6-K

                       SECURITIES AND EXCHANGE COMMISSION
                             Washington, D.C. 20549

                                    FORM 6-K

                        Report of Foreign Private Issuer

                      Pursuant to Rule 13a-16 or 15d-16 of
                       the Securities Exchange Act of 1934

                                December 11, 2006

                                 CORUS GROUP plc
                 (Translation of Registrant's Name into English)

                                   30 Millbank
                             London SW1P 4WY England
                    (Address of Principal Executive Offices)

Indicate by check mark whether the registrant files or will file annual reports
                     under cover of Form 20-F or Form 40-F:

                          Form 20-F X      Form 40-F
                                   ---              ---

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
                  permitted by Regulation S-T Rule 101(b)(1):

                                 Yes       No X
                                    ---      ---

 (Note: Regulation S-T Rule 101(b)(1) only permits the submission in paper of a
 Form 6-K if submitted solely to provide an attached annual report to security
                                    holders)

Indicate by check mark if the registrant is submitting the Form 6-K in paper as
                  permitted by Regulation S-T Rule 101(b)(7):

                                 Yes       No X
                                    ---      ---

 (Note: Regulation S-T Rule 101(b)(7) only permits the submission in paper of a
Form 6-K if submitted to furnish a report or other document that the registrant
   foreign private issuer must furnish and make public under the laws of the
   jurisdiction in which the registrant is incorporated, domiciled or legally
  organized (the registrant's "home country"), or under the rules of the home
country exchange on which the registrant's securities are traded, as long as the
 report or other document is not a press release, is not required to be and is
   not distributed to the registrant's security holders, and, if discussing a
 material event, has already been the subject of a Form 6-K submission or other
                          Commission filing on EDGAR.)

  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:

                                 Yes       No X
                                    ---      ---

 (If "Yes" is marked, indicate below the file number assigned to the registrant
                 in connection with Rule 12g3-2(b): 82 - _____)





                                   SIGNATURES

    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.

                                 CORUS GROUP plc



Date: December 11, 2006                  By: Theresa Robinson
    -----------------------                  ----------------
                                       Name: Mrs Theresa Robinson
                                             Group Secretariat Co-ordinator

EX-99

 NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN, INTO OR
 FROM ANY JURISDICTION WHERE TO DO THE SAME WOULD CONSTITUTE A VIOLATION OF THE
                       RELEVANT LAWS OF SUCH JURISDICTION

                                                                11 December 2006

                  RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION
                                       of
                            Corus Group plc ("Corus")
                                       by
   CSN Acquisitions Limited ("CSN Acquisitions"), a wholly-owned subsidiary of
                     Companhia Siderurgica Nacional ("CSN")


Highlights

o     Recommended pre-conditional cash acquisition at 515 pence for each Corus
      Share.

o     Values Corus' issued and to be issued share capital at approximately
      (pound)4.9 billion.

o     Strategically compelling industrial logic for a combination of CSN and
      Corus, creating a top five global steel player.


Summary

o     The boards of CSN and Corus are pleased to announce their agreement on the
      terms of a recommended pre-conditional cash acquisition by CSN
      Acquisitions of the entire issued and to be issued share capital of Corus
      at a price of 515 pence for each Corus Share, valuing Corus at
      approximately (pound)4.9 billion.

o     CSN believes there is compelling strategic and industrial logic for a
      combination with Corus as it would:

      -     create a top five global steel group with approximately 24 million
            tonnes of annual steel production and, by 2010, approximately 50
            million tonnes of annual iron ore production;




      -     enable Corus to secure supply of high quality, low cost iron ore
            from CSN's Casa de Pedra mine, one of the largest captive mines in
            the world, leading to incremental annual cash-flow in Corus of
            approximately US$450 million (on a pre-tax basis) by 2009;

      -     in time, provide Corus with access to increasing quantities of low
            cost semi-finished steel for further processing through its
            downstream facilities in Europe;

      -     allow Corus greater access to fast growing markets as well as
            providing opportunities for cross-selling the enlarged portfolio of
            products;

      -     create the potential to capture significant annual synergy benefits
            of approximately US$300 million (on a pre-tax basis) by 2009,
            through initiatives including global procurement savings,
            optimisation of product flows, integrated commercial policy and the
            sharing of best practices; and

      -     give CSN the ability to leverage Corus' exceptional research and
            development and engineering expertise across the combined group.

o     The price of 515 pence per Corus Share represents:

      -     a premium of approximately 42.9 per cent. to the average closing
            mid-market price of 360.5 pence per Corus share for the twelve
            months to and including 4 October 2006, being the last business day
            before the announcement by Tata that it was evaluating various
            opportunities, including Corus;

      -     a premium of approximately 26.4 per cent. to the closing mid-market
            price of 407.5 pence per Corus Share on 4 October 2006; and

      -     a premium of approximately 3.0 per cent. to the revised offer price
            made by Tata at 500 pence per Corus share.


                                       2


o     CSN Acquisitions has held constructive and satisfactory discussions with
      the trustees of Corus' two main UK pension schemes and has agreed with
      committees of the relevant boards of pension trustees an arrangement,
      which will be recommended to the full boards of the pensions trustees,
      whereby CSN Acquisitions will:

      -     fund upfront the IAS 19 deficit on the Corus Engineering Steels
            Pension Scheme by paying (pound)138 million into the scheme; and

      -     increase the contribution rate on the British Steel Pension Scheme
            from 10 per cent. to 12 per cent. until 31 March 2009.

o     The Acquisition is subject to the satisfaction or waiver of the
      Pre-Condition that either Corus Shareholders reject the Tata Scheme or the
      Tata Scheme is otherwise withdrawn by Corus or lapses. The Pre-Condition
      is set out in full in Part I of Appendix I.

o     Subject to the satisfaction or waiver of the Pre-Condition, the
      Acquisition will be made by CSN Acquisitions, an indirect wholly-owned
      subsidiary of CSN, and is proposed to be implemented by way of a scheme of
      arrangement under section 425 of the Companies Act. The Scheme will be put
      to Corus Shareholders at the Court Meeting and at the Extraordinary
      General Meeting, which will be convened in due course. The Scheme Document
      will be posted to Corus Shareholders within 28 days of satisfaction or
      waiver of the Pre-Condition. In addition, a further document (the
      "Information Document") setting out further details of the Acquisition and
      information relating to the CSN Group will be sent to Corus Shareholders
      as soon as possible.

o     The Loan Note Alternative will be made available to Corus Shareholders
      (other than certain overseas shareholders).

o     As at the date of this announcement, the CSN Group owns 34,072,613 Corus
      Shares, representing approximately 3.8 per cent. of Corus' existing issued
      share capital.


                                       3


o     The Corus Directors, who have been so advised by Credit Suisse (as lead
      financial adviser), JPMorgan Cazenove and HSBC (as independent financial
      adviser to Corus for the purposes of Rule 3 of the Takeover Code),
      consider the terms of the Acquisition to be fair and reasonable, so far as
      Corus Shareholders are concerned. Accordingly, the Corus Directors intend
      unanimously to recommend that Corus Shareholders vote in favour of the
      Scheme at the Court Meeting and Extraordinary General Meeting to be
      convened in relation to the Acquisition. In providing their advice, Credit
      Suisse, JPMorgan Cazenove and HSBC have taken into account the commercial
      assessments of the Corus Directors.

Commenting on this announcement, Benjamin Steinbruch, Chairman and Chief
Executive Officer of CSN, said:

"The strategic impetus for this combination is growth - growth in Brazil, in
Europe and for our combined workforces. Our goal is to unlock the value of our
iron ore assets through Corus, transforming them into cost effective, high
quality steel products using Corus' advanced engineering capabilities and its
excellent European distribution platform. This is a winning combination for all
stakeholders."

Commenting on the Acquisition, Jim Leng, Chairman of Corus, said:

"As I informed shareholders in my letter of 27 November 2006, once the Corus
Directors received an approach from CSN, we provided information and made our
senior management available to enable CSN to meet its pre-conditions and
complete its due diligence.

This offer is both higher than the initial proposal by CSN as well as the
revised Tata offer of 500 pence per share. It is also consistent with our
strategic objective of securing access to raw materials, low cost production and
growth markets. The combination of the two businesses will create a strong
platform from which to compete and grow in an increasingly global market."

