interest of one percent (1%) per month or a fraction thereof, from the first (1st) day as of the failure to perform the obligation, adjusted for inflation pursuant to the law, in addition to a fine equivalent to ten per cent (10%) of the amount in arrears and not paid in.

Unchanged.

N/A

Paragraph 1 The fixed overall or individual remuneration of the managers, at the discretion of the General Meeting, shall comprise a fixed monthly amount, which are the fees, and in the case of the executive officers, may also include a variable amount to be paid yearly, calculated on the net income of the Company after formation of the reserves required by law, including for the payment of income tax, and of the provision for mandatory dividends.

Paragraph 1 The fixed overall or individual remuneration of the managers, at the discretion of the General Meeting, shall comprise a fixed monthly amount, which are the fees, and in the case of the executive officers, may also include a variable amount to be paid yearly, calculated on the net income of the Company after formation of the reserves required by law, including for the payment of income tax, and of the provision for mandatory dividends.

Unchanged.

N/A

Paragraph 2 In the event that the General Meeting establishes an aggregate amount for the managers’ remuneration, it is incumbent on the Board of Directors to distribute said amount.

Paragraph 2 In the event that the General Meeting establishes an aggregate amount for the managers’ remuneration, it is incumbent on the Board of Directors to distribute said amount.

Unchanged.

N/A

Section II

BOARD OF DIRECTORS

Section II

BOARD OF DIRECTORS

Article 14 The Board of Directors is composed of up to 11 (eleven) members, elected by resolution of the General Meeting, with a term of office of 1 (one) year , reelection being allowed. One member shall be the Chairman and another the Vice-Chairman. The term of office of the Board Members shall extend until the investiture of their successors.

Article 14 The Board of Directors is composed of up to 11 (eleven) members, elected or dismissed at any time by resolution of the General Meeting, with a term of office of 2 (two) years , reelection being allowed. One member shall be the Chairman and another the Vice-Chairman. The term of office of the Board Members shall extend until the investiture of their successors.

We suggest extending the term of office of Board of Directors members from 01 year to 02 years. A 2-year term of office enables the formation of a more experienced and productive Board of Directors, as recommended by the IBGC regarding the best Corporate Governance practices.

Management understands that the amendment proposed generates legal effects for the Company.

Paragraph 3 Minutes of the meetings shall be drawn up in a book for this purpose and, after being read and approved by those members present, shall be signed by a sufficient number to constitute the majority required for approval of the matters under examination.

Paragraph 3 Minutes of the meetings shall be drawn up in a book for this purpose and, after being read and approved by those members present, shall be signed by a sufficient number to constitute the majority required for approval of the matters under examination.

Unchanged.

N/A

Paragraph 4 Board resolutions shall be passed by a majority vote of those present. In the event of a tie, the Chairman of the meeting shall have the casting vote, in addition to his own.

Paragraph 4 Board resolutions shall be passed by a majority vote of those present. In the event of a tie, the Chairman of the meeting shall have the casting vote, in addition to his own.

Unchanged.

N/A

Paragraph 5 Meetings shall be called at least 72 (seventy-two) hours prior to the date of the meeting.

Paragraph 5 Meetings shall be called at least 72 (seventy-two) hours prior to the date of the meeting, except in case of urgency. The presence of all members of the Board of Directors shall wave any call formality.

Wording was improved in order to adjust to the reality and daily routines of the Company.

Management understands that the amendment proposed has no material legal and economic effects.

Paragraph 6 The Board of Directors shall have a General Secretary, in whose absence will be replaced by another employee or manager designated by the Chairman of the Board.

Paragraph 6 The Board of Directors shall have a General Secretary, in whose absence shall be replaced by another employee or manager designated by the Chairman of the Board.

Unchanged.

N/A

Article 16 In the cases of vacancy, temporary impediment, or absence of a member of the Board of Directors, the following rules shall be observed:

Article 16 In the cases of vacancy, temporary impediment, or absence of a member of the Board of Directors, the following rules shall be observed:

Unchanged.

N/A

I- In the case of vacancy of any member of the Board of Directors, the remaining members shall appoint a substitute to serve until the Company's next General Meeting, if the number of remaining members is less than the minimum provided for in these bylaws , and who, if confirmed by the respective General Meeting, shall complete the term of the member replaced.

I. In the case of vacancy of any member of the Board of Directors, the remaining members shall appoint a substitute to serve until the Company's next General Meeting, if the number of remaining members is less than the minimum provided for in the law , and who, if confirmed by the respective General Meeting, shall complete the term of the member replaced.

Adjustment required, taking into account that the Bylaws do not provide for a minimum number of Board of Directors members. This is only provided for in the law.

Management understands that the amendment proposed has no material legal and economic effects.

II- In the case of temporary impediment or absence of any member of the Board of Directors, the absent or impeded member may indicate a replacement from among the other members, who will replace and represent the impeded or absent member as long as the impediment lasts. If said impediment lasts for more than ninety days, however, the position will be deemed to be vacant.

II. In the case of temporary impediment or absence of any member of the Board of Directors, the absent or impeded member may indicate a replacement from among the other members, who shall replace and represent the impeded or absent member as long as the impediment lasts. If said impediment lasts for more than ninety days, however, the position shall be deemed to be vacant.

Unchanged.

N/A

III- If the vacancy occurs in the position of Chairman, the Vice-Chairman shall assume the office of Chairman or, in the lack thereof, by another member chosen by the remaining members. In the case of the Chairman's temporary impediment or absence, he shall be replaced by the Vice-Chairman or, in the lack thereof, by another member appointed by him.

III. If the vacancy occurs in the position of Chairman, the Vice-Chairman shall assume the office of Chairman or, in the lack thereof, by another member chosen by the remaining members. In the case of the Chairman's temporary impediment or absence, he shall be replaced by the Vice-Chairman or, in the lack thereof, by another member appointed by him.

Unchanged.

N/A

IV- In the cases of temporary impediment or absence under this Article 16, representatives shall act on their own behalf and on that of the members represented.

IV. In the cases of temporary impediment or absence under this Article 16, representatives shall act on their own behalf and on that of the members represented.

Unchanged.

N/A

Article 17 Board Members shall, upon request, receive copies of the minutes of meetings of the Board of Executive Officers and any special committees created by the Board of Directors hereunder.

