COMPANHIA SIDERÚRGICA NACIONAL
Corporate Taxpayer's ID (CNPJ/MF): 33.042.730/0001-04
Company Registry (NIRE): 35300396090

NOTICE TO SHAREHOLDERS PAYMENT OF DIVIDENDS

Given that the Board of Directors of Companhia Siderúrgica Nacional approved today, in accordance with article 31 of the Company's Bylaws and 204, paragraph 2 of Law 6,404/76, the payment to shareholders of dividends from the profit reserve - working capital, totaling R$275,000,000.00, corresponding to R$0.202358522 per share of the capital stock with no withholding income tax (IRRF), as per the legislation in force, we hereby announce to the shareholders the following:
1. The dividends will be available as of January 15, 2015 to the Shareholders domiciled in Brazil, with no monetary restatement, in their bank accounts informed to the depositary institution Itaú Corretora de Valores S.A.
2. The Shareholders whose shares are held in fiduciary custody will receive their dividends in accordance with the procedures adopted by the stock exchanges.
3. The Shareholders whose records do not include an individual/corporate taxpayer ID (CPF/CNPJ) or "Bank/Branch/Current Account" information will have their dividends credited within three (3) business days as of the effective regularization of their respective records with the branches of Banco Itaú S.A., or through letter addressed to Superintendência de Soluções para Corporações da Itaú Corretora de Valores S.A., at Rua Boa Vista, 176 - 1º subsolo - São Paulo - SP - CEP: 01014-000.

Services to Shareholders: branches of Banco Itaú S.A., specialized in the services to

Shareholders, during banking hours.

The amounts due will be calculated and credited based on the shareholding position on
December 30, 2014 and represent an advance of minimum mandatory dividends.
As of January 02, 2015, inclusively, negotiations with these shares on the Brazilian stock exchanges will be executed ex-dividends.
São Paulo, December 30, 2014.
Companhia Siderúrgica Nacional
David Moise Salama
Investor Relations Executive Officer