Lazard is acting as lead financial adviser, Goldmans Sachs International as
financial adviser and joint broker, and UBS as joint broker to CSN and CSN
Acquisitions in relation to the Acquisition. Credit Suisse is acting as lead
financial adviser, JPMorgan Cazenove as joint financial adviser and corporate
broker and HSBC as independent financial adviser for the purposes of Rule 3 of
the Takeover Code to Corus.


                                       4


This summary should be read in conjunction with, and is subject to, the full
text of the following announcement and the Appendices.

Appendix I sets out the Pre-Condition to which the Acquisition is subject and
sets out certain further terms and conditions of the Scheme. Appendix II sets
out the bases and sources of certain of the information contained in this
announcement. Appendix III contains the definitions of certain terms used in
this announcement.

Enquiries:

CSN                                                    Tel: +55 11 3049 7511
Otavio de Garcia Lazcano, Chief Financial Officer
Jose Marcos Treiger, Director of Investor Relations

Lazard                                                 Tel: +44 (0) 20 7187 2000
(lead financial adviser to CSN and CSN Acquisitions)
Antonio Weiss
Nicholas Jones
Paul Gismondi
Richard Shaw

Goldman Sachs International                            Tel: +44 (0) 20 7774 1000
(financial adviser and joint broker to CSN and CSN Acquisitions)
Yoel Zaoui
Simon Dingemans
Mark Sorrell

UBS (joint broker to CSN and CSN Acquisitions)         Tel: +44 (0) 20 7567 8000
John Woolland

The Maitland Consultancy (PR advisers to CSN)
UK                                                     Tel: +44 (0) 20 7379 5151
Angus Maitland
Martin Leeburn
Liz Morley
Tom Siveyer


                                       5


Netherlands                                            Tel: +31 2 0647 8181
Kees Jongsma

Corus Group plc
David Lloyd, Chief Financial Officer                   Tel: +44 (0) 20 7717 4557
Emma Tovey, Director, Investor Relations               Tel: +44 (0) 20 7717 4514

Credit Suisse (lead financial adviser to Corus)        Tel: +44 (0) 20 7888 8888
James Leigh Pemberton
Jeremy Fletcher
Zachary Brech

JPMorgan Cazenove                                      Tel: +44 (0) 20 7588 2828
(joint financial adviser and corporate broker to Corus)
Edmund Byers
Barry Weir
Matthew Lawrence

HSBC (Rule 3 adviser to Corus)                         Tel: +44 (0) 20 7991 8888
Adrian Coates
Charles Packshaw
Raj Kohli
Jan Sanders

Brunswick (PR adviser to Corus)                        Tel: +44 (0) 20 7404 5959
Kevin Byram
Laura Cummings
Ash Spiegelberg


                                       6


      NOT FOR RELEASE, PUBLICATION OR DISTRIBUTION IN WHOLE OR IN PART, IN,
        INTO OR FROM ANY JURISDICTION WHERE THE SAME WOULD CONSTITUTE A
              VIOLATION OF THE RELEVANT LAWS OF SUCH JURISDICTION

                                                                11 December 2006

                  RECOMMENDED PRE-CONDITIONAL CASH ACQUISITION
                                       of
                            Corus Group plc ("Corus")
                                       by
   CSN Acquisitions Limited ("CSN Acquisitions"), a wholly-owned subsidiary of
                     Companhia Siderurgica Nacional ("CSN")


1     Introduction

On 20 October 2006, Tata and Corus announced a recommended cash acquisition of
Corus at 455 pence per Corus Share, to be effected by way of a scheme of
arrangement under section 425 of the Companies Act.

On 17 November 2006, CSN announced that it had approached the board of Corus
regarding a proposal to acquire the Company at a price of 475 pence per Corus
Share in cash which may or may not lead to a possible recommended offer. This
proposal was subject to, amongst other things, completion of confirmatory due
diligence, finalisation of financing arrangements and a recommendation from the
Corus Directors. On 4 December 2006, Corus announced that the court meeting and
extraordinary general meeting convened in relation to the Tata Scheme had been
adjourned until 20 December 2006. On 10 December 2006, Tata increased its offer
price to 500 pence per Corus Share.

Following completion of due diligence, CSN and CSN Acquisitions are pleased to
announce their agreement with the Corus Directors on the terms of a recommended
pre-conditional cash acquisition of the entire issued and to be issued share
capital of Corus at a price of 515 pence for each Corus Share.

The terms of the Acquisition value the issued and to be issued share capital of
Corus at approximately (pound)4.9 billion and imply an enterprise value for
Corus of approximately (pound)5.8 billion. This includes net debt as at 30
September 2006, option proceeds from the exercise of options and an upfront
pension payment, totalling approximately (pound)0.9 billion in aggregate.


                                       7


The Acquisition will be made by CSN Acquisitions, a wholly-owned subsidiary of
CSN, recently incorporated in England and Wales for the purpose of making the
Acquisition. It is intended that the Acquisition, which is subject to the
Pre-Condition being satisfied or waived, will be implemented by way of a Court
sanctioned scheme of arrangement under section 425 of the Companies Act. The
terms of the Pre-Condition are set out in Part I of Appendix I. If the
Pre-Condition is satisfied or waived, the Scheme Document will be posted within
28 days.

A further document (the "Information Document") setting out details of the
Acquisition and containing certain information relating to the CSN Group will be
sent to Corus Shareholders as soon as possible.

Further information on CSN and CSN Acquisitions is set out in paragraph 10 of
this announcement.


2     The Acquisition

Under the terms of the Scheme, which is subject to the Pre-Condition and will be
subject to the further terms and conditions set out in Appendix I to this
announcement, and to the full terms and conditions to be set out in the Scheme
Document, Corus Shareholders holding Corus Shares at the Scheme Record Date will
receive, subject to elections made under the Loan Note Alternative:

              for each Corus Share                     515 pence in cash

This represents a price of 1,030 pence in cash for each Corus ADS.

The terms of the Acquisition value the entire existing issued and to be issued
ordinary share capital of Corus at approximately (pound)4.9 billion. As at the
date of this announcement, the CSN Group owns 34,072,613 Corus Shares,
representing approximately 3.8 per cent. of Corus' existing issued share
capital.

The price of 515 pence per Corus Share represents:

o     a premium of approximately 42.9 per cent. to the average closing
      mid-market price of 360.5 pence per Corus share for the twelve months to
      and including 4 October 2006, being the last business day before the
      announcement by Tata that it was evaluating various opportunities
      including Corus;


                                       8


o     a premium of approximately 26.4 per cent. to the closing mid-market price
      of 407.5 pence per Corus Share on 4 October 2006; and

o     a premium of approximately 3.0 per cent. to the revised offer price made
      by Tata of 500 pence per Corus share.

If the Scheme becomes effective, subject to elections made under the Loan Note
Alternative, a payment of 515 pence in cash per Corus Share will be despatched
or, where appropriate, credited through CREST, to Corus Shareholders within 14
days of the Effective Date. ADS Holders will receive their consideration from
the ADS Depositary through the Corus ADS programme in accordance with the terms
of the Deposit Agreement.

Holders of interests in Corus Shares which are held through Euroclear Nederland
will receive their consideration in accordance with customary Dutch clearing and
settlement practice.

If the Scheme becomes effective, the ADS Depositary will provide registered
holders of Corus ADSs with information regarding the surrender of their Corus
ADSs. Additional settlement arrangements for ADS Holders will be set out in the
Scheme Document.

Under the Scheme, US Holders, ADS Holders and Restricted Overseas Persons will
only be eligible to receive cash consideration, and will not be eligible to
elect to receive Loan Notes as consideration pursuant to the Loan Note
Alternative.

Appropriate proposals equivalent to those proposed by Tata will be made in due
course to participants in the Corus Share Schemes. Appropriate proposals will
also be made to the holders of the Dutch Bonds.

It is proposed that the Corus Deferred Shares will be cancelled for no
consideration pursuant to the Proposals.