Article 17 Board Members shall, upon request, receive copies of the minutes of meetings of the Board of Executive Officers and any special committees created by the Board of Directors hereunder.

Unchanged.

N/A

Article 18 The Board of Directors may form special committees to assist it, with defined purposes and limited terms of activities, designating the members thereof.

Article 18 The Board of Directors may form special committees to assist it, with defined purposes and limited terms of activities, designating the members thereof.

Unchanged.

N/A

Sole Paragraph The special committees created by the Board of Directors will have neither an executive nor a deliberative function and their recommendations, proposals and/or opinions should be submitted for consideration by the Board of Directors.

Sole Paragraph The special committees created by the Board of Directors shall have neither an executive nor a deliberative function and their recommendations, proposals and/or opinions should be submitted for consideration by the Board of Directors.

Unchanged.

N/A

Article 19 In addition to the duties established by law, it is incumbent upon the Board of Directors:

Article 19 In addition to the duties established by law, it is incumbent upon the Board of Directors:

Unchanged.

N/A

I- to establish the general policy for the businesses of the Company, its wholly-owned subsidiaries and controlled companies;

I. to establish the general policy for the businesses of the Company, its wholly-owned subsidiaries and controlled companies;

Renumbering of items.

N/A

II. to approve the annual and pluriannual budgets, expansion projects and investment programs, and to follow up on execution and performance thereof to call on the general meeting;

II. to approve the annual and pluriannual budgets, expansion projects and investment programs, and to follow up on execution and performance thereof; ;

Renumbering of items.

N/A

III. to call on the general meeting;;

Renumbering of items.

N/A

III - to elect and dismiss the members of the Board of Executive Officers and assign their duties;

IV. to elect and dismiss the members of the Board of Executive Officers and assign their duties;

Renumbering of items.

N/A

IV - to elect and dismiss the members of the Audit Committee and, if a position becomes vacant, to elect a substitute to complete the term of office of the replaced member;

V. to elect and dismiss the members of the Audit Committee and, if a position becomes vacant, to elect a substitute to complete the term of office of the replaced member;

Renumbering of items.

N/A

V - to assign to an Executive Officer the function of investor relations officer, which may or may not be exercised concurrently with other executive functions and whose powers are establish by law;

VI. to assign to an Executive Officer the function of investor relations officer, which may or may not be exercised concurrently with other executive functions and whose powers are establish by law;

Renumbering of items.

N/A

VI - to appoint and dismiss the Company's independent auditors after hearing the recommendation of the Audit Committee;

VII. to appoint and dismiss the Company's independent auditors after hearing the recommendation of the Audit Committee;

Renumbering of items.

N/A

VII - to appoint and dismiss the person responsible for the internal audit, who shall be a legally qualified employee of the Company and report to the Chairman of the Board of Directors;

VIII. to appoint and dismiss the person responsible for the internal audit, who shall be a legally qualified employee of the Company and report to the Chairman of the Board of Directors;

Renumbering of items.

N/A

VIII - to decide on capital increases within the limits of authorized capital, observing the provisions of Article 7 of these Bylaws;

IX. to decide on capital increases within the limits of authorized capital, observing the provisions of Article 7 of these Bylaws;

Renumbering of items.

N/A

IX - to authorize trading by the Company of its own shares for maintenance in treasury for subsequent sale or cancellation;

X. to authorize trading by the Company of its own shares for maintenance in treasury for subsequent sale or cancellation;

Renumbering of items.

N/A

X - to establish the terms and other conditions for the placement of debentures, including those convertible to shares, specifying the limit of the capital increase resulting from the conversion of the debentures and the type and class of shares to be issued, as well as determining the conditions stated in items VI to VIII inclusive of article 59 of Law 6404/76 and the opportunity for issuance;

XI. to establish the terms and other conditions for the placement of debentures, including those convertible to shares, specifying the limit of the capital increase resulting from the conversion of the debentures and the type and class of shares to be issued, as well as determining the conditions stated in items VI to VIII inclusive of article 59 of Law 6404/76 and the opportunity for issuance;

Wording improved and renumbering of articles.

Management understands that the amendment proposed has no material legal and economic effects.

XI - to decide on the issuance by the Company of commercial papers, bonds, notes, and other securities intended to raise funds through primary or secondary distribution on the domestic or international capital markets;

XII. to decide on the issuance by the Company of commercial papers, bonds, notes, and other securities intended to raise funds through primary or secondary distribution on the domestic or international capital markets;

Renumbering of items.

N/A

XII. to establish criteria for the following acts by the Executive Officers, independently of prior authorization by the Board of Directors;

a) acquisition , and disposal and encumbrance of any permanent assets;

b) conduction of any legal business by the Company , including financing and loans, including companies directly or indirectly controlled by the Company ;

c) the constitution of any type of guarantee or encumbrance on any asset of the Company that is not part of the Company’s permanent assets , including for the benefit or in favor of third parties as long as the party is a subsidiary entity, subsidiary or affiliate of the Company;

XIII. to delegate and establish criteria for the following acts by the Executive Officers, independently of prior authorization by the Board of Directors;

a) acquisition or disposal of any assets of the Company;

Renumbering of items. Redefinition of approval authority rules, so as to harmonize the authority of the Board of Directors and the Executive Board, making the Company’s decision-making process more dynamic.

Management understands that the amendments proposed will produce legal effects to the extent that they assign to the Executive Board the authority to resolve on certain matters, regardless of approval of the Board of Directors, in accordance with the approval authority levels established by this body.

XVI - to appoint and dismiss the General Secretary of the Board of Directors and define his duties;

XVII. to appoint and dismiss the General Secretary of the Board of Directors and define his duties;

Renumbering of items.

N/A

XVII - to establish policies for taking up tax incentives;

XVIII - to establish policies for taking up tax incentives;

Renumbering of items.

N/A

XVIII - to establish the remuneration, determine the duties, and approve the operational rules for the functioning of the Audit Committee and any other committees that may be created;

XIX - to establish the remuneration, determine the duties, and approve the operational rules for the functioning of the Audit Committee and any other committees that may be created to support it ;

Wording improved and renumbering of articles.

Management understands that the amendment proposed has no material legal and economic effects.

XIX - to resolve any omissions and perform other legal duties that do not conflict with those established by these Bylaws or by Law;

XIX. to resolve any omissions and perform other legal duties that do not conflict with those established by these Bylaws or by Law;

Wording improved and renumbering of articles.

