Notice to the Market – Currency Exposure

Notice to the Market
Currency Exposure

São Paulo, September 23, 2015 – COMPANHIA SIDERURGICA NACIONAL (“Company”) hereby informs that regarding a recent research report from a bank and a few press articles, which state that CSN has negative financials impacts with BRL depreciation for not having hedging instruments on its debt, we clarify that:

CSN has part of its debt denominated in USD, which generates a short position in this currency. This exposure is completely offset by the use of the following instruments:

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