3     Background to and reasons for the Acquisition

CSN's key strategy has been to maximise its full potential as one of the world's
lowest cost steel producers. Over the past few years CSN has been seeking
opportunities to strengthen its position as a major global player through
expanding its presence within Brazil, Portugal and in the United


                                       9


States and optimising its infrastructure assets (mine, ports and railways) and
their competitive cost advantages through organic growth and acquisitions.

The Acquisition would transform CSN into one of the five largest global steel
producers, substantially enhancing its scale and growth potential. The
transaction has a compelling strategic and commercial rationale and is
consistent with CSN's existing strategy to further integrate its low cost
production in Brazil with finishing and distribution in developed markets. The
key benefits of the Acquisition are:

To realise full benefits of raw material integration

The Acquisition would enable CSN to realise the full potential of its vertically
integrated business model by instantly providing substantial captive iron ore
demand for the expanding output of its Casa de Pedra mine in Brazil, one of the
largest iron ore projects worldwide. The supply of high quality and low cost
iron ore to Corus' upstream operations in the UK and the Netherlands would be
cost effective and have an immediate and significant impact on the profitability
and cash generation of Corus, leading to incremental annual cash-flow in Corus
of approximately US$450 million (on a pre-tax basis) by 2009. CSN also believes
that Corus would benefit from long-term intra-group supplies, providing an
important hedge against input price volatility.

Market-leading research and development ("R&D") and engineering capabilities

CSN believes that Corus has industry-leading R&D capabilities in a number of
product segments, an increasingly important factor as customers seek complete
solutions and partners for product development. The combined group would have
the increased scale necessary to sustain investment in R&D activities, support
customers over product development cycles and maintain a position as preferred
supplier to end customers.

Significant cost savings and increased revenue

As a result of the Acquisition, CSN expects to generate annual pre-tax cost
savings of approximately US$300 million by 2009, primarily in the areas of
global procurement, optimisation of product flows, integrated commercial policy
and application of best practices to the enlarged asset base. CSN expects to
generate additional revenue opportunities through the cross-selling of the
enlarged product portfolio to the combined customer base, improved product mix
with Corus' finishing capabilities, reduced volatility through geographic and
product diversification and increased market share by selling lower cost steel
produced by CSN through Corus' distribution network.


                                       10


The Acquisition provides a significant opportunity for CSN to deliver on its
strategic ambitions, seeking sustainable long-term and profitable growth to
shareholders through industry consolidation. CSN believes that the Acquisition
will create significant value for its shareholders by delivering a powerful new
combination with market leading positions and exceptional distribution networks
across both developed and emerging markets.

To maximise growth potential through the downstream capabilities of Corus


CSN believes that Corus' strong position in downstream processing and
distribution would create substantial benefits for both companies. The
Acquisition would provide downstream finishing capabilities for intermediate
steel products from CSN, increasing sales of higher value-added products, as
well as a distribution network in close proximity to important end customers in
Western Europe. CSN is one of the lowest cost steel producers in the world and
has announced plans for a greenfield slab project at Itaguai (in Brazil) to
expand production by 4.5 million tonnes annually by 2011. Over time Corus would
gain a sustainable cost advantage from increased supply of low cost intermediate
steel products.


4     Background to and reasons for the recommendation

Since the placing and open offer and the launch of the "Restoring Success"
programme, introduced by Philippe Varin in June 2003, Corus has delivered
substantial value for Corus Shareholders.

The "Restoring Success" programme was designed to deliver a (pound)680 million
improvement in earnings before interest, tax and depreciation and has
underpinned the significant improvement in Corus' financial performance. As well
as savings through cost reductions and improved operational efficiency, the
programme has also delivered significant improvements in Corus' safety
performance and customer service levels.

The completion of the sale of Corus' downstream aluminium assets in August 2006
was also an important step in the Company's strategy to focus on and develop its
carbon steel businesses, in addition to further strengthening its balance sheet.

In August 2005, the Corus Board set out how it intended to take Corus forward,
beyond Restoring Success. Corus has developed a strategy to further enrich the
product mix and the operational efficiency of its existing Western European
asset base. In addition to the launch of a group wide


                                       11


continuous improvement programme, Corus has substantially increased the level of
its capital expenditure, including the two previously announced major
investments, namely at IJmuiden to expand Corus' product range capabilities for
the automotive and construction markets and at Scunthorpe to strengthen Corus'
competitive position in structural sections, rail and wire rod markets. As part
of this strategy, Corus would look beyond Western Europe, where the large
majority of its assets are based, to those parts of the world where it could
secure access to lower cost steel production to support the future cost
competitiveness of its European assets, as well as pursuing opportunities in
high growth markets.

Corus has consistently acknowledged the benefits of a combination with a
producer in a low cost region, particularly one with access to raw materials,
and has worked with its advisers to investigate a range of options. Since August
2005, Corus has had talks with a number of parties regarding a range of possible
transactions, including with CSN. The combination of the two businesses will
enable Corus to compete on a global scale in an increasingly competitive
environment.


5     Recommendation

The Corus Directors, who have been so advised by Credit Suisse (as lead
financial adviser), JPMorgan Cazenove and HSBC, consider the terms of the
Acquisition to be fair and reasonable, so far as Corus Shareholders are
concerned. Accordingly, the Corus Directors intend unanimously to recommend that
Corus Shareholders vote in favour of the Scheme at the Court Meeting and
Extraordinary General Meeting of the Company.

Although Credit Suisse is acting as lead financial adviser to Corus, other
members of the Credit Suisse Group are, with the consent of Corus, providing
acquisition finance and related services to Tata in relation to the Tata
Proposals and, as a consequence, is a connected party to Tata. JPMorgan
Cazenove, as part of the JPMorgan group, has historical relationships with the
Tata companies and, as a consequence, is also a connected party to Tata. HSBC is
therefore providing independent advice to the Corus Directors on the Acquisition
for the purposes of Rule 3 of the Code. In providing advice to the Corus
Directors, Credit Suisse, JPMorgan Cazenove and HSBC have taken into account the
commercial assessments of the Corus Directors.


6     CSN's intentions regarding the business of Corus

The combination of the businesses of CSN and Corus will be driven by a common
vision and strategy with the intention of being at the forefront of the steel
industry in the near future. The


                                       12


enlarged group will consolidate and embed principles of continuous improvement,
focusing on sharing best practices, manufacturing excellence and cost reduction
initiatives. CSN supports Corus' strategy for the development of its European
businesses as described above in paragraph 4.


7     Management, employees and locations

CSN recognises the strong contribution made by Corus' management and employees
to the development of Corus including their achievements in the Restoring
Success programme and view them as being critical to the success of the combined
group going forward.

Following completion of the Acquisition, Mr J W Leng will step down as Chairman
of the Board of Corus, which will then be chaired by Mr B Steinbruch, the
Chairman of the Board of CSN and which will comprise executives drawn from the
enlarged group. At its request, CSN will invite Mr J W Leng to join the Board of
CSN.

At the request of CSN, it is intended that Mr P Varin will remain as Chief
Executive of Corus, working with Mr B Steinbruch on the integration of the
businesses. Mr P Varin's contract will be amended to a six month term with an
option for this to be extended on agreement of both parties. It is also intended
that Mr D Lloyd, Finance Director of Corus, will remain in his current role for
a minimum twelve month period following completion of the Acquisition. Mr R
Henstra would retain his existing role and responsibilities within Corus.

Immediately on completion, a Convergence Committee will be formed, chaired by Mr
B Steinbruch, and will comprise executives drawn from the enlarged Group
including Mr P Varin, Mr D Lloyd and Mr R Henstra.

The board of CSN has given the Corus board assurances that, following the Scheme
becoming effective, the existing contractual and statutory employment and
pension rights of all management and employees of Corus will be fully
safeguarded.

CSN's plans do not involve any material change in the conditions of employment
of Corus Group's employees, nor are there any current plans to change the
principal locations of Corus Group's business. CSN will continue to be
headquartered in Brazil.