Management understands that the amendment proposed has no material legal and economic effects.

XIX. to resolve on any matters that go beyond the authority established regarding the Executive Board, as provided for in Article 19 ;

XX. to resolve on any matters listed in item XIII of article 19 hereof, except for the possibility that the Board delegates and gives powers of authority to the Executive Board, as provided for in said item.

Sole paragraph – Relating to item XIII hereof, the Board of Directors may delegate and give powers of authority regarding the practice of said acts by two Executive Officers, who must always sign jointly, regardless of approval by the meetings of the Executive Board and/or the Board of Directors.

To state the possibility that the Board of Directors delegate and define the approval authority for the Executive Board, and that said acts be performed by two Executive Officers.

Management understands that the amendments proposed will produce legal effects to the extent that they assign to the Executive Board authority to resolve on certain matters, regardless of approval of the Board of Directors, in accordance with the approval authority levels established by this body.

Section III

EXECUTIVE BOARD

Section III

EXECUTIVE BOARD

Unchanged.

N/A

Article 20 The Company shall have a Board of Executive Officers composed of two (2) to nine (9) Executive Officers, at the discretion of the Board of Directors, one of whom to be the Chief Executive Officer and the other, Executive Officers, each having an area of activity determined by the Board of Directors, one of whom shall be designated as the investor relations officer.

Article 20 The Company shall have a Board of Executive Officers composed of two (2) to nine (9) Executive Officers, at the discretion of the Board of Directors, one of whom to be the Chief Executive Officer and the other, Executive Officers, each having an area of activity determined by the Board of Directors, one of whom shall be designated as the investor relations officer.

Unchanged.

N/A

II - to organize, coordinate and supervise the services for which they are responsible;

II - to organize, coordinate and supervise the services for which they are responsible;

Unchanged.

N/A

III - to attend Board of Executive Officers meetings, helping define the policies to be followed by the Company and reporting on matters in their respective areas of supervision and coordination;

III - to attend Board of Executive Officers meetings, helping define the policies to be followed by the Company and reporting on matters in their respective areas of supervision and coordination; and

Unchanged.

N/A

IV - to comply and cause compliance with the policies and general guidelines for the business of the Company established by the Board of Directors, each Executive Officer being responsible for his specific area of activity.

IV - to comply and cause compliance with the policies and general guidelines for the business of the Company established by the Board of Directors, each Executive Officer being responsible for his specific area of activity.

Unchanged.

N/A

Article 25 The representation of the Company and the practice of acts necessary for its normal operation shall be the responsibility of the Executive Officers, subject to the following provisions.

Article 25 The representation of the Company and the practice of acts necessary for its normal operation shall be the responsibility of the Executive Officers, subject to the following provisions.

Unchanged.

N/A

I – All acts, agreements or documents that imply responsibility for the Company or that release third parties from responsibilities or obligations with the Company shall be signed (a) by two Executive Officers, (b) by an Executive Officer and one attorney in fact with these specific powers, or (c) by two attorneys in fact with these specific powers, under penalty of not being binding upon the Company;

I – All acts, agreements or documents that imply responsibility for the Company or that release third parties from responsibilities or obligations with the Company shall be signed (a) by two Executive Officers, (b) by an Executive Officer and one attorney in fact with these specific powers, or (c) by two attorneys in fact with these specific powers, under penalty of not being binding upon the Company;

Unchanged.

N/A

II – With the exception of the provisions in these Bylaws, the Company may be represented in isolation by any one Executive Officers or attorney in fact with special powers in the following circumstances: (i) when performing simple routine administrative acts, including those in connection with government departments in general, autonomous government entities, government-owned companies, mixed-capital companies, the Commercial Registry, Labor Courts, National Social Security Institute, Unemployment Compensation Fund, and its banks, (ii) before public service concessionaires or licensees in acts that do not imply the assumption or release of third party obligations; (iii) to protect its rights in administrative proceedings or of any nature, and in meeting its tax, labor, or social security obligations; (iv) in the endorsement of securities for purposes of collection or deposit in the Company's bank accounts; (v) to represent the Company in general meetings of shareholders or the equivalent of companies, consortia, and other entities in which the Company participates; (vi) for the purpose of receiving subpoenas, citations, notices, or judicial notifications in active and passive representation of the Company in court and testify in person, or similar acts; and (vii) the signature of documents of any kind that may result in the assumption of commitments in circumstances in which the presence of a second representative is not possible and if authorized by the Board of Executive Officers (Art. 21), paragraph 1 ;

II. With the exception of the provisions in these Bylaws, the Company may be represented in isolation by any one Executive Officers or attorney in fact with special powers in the following circumstances: (i) when performing simple routine administrative acts, including those in connection with government departments in general, autonomous government entities, government-owned companies, mixed-capital companies, the Commercial Registry, Labor Courts, National Social Security Institute, Unemployment Compensation Fund, and its banks, (ii) before public service concessionaires or licensees in acts that do not imply the assumption or release of third party obligations; (iii) to protect its rights in administrative proceedings or of any nature, and in meeting its tax, labor, or social security obligations; (iv) in the endorsement of securities for purposes of collection or deposit in the Company's bank accounts; (v) in general meetings of shareholders, partners’ meetings and/ or the equivalent of companies, consortia, and other entities in which the Company holds equity , (vi) for the purpose of receiving subpoenas, citations, notices, or judicial notifications in active and passive representation of the Company in court and testify in person, or similar acts, without the power of confession , and (vii) the signature of documents of any kind that may result in the assumption of commitments in circumstances in which the presence of a second representative is not possible and if authorized by the Board of Executive Officers (Art. 21, Sole Paragraph, Item I )

Wording improved.

Management understands that the only legal effect from the amendment proposed is the inclusion of the restriction of the power to confess.

III – to declare dividends to the year’s profit account verified in the half-yearly balance sheets, retained earnings or profit reserves existing in the last annual or half-yearly balance sheet;

III – to declare dividends to the year’s profit account verified in the half-yearly balance sheets, retained earnings or profit reserves existing in the last annual or half-yearly balance sheet; and

Unchanged.

N/A

IV – pay interest on equity attributing the interest paid or credited to the mandatory dividend (Article 33), pursuant to Article 9, paragraph 7 of Law 9249 of December 26, 1995.

