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Sidetur Finance B.V.

NOTICE OF EVENTS OF DEFAULT

THIS NOTICE CONTAINS IMPORTANT INFORMATION THAT IS OF INTEREST TO

NOTEHOLDERS. IF APPLICABLE, ALL DEPOSITORIES, CUSTODIANS, AND

OTHER INTERMEDIARIES RECEIVING THIS NOTICE ARE REQUESTED TO

EXPEDITE RETRANSMITTAL TO SUCH NOTEHOLDERS IN A TIMELY MANNER.

To: Noteholders as their Names and Addresses Appear on the Register and Those

Additional Parties Listed on Schedule I hereto

Reference is made to that certain Indenture dated as of May 3, 2006 (theIndenture), among Sidetur Finance B.V., as issuer (the Issuer), Siderurgica del Turbio, S.A. ,as guarantor (the Guarantor), Deutsche Bank Trust Company Americas, as trustee, payingagent and transfer agent (the Trustee), and Deutsche Bank Luxembourg S.A., as Luxembourglisting agent, special paying agent and Luxembourg transfer agent. Capitalized terms usedherein and not defined shall have the meanings assigned to such terms in the Indenture.

Pursuant to Section 9.6(b) of the Indenture, the Trustee hereby gives you noticethat, as of the July 20, 2013 payment date there has been an Event of Default (i) pursuant toSection 5.1(a)(ii) of the Indenture, which provides that there is an Event of Default if the Issuerdefaults in the payment of principal of or premium, if any on the Notes when the same becomesdue and payable upon amortization and (ii) pursuant to Section 5.1(a)(ix) of the Indenture,

which provides that there is an Event of Default if at any time the Debt Service Reserve is notFully Funded and the Issuer fails to cause the Debt Service Reserve to be Fully Funded withinfive (5) Business Days thereafter. In addition, please note that the Issuer has defaulted in thepayment of interest on the Notes as of the July 20, 2013 payment date which default shallbecome an Event of Default pursuant to Section 5.1(a)(i) of the Indenture if such defaultcontinues for 30 (thirty) days from the date such amount becomes due and payable.

In addition, in response to Noteholder inquiries, please note that the currentbalance on deposit in the Debt Service Reserve Account is $75,122.10.

Unless otherwise instructed and directed in accordance with the terms of the

applicable transaction documents, the Trustee does not intend at this time to take any furtheraction. Pursuant to Section 9.1(c)(ii) of the Indenture, the Trustee shall be under no obligation toexercise any of the rights or powers vested in it by the Indenture at the request, order or directionof the Required Noteholders unless the Required Noteholders shall have furnished to the Trusteesecurity or indemnity reasonably satisfactory to it against the costs, expenses and liabilities thatmight be incurred by the Trustee therein or thereby.


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This notice is without prejudice and the Trustee reserves all of the rights, powers,claims, and remedies of the Trustee under the Indenture and applicable law. No delay orforbearance to exercise any right or remedy accruing under the terms of the Indenture, otherdocumentation relating thereto or under applicable law shall impair any such right or remedy orconstitute a waiver thereof or an acquiescence therein.

Please note that the foregoing is not intended and should not be construed asinvestment, accounting, financial, legal or tax advice by or on behalf of the Trustee or theirdirectors, officers, agents, attorneys or employees. Each party receiving this notice should seekthe advice of its own advisers in respect of the matters set forth herein.

If you have any questions regarding the foregoing, please contact Stan Burg ofDeutsche Bank Trust Company Americas at (201) 593-4749 or at [email protected].

DEUTSCHE BANK TRUST COMPANYAMERICAS, AS TRUSTEE

DATED: July 26, 2013


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SCHEDULE I

Sidetur Finance B.V., as Issuer

Prof. J.H. Bavincklaan 71183AT, AmstelveenThe NetherlandsFax: 0031(0)20 3013636Attention: Maricela Robles (legal) or Josina van Dam (accounting)

Siderurgica del Turbio, S.A. Sidetur, as GuarantorAvenida Intercomunal de AntimanoZona Industrial La Yaguara, Distrito FederalCaracas, Venezuela

Fax: 58 212 707 6335Attention: Gustavo Machado

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