                                       13



8     Pension schemes

CSN Acquisitions and committees of the boards of the trustees of the British
Steel Pension Scheme and Corus Engineering Steels Pension Scheme, being the two
main Corus Group UK pension schemes, have reached an understanding in respect of
Corus' obligations in relation to these schemes following completion of the
Acquisition. CSN Acquisitions has offered to fund, upfront, the IAS 19 deficit
on the Corus Engineering Steel Pension Scheme, by paying (pound)138 million into
the scheme and to increase the contribution rate on the British Steel Pension
Scheme from 10 per cent. to 12 per cent. until 31 March 2009. The schemes will,
subject to certain limitations in time and amount, have a security and guarantee
structure similar to that of the new debt facilities (which are described in
paragraph 13 below). This framework arrangement will be recommended by the
committees to the full trustee boards for their approval.


9     Information on Corus

Corus is one of the world's largest steel producers. Operations are organised
into three principal divisions: Strip Products, Long Products and Distribution &
Building Systems. Corus employs approximately 41,000 people, the majority of
whom are based in the UK, the Netherlands and other Western European locations.

Corus' strategy is focused on carbon steel to further develop a strong and
sustainable competitive position in its Western European markets and locations
and to improve its exposure to lower cost, higher growth regions.

The Corus Group produces carbon steel at three integrated steelworks in the UK
at Port Talbot, Scunthorpe and Teesside, and at one in the Netherlands at
IJmuiden. Engineering steels are produced in the UK at Rotherham using the
electric arc furnace method. Corus also has processing facilities in North
America and Europe.

Corus has sales offices, stockholders, service centres and joint venture or
associate arrangements in a number of markets for distribution and further
processing of steel products. These are supported by various agency agreements.
There is an extensive network in the EU, while outside the EU Corus has sales
offices in around 30 countries, supported by a worldwide trading network.
Combining this global expertise with local consumer service, Corus offers value,
reliability and innovation. The Corus brand represents a mark of quality,
loyalty and strength.


                                       14


In 2005, approximately 60 per cent. of Corus' crude steel production was rolled
into hot rolled coil. Most of the remainder was further processed into sections,
plates, engineering steels or wire rod, or sold in semi finished form.
Approximately 35 per cent. of hot rolled coil was sold without further
processing in cold rolling mills and coating lines, and the remainder was
transferred to Corus tube mills for the manufacture of welded tubes. Principal
end markets for the Corus Group's steel products are the construction,
automotive, packaging, mechanical and electrical engineering, metal goods, and
oil and gas industries.

For the year ended 31 December 2005, Corus reported revenues of approximately
(pound)9.2 billion, earnings before interest, tax, depreciation and amortisation
before restructuring, impairment and disposals of (pound)947 million and profit
after tax of (pound)432 million (all as re-stated for continuing operations in
the first quarter results announcement, thus excluding the downstream aluminium
rolled products and extrusions businesses which were sold in August 2006).

Corus announced on 2 August 2006 that it had completed the sale of its
downstream aluminium rolled products and extrusions businesses to Aleris
International for a gross consideration of (euro)826 million (c. (pound)570
million), achieving its stated aim to focus on its carbon steel operations. A
provisional profit on disposal of (pound)20 million was reported in the third
quarter of 2006. Under the terms of the share purchase agreement, the final
consideration payable and profit on disposal remain subject to a net working
capital adjustment to be agreed as part of the completion accounts.

For the nine months ended 30 September 2006, Corus reported revenues of
approximately (pound)7.2 billion, earnings before interest, tax, depreciation
and amortisation before restructuring, impairment and disposals of (pound)668
million and profit after tax of (pound)223 million (all on a continuing
operations basis).


10    Information relating to CSN and CSN Acquisitions

CSN Acquisitions

CSN Acquisitions, a UK resident wholly owned indirect subsidiary of CSN was
formed for the purpose of making the Acquisition, and has not traded since
incorporation, nor has it entered into any obligations, other than in connection
with the Acquisition.


                                       15


The current directors of CSN Acquisitions are Benjamin Steinbruch, Otavio de
Garcia Lazcano and Eneas Garcia Diniz. Further information in relation to CSN
Acquisitions will be contained in the Scheme Document and the Information
Document.

CSN

CSN is one of the most competitive integrated global steel producers with
operations in Brazil, the United States and Portugal and is listed on the Sao
Paulo and New York stock exchanges with a market capitalisation of approximately
US$8.6 billion. CSN is the second largest fully-integrated steel producer in
Brazil and one of the largest in Latin America in terms of crude steel
production with current capacity of 5.6 mtpa of crude steel, 5.1 mtpa of rolled
products and 2.9 mtpa of coated steel.

CSN's integrated operations cover the entire steel production process, from ore
extraction to delivery of the end product to the client. The synergies captured
between its mining, steel production and logistical activities, together with
its self sufficiency in almost all the main inputs, enables CSN to minimise
costs and consequently to maximise returns in the production and
commercialisation of flat steel. CSN's clients come from a wide range of areas,
including the automotive, civil construction, packaging, home appliance and OEM
industries, both in Brazil and abroad.

Steel

CSN's steel operations cover the entire steel chain from the production of slabs
to distribution of the finished products. CSN's facilities comprises its
Presidente Vargas Steelworks in Volta Redonda, Rio de Janeiro, two galvanising
plants in GalvaSud and CSN Parana (also in Brazil), a cold rolling and
galvanising line at CSN LLC in the United States and the Lusosider steel mill in
Portugal. CSN is also Brazil's only producer of tin-plate, which is used in the
packaging industry and Galvalume, a steel coated with zinc and aluminium used in
civil construction. In addition, CSN expects to start operation of a newly built
steel mill in Itaguai, Rio de Janeiro in 2011, with slab production capacity of
4.5 mtpa.

Mining

CSN's mining activities are geared towards inputs for the steel business,
producing iron ore, limestone, dolomite and tin. All limestone, dolomite and tin
are produced solely for CSN's own consumption. CSN's iron ore mine, Casa de
Pedra is one of the largest captive mines in the world


                                       16


and following CSN's expansion project is expected to reach full capacity in July
2010, increasing the plant's iron ore output in sequential modules from 21
through 40 and to 50 mtpa.

Logistics

CSN has its own infrastructure capabilities with management of two port
terminals in Rio de Janeiro State, which currently handle coal and coke only.
Expansion is underway to prepare the terminal to also export iron ore and once
fully concluded will have capacity of 30 mtpa. This will help establish the
Sepetiba port complex as one of the leading facilities in Brazil.

In addition, CSN holds stakes in two railway companies, Companhia Ferroviaria do
Nordeste (CFN) and MRS Logistica which plays a vital role in bringing raw
materials and outflow of end products.

Other

CSN is one of the biggest industrial consumers of electricity in Brazil and is a
partner in two hydroelectric plants and a thermo power plant in Brazil. CSN is
also currently constructing a cement facility to produce 1.2 mtpa of cement
using the slag generated by its blast furnaces.

For the year ended 31 December 2005, CSN reported net revenues of approximately
US$3.8 billion, earnings before interest, tax, depreciation and amortisation
before restructuring, impairment and disposals of US$1.8 billion and profit
after tax of US$902 million.

For the nine months ended 30 September 2006, CSN reported revenues of
approximately US$3.0 billion, earnings before interest, tax, depreciation and
amortisation before restructuring, impairment and disposals of US$1.4 billion
and profit after tax of US$496 million.


11    Corus Share Schemes and Dutch Bonds

Appropriate proposals equivalent to those proposed by Tata will be made in due
course to participants in the Corus Share Schemes. Appropriate proposals will
also be made to the holders of the Dutch Bonds.


                                       17



12    Corus Deferred Shares

As at the date hereof, the issued share capital of Corus includes 3,130,418,153
deferred shares of 40 pence each. These Corus Deferred Shares were created in
connection with a capital reorganisation of Corus effected in December 2003.
They carry no voting or dividend rights and are effectively worthless.

It is anticipated that Corus will exercise its authority, pursuant to Article 5
(note 3(ii)(d)) of the Corus Articles, to elect a transfer thereof to a nominee
which will be registered as the Corus Deferred Shareholder. As part of the
Proposals, it is intended that the Corus Deferred Shares be cancelled for no
consideration on the Effective Date. It is intended that the reserve arising
from the cancellation of the Corus Deferred Shares will be capitalised in favour
of CSN Acquisitions (and/or its nominee(s)).