IV – pay interest on equity attributing the interest paid or credited to the mandatory dividend (Article 33), pursuant to Article 9, paragraph 7 of Law 9249 of December 26, 1995.

Unchanged.

N/A

Article 32 The Board of Directors’ act to resolve on the advance payment of the mandatory dividend shall determine if these payments will be monetarily restated, deducted from the mandatory dividend for the year and once this deduction is determined, the Annual General Meeting will be the payment of the mandatory balance, if any, as well as the reversal to the original account of the amount paid in advance.

Article 32 The Board of Directors’ act to resolve on the advance payment of the mandatory dividend shall determine if these payments shall be monetarily restated, deducted from the mandatory dividend for the year and once this deduction is determined, the Annual General Meeting shall be the payment of the mandatory balance, if any, as well as the reversal to the original account of the amount paid in advance.

Unchanged.

N/A

Article 33 The dividend distribution in each year shall not be less than twenty-five percent (25%) of the net income, pursuant to article 202 of Law 6404 of December 15, 1976, and in compliance with Article 30 hereof.

Article 33 The dividend distribution in each year shall not be less than twenty-five percent (25%) of the net income, adjusted pursuant to article 202 of Law 6404 of December 15, 1976, and in compliance with Article 30 hereof .

Wording improved.

Management understands that the amendment proposed has no material legal and economic effects.

Article 34 - Dividends shall be paid on the dates and at the places indicated by the Executive Officer in charge of the Investor Relations area. If not claimed within three (3) years as from the beginning of the payment, dividends shall become time-barred in favor of the Company.

Article 34 - Dividends and interest on shareholders’ equity shall be paid on the dates and at the places indicated by the Executive Officer in charge of the Investor Relations area , in accordance with the terms established by the General Shareholders’ Meeting or the Board of Directors, when applicable . If not claimed within three (3) years as from the beginning of the payment, dividends shall become time-barred in favor of the Company.

Wording improved.

Management understands that the amendment proposed has no material legal and economic effects.

name   

Benjamin Steinbruch

date of birth

June 28, 1953

occupation          

Administrator

Individual taxpayer's ID (CPF) or passport number

618.266.778-87

position to be held    

Member of the Board of Directors

other positions or duties with the issuer     

CEO

if elected by the controlling shareholder or not

Yes

if an independent member and, if so, the criteria used to establish the independence

Not applicable

number of consecutive terms of office

24

information on:        

i. main professional experiences over the last 5 years, indicating:         

• company's name and industry     

• position   

• if the company is part of (i) the issuer's economic group, or (ii) is controlled by a shareholder of the issuer with direct or indirect interest equal to or greater than 5% of the same class or type of the issuer's securities        

ii. indicate all management positions it holds in other companies or third sector organizations

Member of the Board of Directors since April 23, 1993, and, since April 28, 1995, Chairman of the Board of Directors. Also CEO of CSN since April 30, 2002. Member of the Board of Directors of the Portuguese Chamber, 1st Vice-President of FIESP since September 2004, member of the Superior Strategic Council of FIESP, Board Member of the Robert Simonsen Institute and CCI member - Inter Advisory Board of the Court of the State are Paulo. Over the past five years, Chairman of the Board of Directors and Chief Executive Officer of Vicunha Siderurgia S.A. and Chairman of the Board of Directors of Nacional Minérios S.A., Vice-Chairman of the Board of Directors of Textília S.A., Chairman of the Board of Directors of Vicunha Aços S.A., Fibra Cia. Securitizadora de Créditos Imobiliários e Banco Fibra S.A., member of the Board of Directors of Elizabeth S.A. – Indústria Têxtil, Vicunha Participações S.A. and Vicunha Steel S.A., Executive Officer of Rio Purus Participações S.A. and of Rio Iaco Participações S.A. and of BH Holdings S.A. (former Ibis II Empreendimentos Ltda.). Administrator of Fazenda Alvorada de Bragança Agro-Pastoril Ltda., Ibis Agrária Ltda., Ibis Participações e Serviços Ltda. and Haras Phillipson Ltda. (all these companies are part of CSN's controlling group), Chairman of the Board of Directors of Transnordestina Logística S.A. (jointly controlled by CSN, CSN Mineração S.A., FTL – Ferrovia Transnordestina Logística S.A. and Companhia Metalúrgica Prada (controlled by CSN) and Chairman of the Deliberative Board of CSN Foundation. Degree in Business Administration from the Business School of Fundação Getúlio Vargas – SP, Graduate degree in Marketing and Finance from Fundação Getúlio Vargas - SP.

description of any of the following events that have occurred during the last 5 years:

i. any criminal conviction    

ii. any conviction in CVM's administrative proceedings and the penalties applied       

iii. any final conviction not subject to further appeal, in the judicial or administrative sphere, which has suspended or disqualified for the practice of a professional or commercial activity

Mr. Benjamin Steinbruch stated, for all legal purposes, that, in the last five (5) years, has not been subject to the effects of any criminal conviction, any conviction or penalty in administrative lawsuits of CVM nor any final judicial or administrative conviction, which resulted in the suspension or disqualification for the practice of any professional or commercial activity.

name   

Léo Steinbruch

date of birth

May 16, 1968

occupation          

Businessman

Individual taxpayer's ID (CPF) or passport number

110.885.048-09

position to be held    

Vice Chairman of the Board of Directors

other positions or duties with the issuer     

Not applicable

if elected by the controlling shareholder or not

Yes

if an independent member and, if so, the criteria used to establish the independence

Not applicable

number of consecutive terms of office

3

information on:        

i. main professional experiences over the last 5 years, indicating:         

• company's name and industry     

• position   

• if the company is part of (i) the issuer's economic group, or (ii) is controlled by a shareholder of the issuer with direct or indirect interest equal to or greater than 5% of the same class or type of the issuer's securities        

ii. indicate all management positions it holds in other companies or third sector organizations

Member of the Company's board of directors since April 28, 2015, elected vice-chairman of the board of directors on May 11, 2016, and member of the Board of Directors of the companies Elizabeth S.A. Indústria Têxtil, Vicunha Aços S.A., Vicunha Participações S.A., Vicunha Steel S.A. and Textília S.A. Executive Officer of CFL Participações S.A. and Taquari Participações S.A. and administrator of Fazenda Santa Otília Agropecuária Ltda. (all companies part of the CSN's controlling group).

description of any of the following events that have occurred during the last 5 years:

i. any criminal conviction    

ii. any conviction in CVM's administrative proceedings and the penalties applied       

iii. any final conviction not subject to further appeal, in the judicial or administrative sphere, which has suspended or disqualified for the practice of a professional or commercial activity

Mr. Léo Steinbruch stated, for all legal purposes, that, in the last five (5) years, has not been subject to the effects of any criminal conviction, any conviction or penalty in administrative lawsuits of CVM nor any final judicial or administrative conviction, which resulted in the suspension or disqualification for the practice of any professional or commercial activity.

name   

Fernando Perrone

date of birth

May 6, 1947

occupation          

Lawyer

Individual taxpayer's ID (CPF) or passport number

181.062.347-20

position to be held    

Member of the Board of Directors

other positions or duties with the issuer     

Member of the Audit Committee

if elected by the controlling shareholder or not

Yes

if an independent member and, if so, the criteria used to establish the independence

independent member in accordance with the following criteria: (i) has no relationship with the Company; (ii) is not a controlling shareholder, spouse or second degree relative of the controlling shareholder, and is not tied to a company or entity related to the controlling shareholder; (iii) was not an employee or officer of the Company, of the controlling shareholder or an entity controlled by the Company in the past five (5) years; (iv) is not a direct or indirect supplier or buyer of services and/or products to/of the Company in a magnitude that implies loss of independence; (v) is not an employee or manager of a company or entity offering or demanding services and/or products to/from the Company; (vi) is not a spouse or second degree relative of any manager of the Company; and (vii) does not receive any compensation from the Company in addition to the compensation received as a result of exercising the position of member of the Board of Directors and of member of the Audit Committee of the Company.

number of consecutive terms of office

14

information on:        

i. main professional experiences over the last 5 years, indicating:         

• company's name and industry     

• position   

• if the company is part of (i) the issuer's economic group, or (ii) is controlled by a shareholder of the issuer with direct or indirect interest equal to or greater than 5% of the same class or type of the issuer's securities        

ii. indicate all management positions it holds in other companies or third sector organizations

Member of the Board of Directors since September 26, 2002 and member of the Audit Committee since June 24, 2005. Former Executive Officer of Infrastructure and Energy of the Company from July 10 to October 2, 2002. Chairman of the Board of Directors of Profarma - Distribuidora de Fármacos S.A., member of the Board of Directors of João Fortes Engenharia S.A., Energia Sustentável S.A. and FTL – Ferrovia Transnordestina Logística S.A. (controlled by CSN) and alternate member of the Board of Directors of Transnordestina Logística S.A. (jointly controlled by CSN). Also an independent advisor in the area of ​​infrastructure. Degree in Business Administration, sponsored by "Chimica" Bayer S.A., Degree in Law from Universidade Federal Fluminense and Graduate degree in Economics in the area of ​​Capital Markets from Fundação Getúlio Vargas.

description of any of the following events that have occurred during the last 5 years:

i. any criminal conviction    

ii. any conviction in CVM's administrative proceedings and the penalties applied       

iii. any final conviction not subject to further appeal, in the judicial or administrative sphere, which has suspended or disqualified for the practice of a professional or commercial activity

Mr. Fernando Perrone stated, for all legal purposes, that, in the last five (5) years, has not been subject to the effects of any criminal conviction, any conviction or penalty in administrative lawsuits of CVM nor any final judicial or administrative conviction, which resulted in the suspension or disqualification for the practice of any professional or commercial activity.

name   

Fabiam Franklin

date of birth

June 28, 1967

occupation          

Engineer

Individual taxpayer's ID (CPF) or passport number

899.230.907-44

position to be held    

Member of the Board of Directors

other positions or duties with the issuer     

Not applicable

if elected by the controlling shareholder or not

Employee's representative

if an independent member and, if so, the criteria used to establish the independence

Not applicable

number of consecutive terms of office

2

information on:        

i. main professional experiences over the last 5 years, indicating:         

• company's name and industry     

• position   

• if the company is part of (i) the issuer's economic group, or (ii) is controlled by a shareholder of the issuer with direct or indirect interest equal to or greater than 5% of the same class or type of the issuer's securities        

ii. indicate all management positions it holds in other companies or third sector organizations

Member of the Board of Directors since April 28, 2016. Chairman of the CSN Advisory Council Invest Investment Fund Shares since April 4, 2016, member of the Board of Directors of ABM (Brazilian Association of Metallurgy, Materials and Mining) since April 2015, coordinator of CSN's Financial Education Program since 2008, and Blast Furnaces General Manager of the Company since November 2002. Degree in Metallurgical Engineering from Universidade Federal Fluminense, with specialization in Reduction Metallurgy from the MC Master University in Ontario, Canada and graduate degree (MBA) from Fundação Dom Cabral and is currently pursuing his professional master's degree in economics from IBMEC.

description of any of the following events that have occurred during the last 5 years:

i. any criminal conviction    

ii. any conviction in CVM's administrative proceedings and the penalties applied       

iii. any final conviction not subject to further appeal, in the judicial or administrative sphere, which has suspended or disqualified for the practice of a professional or commercial activity

Mr. Fabiam Franklin stated, for all legal purposes, that, in the last five (5) years, has not been subject to the effects of any criminal conviction, any conviction or penalty in administrative lawsuits of CVM nor any final judicial or administrative conviction, which resulted in the suspension or disqualification for the practice of any professional or commercial activity.

name   

Yoshiaki Nakano

date of birth

30/08/1944

occupation          

Administrator

Individual taxpayer's ID (CPF) or passport number

049.414.548-04

position to be held    

Member of the Board of Directors

other positions or duties with the issuer     

Member of the Audit Committee

if elected by the controlling shareholder or not

Yes

if an independent member and, if so, the criteria used to establish the independence

independent member in accordance with the following criteria: (i) has no relationship with the Company; (ii) is not a controlling shareholder, spouse or second degree relative of the controlling shareholder, and is not tied to a company or entity related to the controlling shareholder; (iii) was not an employee or officer of the Company, of the controlling shareholder or an entity controlled by the Company in the past five (5) years; (iv) is not a direct or indirect supplier or buyer of services and/or products to/of the Company in a magnitude that implies loss of independence; (v) is not an employee or manager of a company or entity offering or demanding services and/or products to/from the Company; (vi) is not a spouse or second degree relative of any manager of the Company; and (vii) does not receive any compensation from the Company in addition to the compensation received as a result of exercising the position of member of the Board of Directors and of member of the Audit Committee of the Company.