Further information on the proposed cancellation of the Corus Deferred Shares
will be contained in the Scheme Document.


13    Financing

The Acquisition will be funded by a cash contribution from a subsidiary of CSN
to CSN Acquisitions to the extent of approximately US$3.3 billion. To finance
the balance of the consideration due under the Acquisition, CSN Holdings has in
place a senior and subordinated bridge facility and a revolving loan facility
with a total aggregate amount of (pound)4,350 million (comprising senior term
loan facilities of (pound)2,000 million, a (pound)350 million senior revolving
credit facility and a (pound)2,000 million subordinated high yield bridge
facility), which have been jointly arranged by Barclays Capital (the investment
banking division of Barclays Bank PLC), Goldman Sachs International and ING Bank
N.V., London Branch and fully underwritten by Barclays Bank PLC, ING Bank N.V.,
London Branch and Portfolio Acquisitions 1 Ltd (an indirect wholly-owned
subsidiary of The Goldman Sachs Group Inc.). These debt facilities will also be
available, amongst other things, to refinance the existing debt of the Corus
Group (including the existing public debt), provide working capital for the
Corus Group after completion of the Acquisition and pay certain fees and
expenses associated with the Acquisition.

Lazard and Goldman Sachs International are satisfied that sufficient resources
are available to CSN Acquisitions to satisfy in full the consideration payable
to Corus Shareholders under the terms of the Scheme as set out in this
announcement. Further information on the financing of the Proposals will be set
out in the Scheme Document and the Information Document.


                                       18


Under the agreement for the provision of the debt facilities, CSN Acquisitions
has agreed, save as may be required by the Panel, the Takeover Code or the
Court, not to amend, waive or modify any material condition to the Scheme in any
material respect without the prior consent of Barclays Bank PLC as Facility
Agent.


14    Structure of the Acquisition, delisting and re-registration

It is intended that, subject to satisfaction or waiver of the Pre-Condition, the
Acquisition will be effected by means of a Court sanctioned scheme of
arrangement between Corus and Corus Shareholders under section 425 of the
Companies Act. The procedure will involve an application by Corus to the Court
to sanction the Scheme and confirm the cancellation (or, where applicable
including in relation to Loan Note Elected Shares, the transfer) of all Scheme
Shares, in consideration for which Corus Shareholders will receive cash (or,
other than US Holders, ADS Holders and Restricted Overseas Persons, Loan Notes
pursuant to the Loan Note Alternative in respect of Loan Note Elected Shares) as
described in paragraph 2 of this announcement. The Scheme will not be proposed
unless and until the Pre-Condition is satisfied or CSN and Corus agree with the
consent of the Panel to waive it as a pre-condition to the Acquisition. The
terms of the Pre-Condition are set out in Part I of Appendix I. There can be no
certainty as to whether or when the Pre-Condition will be satisfied or waived.
The implementation of the Scheme is also subject to the further terms and
conditions set out in Part II of Appendix I and the full terms and conditions
which will be set out in the Scheme Document and will only become effective if,
among other things, the following events occur:

o     a resolution to approve the Scheme is passed by a majority in number of
      the Scheme Shareholders present and voting (and entitled to vote), either
      in person or by proxy at the Court Meeting, representing not less than
      three quarters in value of the Scheme Shares held by such Scheme
      Shareholders;

o     the special resolution to implement the Scheme and to amend the Corus
      Articles is passed at the Extraordinary General Meeting; and

o     the Scheme is sanctioned (with or without modification), and the
      associated Reduction of Capital is confirmed, by the Court and the Scheme
      becomes effective by registration of the Reduction Court Order with the
      Registrar of Companies and the issue by the Registrar of Companies of a
      certificate under


                                       19


      section 138 of the Companies Act in relation to the Reduction of Capital
      associated with the Scheme.

The purpose of the Scheme is to provide for CSN Acquisitions to become the owner
of the whole of the issued ordinary share capital of Corus. This is to be
achieved by:

o     the cancellation of the Corus Deferred Shares;

o     the cancellation of the Cancellation Shares (including those represented
      by Corus ADSs) held by Cancellation Shareholders and the application of
      the reserve arising from such cancellation in paying up in full a number
      of new Corus Shares (which is equal to the number of Cancellation Shares
      cancelled) and issuing them to CSN Acquisitions, in consideration for
      which Cancellation Shareholders will receive cash on the basis set out in
      paragraph 2 of this announcement; and

o     immediately after the cancellation of the Cancellation Shares and the
      issue of new Corus Shares to CSN Acquisitions, the transfer by Corus
      Shareholders to CSN Acquisitions of the Loan Note Elected Shares in
      accordance with the Scheme in consideration for which relevant Scheme
      Shareholders will be issued Loan Notes, on the basis set out in paragraph
      15 of this announcement, instead of the cash to which they would otherwise
      have been entitled to receive.

Under the Implementation Agreement, CSN Acquisitions has reserved the right to
instruct Corus to alter the terms of the Scheme so as to designate all the
Scheme Shares (including Cancellation Shares) as Transfer Shares. Any Scheme
Shares so designated will not be cancelled but will be transferred to CSN
Acquisitions pursuant to the Scheme.

Subject to satisfaction or waiver of the Pre-Condition and the conditions set
out in Appendix I to this announcement, the consideration payable under the
Acquisition will be despatched by CSN Acquisitions to Corus Shareholders and the
ADS Depositary on behalf of ADS Holders no later than 14 days after the
Effective Date. If the Scheme has not become effective by 31 December 2007, or
such later date as CSN Acquisitions and Corus may agree (with, where applicable,
the consent of the Panel) and the Court may allow, it will lapse.

Upon the Scheme becoming effective, it will be binding on all Corus Shareholders
and ADS Holders irrespective, in the case of Corus Shareholders, of whether or
not they attended or voted


                                       20


at the Court Meeting or the EGM (and if they attended and voted, whether or not
they voted in favour). Although ADS Holders will not be entitled to attend the
Court Meeting or the EGM, they will be given the opportunity to instruct the ADS
Depositary as to how to vote the Corus Shares underlying their ADSs.

It is expected that application will be made to the London Stock Exchange for
Corus Shares to cease to be admitted to trading on its market for listed
securities after the Effective Date. After the Effective Date, it is also
intended that application will be made to the UK Listing Authority for the
listing of Corus Shares on the Official List to be cancelled and that the
listing of Corus Shares on the Amsterdam Stock Exchange will be terminated. It
is also expected that, following the Effective Date, the Corus ADS programme and
the Deposit Agreement will be terminated, the Corus ADSs will be delisted from
the New York Stock Exchange and the Corus ADSs and the underlying Corus Shares
will be de registered with the United States Securities and Exchange Commission.
CSN Acquisitions intends to re register Corus as a private company as soon as it
is appropriate to do so under the provisions of the Companies Act.

The Scheme will contain a provision for Corus to consent, on behalf of all
persons concerned, to any modification of or addition to the Scheme or to any
condition that the Court may approve or impose. Corus has been advised that it
is unlikely that the Court would impose any condition to the Scheme that might
be material to the interests of Corus Shareholders unless Corus Shareholders
were informed in advance.

CSN Acquisitions reserves the right to elect to implement the acquisition of the
Corus Shares by way of a takeover offer. In such event, it is proposed such
Offer will be implemented on the same terms (subject to appropriate amendments),
so far as applicable, as those which would apply to the Scheme except that any
such Offer may exclude Corus Shareholders resident in Canada. In addition, any
Offer would be made on the terms set out in Part III of Appendix I.

Further details of the Scheme, including an indicative timetable for its
implementation, will be contained in the Scheme Document, together with details
on how Corus Shareholders and ADS Holders may participate in the Proposals. The
Scheme Document will be posted no later than 28 days after the satisfaction of
the Pre-Condition.


15    Loan Note Alternative

As an alternative to some or all of the cash consideration which would otherwise
be receivable under the Scheme, Corus Shareholders (other than Restricted
Overseas Persons, US Holders and


                                       21


ADS Holders and Convertible Bondholders in respect of their Convertible Bonds,
who may not participate in the Loan Note Alternative) will be entitled to elect
to receive Loan Notes to be issued by CSN Acquisitions on the following basis:

  For every (pound)1 of cash consideration  (pound)1 nominal value of Loan Notes

This will be subject to the conditions and further terms which will be set out
in the Scheme Document and the Loan Note form of election. US Holders, ADS
Holders and Restricted Overseas Persons may not participate in the Loan Note
Alternative.