number of consecutive terms of office

13

information on:        

i. main professional experiences over the last 5 years, indicating:         

• company's name and industry     

• position   

• if the company is part of (i) the issuer's economic group, or (ii) is controlled by a shareholder of the issuer with direct or indirect interest equal to or greater than 5% of the same class or type of the issuer's securities        

ii. indicate all management positions it holds in other companies or third sector organizations

Member of the Board of Directors since April 29, 2004 and member of Audit Committee since June 24, 2005. Also acts as a member of the Board of Directors of Transnordestina Logística S.A. (jointly controlled by CSN) and in the last five years, acted as a Professor of Economics at the Getúlio Vargas Foundation and Director of the School of Economics at the Getúlio Vargas Foundation in São Paulo. He was a member of the Superior Council of Economics (COSEC) of FIESP / IRS and was a member of the Board of Directors of the Foundation for Research Support of the State of São Paulo - FAPESP until 2015. Previously, he was Secretary for Economic Affairs of the Ministry of Finance and Secretary of Finance of the State of São Paulo. He holds a degree in Business Administration from the Getúlio Vargas Foundation and a Master's and Ph.D. from Cornell University in the United States.

description of any of the following events that have occurred during the last 5 years:

i. any criminal conviction    

ii. any conviction in CVM's administrative proceedings and the penalties applied       

iii. any final conviction not subject to further appeal, in the judicial or administrative sphere, which has suspended or disqualified for the practice of a professional or commercial activity

Mr Yoshiaki Nakano .stated, for all legal purposes, that, in the last five (5) years, has not been subject to the effects of any criminal conviction, any conviction or penalty in administrative lawsuits of CVM nor any final judicial or administrative conviction, which resulted in the suspension or disqualification for the practice of any professional or commercial activity.

name   

Antonio Bernardo Vieira Maia

date of birth

July 15, 1959

occupation          

Administrator

Individual taxpayer's ID (CPF) or passport number

510.578.677-72

position to be held    

Member of the Board of Directors

other positions or duties with the issuer     

Member of the Audit Committee

if elected by the controlling shareholder or not

Yes

if an independent member and, if so, the criteria used to establish the independence

independent member in accordance with the following criteria: (i) has no relationship with the Company; (ii) is not a controlling shareholder, spouse or second degree relative of the controlling shareholder, and is not tied to a company or entity related to the controlling shareholder; (iii) was not an employee or officer of the Company, of the controlling shareholder or an entity controlled by the Company; (iv) is not a direct or indirect supplier or buyer of services and/or products to/of the Company in a magnitude that implies loss of independence; (v) is not an employee or manager of a company or entity offering or demanding services and/or products to/from the Company; (vi) is not a spouse or second degree relative of any manager of the Company; and (vii) does not receive any compensation from the Company in addition to the compensation received as a result of exercising the position of member of the Board of Directors and of member of the Audit Committee of the Company.

number of consecutive terms of office

5

information on:        

i. main professional experiences over the last 5 years, indicating:         

• company's name and industry     

• position   

• if the company is part of (i) the issuer's economic group, or (ii) is controlled by a shareholder of the issuer with direct or indirect interest equal to or greater than 5% of the same class or type of the issuer's securities        

ii. indicate all management positions it holds in other companies or third sector organizations

Member of the Board of Directors since April 30, 2013, of the Audit Committee since August 8, 2013, and Chairman of the Audit Committee since May 6, 2014. Also part of the Finance Committee from October 7, 2014 to December 31, 2016. CEO of BRG Capital Ltda. since July 2005 and member of the Board of Directors of Transnordestina Logística S.A. (jointly controlled by CSN), of FTL – Ferrovia Transnordestina Logística S.A. and of CSN Mineração S.A. (controlled by CSN). Former executive officer of the Credit Suisse / Banco Garantia de Investimentos S.A. from April 1995 to May 2005. Began his career at Citibank Brazil as a trainee in 1982 and moved to New York's Citibank in 1986, where he worked as an Analyst of Citigroup's Institutional investments to Latin America, until he become Executive Officer of New York's Citibank. He was an associate of Banco Bozano Simonsen de Investimentos from August 1979 to December 1981 and member of the Board of Banque Bénédict Hentsch & Cie SA, Geneva, Switzerland from April to December 2006. Degree in Business and Public Administration from Fundação Getúlio Vargas in 1981.

description of any of the following events that have occurred during the last 5 years:

i. any criminal conviction    

ii. any conviction in CVM's administrative proceedings and the penalties applied       

iii. any final conviction not subject to further appeal, in the judicial or administrative sphere, which has suspended or disqualified for the practice of a professional or commercial activity

Mr. Antonio Bernardo Vieira Maia stated, for all legal purposes, that, in the last five (5) years, has not been subject to the effects of any criminal conviction, any conviction or penalty in administrative lawsuits of CVM nor any final judicial or administrative conviction, which resulted in the suspension or disqualification for the practice of any professional or commercial activity.

name   

José Eduardo de Lacerda Soares

date of birth

July 6, 1968

occupation          

Businessman

Individual taxpayer's ID (CPF) or passport number

088.973.848-38

position to be held    

Member of the Board of Directors

other positions or duties with the issuer     

Not applicable

if elected by the controlling shareholder or not

Yes

if an independent member and, if so, the criteria used to establish the independence

Not applicable

number of consecutive terms of office

Not applicable

information on:        

i. main professional experiences over the last 5 years, indicating:         

• company's name and industry     

• position   

• if the company is part of (i) the issuer's economic group, or (ii) is controlled by a shareholder of the issuer with direct or indirect interest equal to or greater than 5% of the same class or type of the issuer's securities        

ii. indicate all management positions it holds in other companies or third sector organizations