The Loan Notes will be issued credited as fully paid, in amounts and integral
multiples of (pound)1 and fractional entitlements to Loan Notes will be
disregarded. The Loan Notes which will be governed by the English law will
constitute direct, unsecured and subordinated obligations of CSN Acquisitions
and will be guaranteed as to payment of principal and interest by Barclays Bank
PLC. The Loan Notes will bear interest at a rate of 1 per cent. below six-month
sterling LIBOR to be determined on the first business day of each interest
period. Interest will be payable by half yearly instalments in arrear (less any
tax) on 30 June and 31 December in each year. The first payment of interest will
be made on the First Payment Date. On the First Payment Date, interest will be
paid in respect of the period from (and including) the date of issue of the
relevant Loan Notes to (but excluding) the First Payment Date. The Loan Notes
will be redeemable, on not less than 14 days notice, in whole or in part for
cash at par at the option of noteholders on any date falling on either 30 June
or 31 December between the first date on which all of the relevant holding of
Loan Notes has been in issue for more than six months and 31 December 2013.

CSN Acquisitions reserves the right not to issue Loan Notes on or before the
date on which the Scheme becomes effective in accordance with its terms, if
valid elections are received for an aggregate of less than (pound)20 million in
nominal value of Loan Notes. If such aggregate nominal value is less than
(pound)20 million, any such election shall, unless CSN Acquisitions decides
otherwise, be void and the relevant Corus Shareholders will instead receive the
cash consideration in accordance with the terms of the Acquisition. CSN
Acquisitions may redeem all (but not some only) of the Loan Notes (so long as
they have been in issue for more than 6 months) if the aggregate nominal value
of the outstanding Loan Notes falls below (pound)2 million. CSN Acquisitions may
purchase any Loan Notes which have been in issue for more than 6 months at a
price by tender available to all holders of Loan Notes alike (provided that
under the terms of such tender offer, no holders of Loan Notes will be required
to sell their Loan Notes to CSN Acquisitions), or otherwise by agreement with
any holders of Loan Notes. The Loan Notes may be redeemed in minimum
denominations of (pound)500. If not previously redeemed, the final redemption
date will be


                                       22


31 December 2013. Any Loan Notes outstanding on the final redemption date will
be redeemed at par together with any accrued interest (less any tax) on that
date.

Up to a maximum amount of (pound)400 million of Loan Notes in aggregate, nominal
value will be available under the Loan Note Alternative. To the extent that
Corus Shareholders validly elect to receive Loan Notes pursuant to the Loan Note
Alternative which in aggregate nominal value exceed such amount, the entitlement
of each Corus Shareholder who so validly elects will be scaled down pro rata to
the number of Corus Shares in respect of which he has elected for the Loan Note
Alternative.

The Loan Notes will not be transferable, other than by a holder of Loan Notes to
a spouse/civil partner, parent, child, certain other family members, or a family
trust, or by the trustee of the Corus Group Employee Share Ownership Plan to the
relevant beneficial owner of the Loan Notes. No application will be made for the
Loan Notes to be listed on, or dealt on, any stock exchange or other trading
facility.

Loan Notes that may be issued pursuant to the Proposals have not been and will
not be registered under the Securities Act or under the relevant securities laws
of any state or territory or other jurisdiction of the United States.
Accordingly, Loan Notes may not be offered or sold in the United States, except
in a transaction not subject to, or in reliance on an exemption from, the
registration requirements of the Securities Act and state securities laws.

Unless CSN Acquisitions otherwise determines, the relevant clearances and
registrations have not been, nor will they be, sought or obtained, nor have any
steps been taken, nor will any steps be taken, to enable the Loan Notes to be
publicly offered in compliance with applicable securities laws of the
Netherlands, Australia, Canada or Japan (or any province or territory thereof,
if applicable) or any other jurisdiction. Accordingly, the Loan Notes (subject
to certain exceptions) may not be offered, sold, resold, transferred, or
delivered, directly or indirectly, in, into or from, the Netherlands, Australia,
Canada or Japan or any other jurisdiction where to do so would violate the laws
of that jurisdiction or would require registration thereof in such jurisdiction.
The Dutch Listing Authority has not reviewed, approved or disapproved of this
announcement, the Proposals or the Loan Notes, nor has it expressed a view on
the accuracy or adequacy of this announcement.

The Loan Note Alternative will be conditional upon the Scheme becoming
unconditional and effective and will remain open for election until the Loan
Note Deadline.


                                       23


Full details of the Loan Notes and the Loan Note Alternative will be contained
in the Scheme Document.


16    Implementation Agreement

CSN, CSN Acquisitions and Corus have entered into an Implementation Agreement
which contains certain assurances in relation to the implementation of the
Scheme and related matters. Further information regarding the Implementation
Agreement will be set out in the Scheme Document. In particular, the
Implementation Agreement contains the principal provisions set out below.

Undertakings to implement the Scheme

Corus has undertaken, subject to the satisfaction of the Pre-Condition, to CSN
and CSN Acquisitions to take certain steps to implement the Scheme, in
accordance with an agreed indicative timetable, including the despatch of the
Scheme Document, convening the Court Meeting and the EGM, and taking steps to
seek the Court Orders at the Court hearings to make the Scheme effective.

Corus' obligations under the Implementation Agreement to take steps to implement
the Scheme are conditional upon satisfaction of the Pre-Condition and subject to
the fiduciary duties of the Corus Directors as follows. In summary:

o     the implementation obligations cease if, prior to the posting of the
      Scheme Document, a Relevant Event occurs and the Corus Directors (in light
      of such Relevant Event and after taking legal and financial advice)
      determine that to give (or not withdraw or adversely modify) a
      recommendation of the Scheme would be a breach of their fiduciary duties
      or their obligations under the Code;

o     the implementation obligations (other than the obligation to hold the
      Court Meeting and the EGM and obligations related thereto) cease if,
      following the posting of the Scheme Document but prior to the holding of
      such meetings, a Relevant Event occurs and the Corus Directors (in light
      of such Relevant Event and after taking legal and financial advice)
      determine that not to withdraw, or adversely modify their recommendation
      of the Scheme would be a breach of their fiduciary duties or their
      obligations under the Code; and


                                       24


o     the implementation obligations cease if, following the resolutions at the
      Court Meeting and the EGM being passed by the requisite majorities but
      before the Court has granted the Scheme Court Order, a Relevant Event
      occurs and the Corus Directors (in light of such Relevant Event and after
      taking legal and financial advice) determine that to seek the Scheme Court
      Order at the Scheme Hearing (or any ancillary or preparatory step) would
      be a breach of their fiduciary duties or their obligations under the Code.
      In addition, Corus has certain rights to seek an adjournment of the Court
      Meeting and/or the EGM and to delay the despatch of the Scheme Document
      where a Relevant Event occurs and the Corus Directors (in light of such
      Relevant Event and after taking legal and financial advice) determine that
      not to do so would be a breach of their fiduciary duties or their
      obligations under the Code. In addition, subject to the fiduciary duties
      of the Corus Directors, CSN Acquisitions has certain rights to require,
      acting reasonably, the Corus Directors to seek an adjournment of the Court
      Meeting and/or the EGM.

Inducement Fee

As a pre-condition to CSN Acquisitions agreeing to announce the proposed
Acquisition, Corus has agreed in the Implementation Agreement to pay the
Inducement Fee to CSN Acquisitions if:

  a)  after the announcement of the Scheme, the Acquisition is withdrawn or
      lapses (whether or not the Pre-Condition has been satisfied at the time of
      such withdrawal or lapse) without becoming unconditional in all respects
      ("Acquisition Failure"), save that Corus and CSN have agreed that any such
      withdrawal or lapse that would not have occurred but for there being any
      legal or regulatory issues concerning the Pre-Condition forming part of
      the proposed Acquisition structure shall not constitute Acquisition
      Failure; and

  b)  in addition any of the following occurs:

            i.    prior to the time of such Acquisition Failure, the Corus
                  Directors (as constituted for this purpose in accordance with
                  the Code) either (a) do not unanimously recommend the
                  Acquisition to Corus Shareholders (other than where such
                  failure to unanimously recommend is because the Acquisition
                  has been withdrawn or lapsed by reason of a condition set out
                  in Part II of Appendix I of this announcement being invoked);


                                       25


                  or (b) having made such a recommendation, withdraw or
                  adversely modify it; or

            ii.   (in the case where the Pre-Condition has been satisfied and
                  the Acquisition is being made by way of the Scheme) following
                  the resolutions to be proposed at each of the Court Meeting
                  and the EGM having been passed by the requisite majorities the
                  Corus Directors do not, in breach of the Implementation
                  Agreement or because their fiduciary duties require them not
                  to do so, seek the Scheme Court Order at the Scheme Hearing;
                  or

            iii.  prior to the time of Acquisition Failure, a public
                  announcement of an Alternative Proposal is made and
                  subsequently (whether before or after the Acquisition Failure)
                  such Alternative Proposal is declared unconditional in all
                  respects, becomes effective or otherwise completes.

In relation to the provisions described above, Corus will not be regarded as
having withdrawn or adversely modified its recommendation where any adjournment
of the Court Meeting and/or the EGM or any postponement of the despatch of the
Scheme Document is made with the consent of CSN and CSN Acquisitions.

Nothing in the Implementation Agreement obliges Corus to pay any amount,
calculated on the date on which the Inducement Fee becomes due for payment,
which either (i) the Panel determines would not be permitted by Rule 21.2 of the
Code or (ii) is in excess of that which is permitted to be paid, without the
prior approval of Corus shareholders, pursuant to rule 10.2.7R of the Listing
Rules of the UKLA (the "Permitted Inducement Fee Amount"). Further, Corus, CSN
and CSN Acquisitions agree that if the aggregate amount of any inducement fee
payable to CSN and any inducement fee paid to Tata exceeds the Permitted
Inducement Fee Amount, then the Inducement Fee will be reduced to an amount
equal to the Permitted Inducement Fee Amount less the amount of any inducement
fee paid to Tata.

Non solicitation arrangements

Corus has undertaken in the Implementation Agreement not to solicit, encourage,
initiate or otherwise seek to procure any Competing Proposal, nor to enter into
or participate in any discussions or negotiations or correspondence relating to
any Competing Proposal, save that


                                       26


Corus shall not be prohibited from responding to unsolicited enquiries from
third parties (nor from providing due diligence information to them) to the
extent that the Corus Directors consider that they would be in breach of their
fiduciary duties not to do so. Corus is also free to provide any information
duly requested by any regulatory authority.

Corus has also agreed to inform CSN Acquisitions promptly of any approach
received from a third party relating to a Competing Proposal, including the
material terms thereof. Corus has also agreed to inform CSN Acquisitions of any
request for information by a third party received by it under Rule 20.2 of the
Code.

Termination

The Implementation Agreement may be terminated in the following circumstances:

o     by agreement in writing between CSN, CSN Acquisitions, and Corus at any
      time;

o     if the Effective Date has not occurred (or if the Acquisition is being
      implemented by way of the Offer the Offer has not been declared wholly
      unconditional) by 31 December 2007 or such lesser period permitted or
      required by the Panel;

o     upon service of a written notice by CSN Acquisitions on Corus stating
      that: (i) either the Pre-Condition or any of the conditions to the Scheme
      or Offer which has not been waived is (or has become) incapable of
      satisfaction and (where capable of waiver) will not be waived, and (ii)
      the Panel has finally determined that the circumstances are of such
      material significance that it has permitted the Acquisition to be
      withdrawn;

o     one month following the date of the Court Meeting or Corus EGM (or such
      lesser period of time as may be permitted or required by the Panel), if
      the Scheme is not approved by the requisite majority of Corus Shareholders
      at the Court Meeting of Corus Shareholders or the EGM Resolution is not
      passed by the requisite majority at the Corus EGM and CSN Acquisitions has
      not exercised its right to implement the Acquisition by means of an Offer
      within such period;


                                       27


o     one month following the date of the Scheme Reduction Hearing if the Court
      refuses to sanction the Scheme and CSN Acquisitions has not exercised its
      right to implement the Acquisition by means of an Offer within such
      period; or

o     if Corus pays the Inducement Fee to CSN Acquisitions; or

o     if no Inducement Fee is payable under the Implementation Agreement and no
      Offer is subsequently made by CSN within such period as the Panel may
      allow.


17    Disclosure of interests in Corus

Except as disclosed in this paragraph, as at the date of this announcement
neither CSN or CSN Acquisitions, nor any of the directors of CSN or CSN
Acquisitions, nor, so far as CSN and CSN Acquisitions are aware, any person
acting in concert with CSN or CSN Acquisitions, (i) has any interest in or right
to subscribe for any relevant Corus securities, nor (ii) has any short positions
in respect of relevant Corus securities (whether conditional or absolute and
whether in the money or otherwise), including any short position under a
derivative, any agreement to sell or any delivery obligation or right to require
another person to take delivery, nor (iii) has borrowed or lent any relevant
Corus securities (save for any borrowed shares which have been on lent or sold).

As at the date of this announcement, the CSN Holdings owns 34,072,613 Corus
Shares, representing approximately 3.8 per cent. of Corus' existing issued share
capital.


18    Overseas shareholders

The availability of the Proposals to Corus Shareholders who are not resident in
the United Kingdom may be affected by the laws of their relevant jurisdiction.
Such persons should inform themselves of, and observe, any applicable legal or
regulatory requirements of their jurisdiction. If you remain in any doubt, you
should consult an appropriate independent professional adviser in the relevant
jurisdiction without delay.

The Loan Note Alternative will not be available to US Holders, ADS Holders or
Restricted Overseas Persons and consequently will not be eligible to receive
Loan Notes.

Under the terms of the Proposals, CSN Acquisitions has reserved the right to
make an Offer for Corus as an alternative to a Scheme. If CSN Acquisitions
exercises its right to implement the


                                       28


Acquisition by means of an Offer, any such Offer will be made in compliance with
applicable laws and regulations.


19    General

The Acquisition is subject to the Pre-Condition set out in Part I of Appendix I.
If the Pre-Condition is satisfied or waived, the Scheme will be made on the
terms and subject to the Scheme Conditions set out herein and in Part II of
Appendix I, and to be set out in the Scheme Document. The Scheme Document will
be posted to Corus Shareholders and ADS Holders and made available, for
information only, to participants in the Corus Share Schemes as soon as
practicable and in any event within 28 days of the date of that the
Pre-Condition is satisfied or waived unless agreed otherwise with the Takeover
Panel. In addition, the Information Document setting out further details of the
Acquisition and containing certain information relating to the CSN Group will be
sent to Corus Shareholders as soon as possible.

On 4 December 2006, the extraordinary general meeting and the court meeting of
Corus to be held in conjunction with the Tata Scheme were adjourned to 20
December 2006. The Corus Board intends to advise shareholders as appropriate in
due course and in any event in advance of those meetings on the action that
shareholders should take at those meetings.

The Scheme will be governed by English law. The Scheme will be subject to the
applicable requirements of the Takeover Code, the Takeover Panel, the London
Stock Exchange, the UK Listing Authority and the Amsterdam Stock Exchange.

Neither CSN nor CSN Acquisitions nor, so far as CSN and CSN Acquisitions are
aware, any person acting in concert with CSN or CSN Acquisitions, has any
arrangement in relation to relevant Corus securities. For these purposes,
"arrangement" includes any indemnity or option arrangement, any agreement or
understanding, formal or informal, of whatever nature, relating to relevant
Corus securities which may be an inducement to deal or refrain from dealing in
such securities.

Appendix I sets out the Pre-Condition, the Scheme Conditions and certain further
terms of the Scheme. Appendix II sets out the bases and sources of certain of
the information contained in this announcement. Appendix III contains the
definitions of certain terms used in this announcement.