Member of the Board of Directors of the companies Vicunha Têxtil S.A., Elisabeth S.A. – Indústria Têxtil, Vicunha Participações S.A., Vicunha Steel S.A. since March 2014. Also managing partner of Arsenal Investimentos since 2002 and responsible for creating the corporate finance area of ​​the company and for the investments of the Private Equity fund of the company in Brazil (ALL, Coteminas, Dixie Toga, Globex, Método Engenharia, Rossi e TAM). Former member of the board of directors of TAM, Método Engenharia e Cromex S.A., head of the execution of the ​​investment banking area at Banco Credit Suisse First Boston Garantia, also working in the banks BNP Paribas and JP Morgan. Bachelor's degree in business administration from Fundação Getulio Vargas and graduate degree in management and finance from The Wharton School – University of Pennsylvania.

description of any of the following events that have occurred during the last 5 years:

i. any criminal conviction    

ii. any conviction in CVM's administrative proceedings and the penalties applied       

iii. any final conviction not subject to further appeal, in the judicial or administrative sphere, which has suspended or disqualified for the practice of a professional or commercial activity

Mr. José Eduardo de Lacerda Soares stated, for all legal purposes, that, in the last five (5) years, has not been subject to the effects of any criminal conviction, any conviction or penalty in administrative lawsuits of CVM nor any final judicial or administrative conviction, which resulted in the suspension or disqualification for the practice of any professional or commercial activity.

name   

Nissim Asslan Kalili

date of birth

September 17, 1953

occupation          

Administrator

Individual taxpayer's ID (CPF) or passport number

875.186.788-53

position to be held    

Member of the Board of Directors

other positions or duties with the issuer     

Not applicable

if elected by the controlling shareholder or not

No

if an independent member and, if so, the criteria used to establish the independence

Candidate appointed by the shareholder "Caixa Beneficente dos Empregados" of Companhia Siderúrgica Nacional –CBS.

number of consecutive terms of office

Not applicable

information on:        

i. main professional experiences over the last 5 years, indicating:         

• company's name and industry     

• position   

• if the company is part of (i) the issuer's economic group, or (ii) is controlled by a shareholder of the issuer with direct or indirect interest equal to or greater than 5% of the same class or type of the issuer's securities        

ii. indicate all management positions it holds in other companies or third sector organizations

Managing partner of Niss Incorporações e Participações Ltda. since 2007 and former managing partner of Terepinks and Kalili (current Even Construtora e Incorporadora S.A.) from 1985 to 2006. Degree in Business Administration from the Business School of Fundação Getúlio Vargas – SP, Graduate degree in Marketing and Finance from Fundação Getúlio Vargas - SP.

description of any of the following events that have occurred during the last 5 years:

i. any criminal conviction    

ii. any conviction in CVM's administrative proceedings and the penalties applied       

iii. any final conviction not subject to further appeal, in the judicial or administrative sphere, which has suspended or disqualified for the practice of a professional or commercial activity

Mr. Nissim Asslan Kalili stated, for all legal purposes, that, in the last five (5) years, has not been subject to the effects of any criminal conviction, any conviction or penalty in administrative lawsuits of CVM nor any final judicial or administrative conviction, which resulted in the suspension or disqualification for the practice of any professional or commercial activity.

name   

Miguel Roberto Gherrize

date of birth

October 2, 1938

occupation          

Accountant

Individual taxpayer's ID (CPF) or passport number

107140308-72

position to be held    

Member of the Fiscal Council (Sitting)

other positions or duties with the issuer     

Not applicable

if elected by the controlling shareholder or not

No

if an independent member and, if so, the criteria used to establish the independence

independent member in accordance with the following criteria: (i) has no relationship with the Company; (ii) is not a controlling shareholder, spouse or second degree relative of the controlling shareholder, and is not tied to a company or entity related to the controlling shareholder; (iii) was not an employee or officer of the Company, of the controlling shareholder or an entity controlled by the Company; (iv) is not a direct or indirect supplier or buyer of services and/or products to/of the Company in a magnitude that implies loss of independence; (v) is not an employee or manager of a company or entity offering or demanding services and/or products to/from the Company; (vi) is not a spouse or second degree relative of any manager of the Company; and (vii) does not receive any compensation from the Company.

number of consecutive terms of office

Not applicable

information on:        

i. main professional experiences over the last 5 years, indicating:         

• company's name and industry     

• position   

• if the company is part of (i) the issuer's economic group, or (ii) is controlled by a shareholder of the issuer with direct or indirect interest equal to or greater than 5% of the same class or type of the issuer's securities        

ii. indicate all management positions it holds in other companies or third sector organizations

Member of the IBEF - Brazilian Institute of Finance Executives of São Paulo, of IBRACON - Institute of Independent Auditors of Brazil and former member of the Ethics Committee of IFAC - International Federation of Accountants of the CRC - Regional Accounting Council of São Paulo. Former member of the Board of Directors of Brasil Insurance Participações e Administração S.A. and of the Fiscal Council of JJBS Foods S.A. (incorporated by Seara Alimentos Ltda., on April 1, 2015). For 10 years, worked as advisor of Terco Grant Thrnton independent auditors, a company acquired by Ernest & Young, having worked until 2012 as the Executive Officer in charge of the Quality Control Group of the audit work. Since 1960 has experience in audit and financial area of Arthur Andersen, having worked as the partner in charge for coordinating and analyzing technical issues in Brazil up to 2000. Degree in Economics from Fundação Armando Alvares Penteado (FAAP), extension in Accounting and assimilated in Business Administration.

description of any of the following events that have occurred during the last 5 years:

i. any criminal conviction    

ii. any conviction in CVM's administrative proceedings and the penalties applied       

iii. any final conviction not subject to further appeal, in the judicial or administrative sphere, which has suspended or disqualified for the practice of a professional or commercial activity

Mr. Miguel Roberto Gherrize stated, for all legal purposes, that, in the last five (5) years, has not been subject to the effects of any criminal conviction, any conviction or penalty in administrative lawsuits of CVM nor any final judicial or administrative conviction, which resulted in the suspension or disqualification for the practice of any professional or commercial activity.

name   

William Pereira Pinto

date of birth

March 19, 1959

occupation          

Accountant

Individual taxpayer's ID (CPF) or passport number

006.521.618-04

position to be held    

Member of the Fiscal Council (Alternate)

other positions or duties with the issuer     

Not applicable

if elected by the controlling shareholder or not

No

if an independent member and, if so, the criteria used to establish the independence

independent member in accordance with the following criteria: (i) has no relationship with the Company; (ii) is not a controlling shareholder, spouse or second degree relative of the controlling shareholder, and is not tied to a company or entity related to the controlling shareholder; (iii) was not an employee or officer of the Company, of the controlling shareholder or an entity controlled by the Company; (iv) is not a direct or indirect supplier or buyer of services and/or products to/of the Company in a magnitude that implies loss of independence; (v) is not an employee or manager of a company or entity offering or demanding services and/or products to/from the Company; (vi) is not a spouse or second degree relative of any manager of the Company; and (vii) does not receive any compensation from the Company.

number of consecutive terms of office

Not applicable

information on:        

i. main professional experiences over the last 5 years, indicating:         

• company's name and industry     

• position   

• if the company is part of (i) the issuer's economic group, or (ii) is controlled by a shareholder of the issuer with direct or indirect interest equal to or greater than 5% of the same class or type of the issuer's securities        

ii. indicate all management positions it holds in other companies or third sector organizations

Currently member of the Board of Directors of Portocred S.A., member of the Audit Committee of Banco Pine S.A., partner and owner of WWPC Consultoria Empresarial Ltda., working in the area of ​​corporate governance and in the risk and audit committees. Member of the Fiscal Council of Renuka do Brasil S.A., alternate member of the Board of Directors of Grupo Pão Açúcar, Via Varejo and Kroton Educacional. Worked at Ernest&Young Terco from 2008 to 2012, having worked since 2011 as the Executive Officer in charge for the external audit of middle market and private equities companies. Degree in Accounting from Universidade São Judas Tadeu, an MBA – Controller from FIPECAPI/USP with module abroad at St. John's University/NY, United States and certification from IBGC as Fiscal Advisor.

description of any of the following events that have occurred during the last 5 years:

i. any criminal conviction    

ii. any conviction in CVM's administrative proceedings and the penalties applied       

iii. any final conviction not subject to further appeal, in the judicial or administrative sphere, which has suspended or disqualified for the practice of a professional or commercial activity

Mr. William Pereira Pinto stated, for all legal purposes, that, in the last five (5) years, has not been subject to the effects of any criminal conviction, any conviction or penalty in administrative lawsuits of CVM nor any final judicial or administrative conviction, which resulted in the suspension or disqualification for the practice of any professional or commercial activity.

Members of the Board of Directors

Name

Participation in meetings

Benjamin Steinbruch

95%

Léo Steinbruch

90%

Antonio Bernardo Vieira Maia

95%

Fernando Perrone

95%

Yoshiaki Nakano

95%

Fabiam Franklin

100%

Members of the Audit Committee

Name

Participation in meetings

Antonio Bernardo Vieira Maia

100%

Fernando Perrone

100%

Yoshiaki Nakano

75%

a) the Company's management

Not applicable

b) the Company's management and the management of subsidiaries, direct or indirect, of the Company

Not applicable

c) the Company's management or of its subsidiaries, direct or indirect, and direct or indirect controlling shareholders of the Company:

Not applicable

d) the Company's management and the management of controlling subsidiaries, direct or indirect, of the Company

Not applicable

a) company controlled, directly or indirectly, by the issuer, except those in which the issuer holds, directly or indirectly, all of the share capital

Not applicable

b) direct or indirect controlling shareholder of the Company

Mr. Leo Steinbruch is a shareholder of CFL Participações S.A. e da Vicunha Têxtil S.A., both directly controlled by the Company.

c) if relevant, supplier, client, debtor or creditor of the issuer, its controlling or subsidiaries or subsidiaries of any of these people

Not applicable.

Total Compensation for the Fiscal Year ended on December 31, 2014 - Annual Amounts

Board of Directors

Statutory Board

Fiscal Council

Total

No of Members¹

6.92

4.67

N/A

11.59

Number of Paid Members

6.92

4.67

N/A

11.59

Fixed Annual Compensation

R$1,606,080

R$9,447,575

N/A

R$11,053,655

Salary or "Pro-Labore"

R$978,400

R$5,956,969

N/A

R$6,935,369

Direct and Indirect Benefits

N/A

R$2,299,311

N/A

R$2,299,311

Participation in Committees

R$360,000

RS 0

N/A

R$360,000

Other

R$267,680

R$1,191,294

N/A

R$1,458,974

Variable Compensation

N/A

R$23,807,218

N/A

R$23,807,218

Bonus

N/A

R$19,939,348

N/A

R$19,939,348

Profit Sharing

N/A

RS 0

N/A

RS 0

Participation in Meetings

N/A

RS 0

N/A

RS 0

Commissions

N/A

RS 0

N/A

RS 0

Other

N/A

R$3,867,870

N/A

R$3,867,870

Post-employment

N/A

R$115,763

N/A

R$115,763

Termination of the Position

N/A

0

N/A

RS 0

Based on Shares

N/A

0

N/A

RS 0

Total Compensation

R$1,606,080

R$33,370,555

RS 0

R$34,976,635

Total Compensation for the Fiscal Year ended on December 31, 2015 - Annual Amounts

Board of Directors

Statutory Board

Fiscal Council

Total

No of Members¹

6.67

6.17

N/A

12.83

Number of Paid Members

6.67

6.17

N/A

12.83

Fixed Annual Compensation

R$1,585,440

R$14,004,454

N/A

R$15,589,894

Salary or "Pro-Labore"

R$961,200

R$9,759,385

N/A

R$10,720,585

Direct and Indirect Benefits

N/A

R$2,293,192

N/A

R$2,293,192

Participation in Committees

R$360,000

RS 0

N/A

R$360,000

Other

R$264,240

R$1,951,877

N/A

R$2,216,117

Variable Compensation

N/A

R$31,987,610

N/A

R$31,987,610

Bonus

N/A

R$26,656,342

N/A

R$26,656,342

Profit Sharing

N/A

RS 0

N/A

RS 0

Participation in Meetings

N/A

RS 0

N/A

RS 0

Commissions

N/A

RS 0

N/A

RS 0

Other

N/A

R$5,331,268

N/A

R$5,331,268

Post-employment

N/A

R$310,625

N/A

R$310,625

Termination of the Position

N/A

RS 0

N/A

RS 0

Based on Shares

N/A

RS 0

N/A

RS 0

Total Compensation

R$1,585,440

R$46,302,689

RS 0

R$47,888,129

Total Compensation for the Fiscal Year ended on December 31, 2016 - Annual Amounts