                                       29


Enquiries:

CSN                                                    Tel: +55 11 3049 7511
Otavio de Garcia Lazcano, Chief Financial Officer
Jose Marcos Treiger, Director of Investor Relations

Lazard                                                 Tel: +44 (0) 20 7187 2000
(lead financial adviser to CSN and CSN Acquisitions)
Antonio Weiss
Nicholas Jones
Paul Gismondi
Richard Shaw

Goldman Sachs International                            Tel: +44 (0) 20 7774 1000
(financial adviser and joint broker to CSN and CSN Acquisitions)
Yoel Zaoui
Simon Dingemans
Mark Sorrell

UBS (joint broker to CSN and CSN Acquisitions)         Tel: +44 (0) 20 7567 8000
John Woolland

The Maitland Consultancy (PR advisers to CSN)
UK                                                     Tel: +44 (0) 20 7379 5151
Angus Maitland
Martin Leeburn
Liz Morley
Tom Siveyer

Netherlands                                            Tel: +31 2 0647 8181
Kees Jongsma

Corus Group plc
David Lloyd, Chief Financial Officer                   Tel: +44 (0) 20 7717 4557
Emma Tovey, Director, Investor Relations               Tel: +44 (0) 20 7717 4514

Credit Suisse (lead financial adviser to Corus)        Tel: +44 (0) 20 7888 8888
James Leigh Pemberton
Jeremy Fletcher
Zachary Brech


                                       30


JPMorgan Cazenove
(joint financial adviser and corporate broker
to Corus)                                              Tel: +44 (0) 20 7588 2828
Edmund Byers
Barry Weir
Matthew Lawrence

HSBC (Rule 3 adviser to Corus)                         Tel: +44 (0) 20 7991 8888
Adrian Coates
Charles Packshaw
Raj Kohli
Jan Sanders

Brunswick (PR adviser to Corus)                        Tel: +44 (0) 20 7404 5959
Kevin Byram
Laura Cummings
Ash Spiegelberg


                                       31


This announcement is not intended to and does not constitute, or form part of,
any offer or invitation to purchase any securities or the solicitation of any
vote or approval in any jurisdiction pursuant to the Proposals or otherwise. The
Proposals will be made solely through the Scheme Document and the relevant Dutch
Bond Proposals Document, which will contain the full terms and conditions of the
Proposals, including details of how to vote in respect of the Proposals. Any
response to the Proposals should be made only on the basis of the information
contained in the Scheme Document or, in relation to the Dutch Bond Proposals,
the relevant Dutch Bond Proposals Document.

Lazard & Co., Limited, which is authorised and regulated in the United Kingdom
by the Financial Services Authority, is acting as lead financial adviser to CSN
and CSN Acquisitions in connection with the Proposals and is not acting for any
other person in relation to the Proposals and will not be responsible to anyone
other than CSN and CSN Acquisitions for providing the protections afforded to
clients of Lazard & Co., Limited, nor for providing advice in relation to the
Proposals or any matters referred to herein.

Goldman Sachs International, which is authorised and regulated in the United
Kingdom by the Financial Services Authority, is acting as financial adviser and
joint corporate broker to CSN and CSN Acquisitions in connection with the
Proposals and is not acting for any other person in relation to the Proposals
and will not be responsible to anyone other than CSN and CSN Acquisitions for
providing the protections afforded to clients of Goldman Sachs International,
nor for providing advice in relation to the Proposals or any matters referred to
herein.

UBS, is acting as joint broker to CSN and is not acting for any other person in
connection with the matters referred to in this announcement and will not be
responsible to anyone other than CSN for providing the protections afforded to
clients of UBS nor for providing advice in relation to any matter referred to
herein.

Credit Suisse, which is authorised and regulated by the Financial Services
Authority, is acting for Corus in connection with the Proposals and the Tata
Proposals, and members of the Credit Suisse Group are providing acquisition
finance and related services to Tata in relation to the Tata Proposals. No
member of the Credit Suisse Group is acting for any other person in relation to
the Proposals or the Tata Proposals and will not be responsible to any other
person other than Corus and Tata for providing the protections afforded to
clients of Credit Suisse, nor for providing advice in relation to the Proposals,
the Tata Proposals, or any matters referred to herein.


                                       32


JPMorgan Cazenove, which is authorised and regulated by the Financial Services
Authority, is acting for Corus in connection with the Proposals and the Tata
Proposals and is not acting for any other person in relation to the Proposals or
the Tata Proposals and will not be responsible to anyone other than Corus for
providing the protections afforded to clients of JPMorgan Cazenove, nor for
providing advice in relation to the Proposals, the Tata Proposals, or any
matters referred to herein.

HSBC, which is authorised and regulated by the Financial Services Authority, is
acting for Corus in connection with the Proposals and the Tata Proposals and is
not acting for any other person in relation to the Proposals or the Tata
Proposals and will not be responsible to anyone other than Corus for providing
the protections afforded to clients of HSBC, nor for providing advice in
relation to the Proposals, the Tata Proposals, or any matters referred to
herein.

The availability of the Proposals to persons who are not resident in the United
Kingdom may be affected by the laws of the relevant jurisdictions. Persons who
are not so resident should inform themselves about and observe any applicable
requirements. Further details in relation to overseas shareholders and
bondholders will be contained in the Scheme Document and the relevant Dutch Bond
Proposals Document.

The distribution of this announcement in jurisdictions other than England and
Wales may be restricted by law and therefore persons in such jurisdictions into
whose possession this announcement comes should inform themselves about and
observe such restrictions. Any failure to comply with the applicable
restrictions may constitute a violation of the securities laws of any such
jurisdiction. This announcement has been prepared for the purposes of complying
with English law and the Takeover Code, and the information disclosed may not be
the same as that which would have been disclosed if this announcement had been
prepared in accordance with the laws of jurisdictions outside of England and
Wales.

CSN will prepare the Information Document to be distributed to Corus
Shareholders and Corus will prepare the Scheme Document. CSN, CSN Acquisitions
and Corus urge Corus Shareholders to read the Information Document and the
Scheme Document when they become available because they will contain important
information relating to the Proposals.

CSN Acquisitions reserves the right to elect to implement the acquisition of the
Corus Shares by way of a takeover offer (as such term is defined in paragraph 1
of Schedule 2 to the Takeovers Directive (Interim Implementation) Regulations
2006). In such event, the Offer will be implemented on the same terms (subject
to appropriate amendments), so far as applicable, as


                                       33


those which would apply to the Scheme, except that any such Offer may exclude
Corus Shareholders resident in Canada. If CSN Acquisitions exercises its right
to implement the Acquisition by means of an Offer, any such Offer will be made
in compliance with applicable laws and regulations.

The Loan Notes that may be issued pursuant to the Proposals have not been and
will not be registered under the Securities Act of 1933, as amended (the
"Securities Act") or under the relevant securities laws of any state or
territory or other jurisdiction of the United States. Accordingly, Loan Notes
may not be offered or sold in the United States, except in a transaction not
subject to, or in reliance on an exemption from, the registration requirements
of the Securities Act and such state securities laws.

Any Loan Notes which may be issued pursuant to the Proposals have not been and
will not be registered under the relevant securities laws of the Netherlands or
Japan and any relevant clearances and registrations have not been, and will not
be, obtained from the securities commission of any province of Canada. No
prospectus in relation to the Loan Notes has been, or will be, lodged with, or
registered with, the Australian Securities and Investments Commission, the Dutch
Listing Authority or the Japanese Ministry of Finance. Accordingly, unless
otherwise determined by CSN Acquisitions and permitted by applicable law and
regulation, the Loan Notes may not be offered, sold, resold, transferred,
delivered or distributed, directly or indirectly in or into the Netherlands,
Canada, Australia or Japan or any other jurisdiction where to do so would
violate the laws of that jurisdiction or would require registration thereof in
such jurisdiction.

The Dutch Listing Authority has not reviewed, approved or disapproved this
announcement, the Proposals or the Loan Notes nor has it expressed a view on the
accuracy or adequacy of this announcement.

The Proposals relate to the shares of a UK company and are proposed to be made
by means of a scheme of arrangement under English company law. A transaction
effected by means of a scheme of arrangement is not subject to the tender offer
rules under the Exchange Act. Accordingly, the Scheme is subject to the
disclosure requirements, rules and practices applicable in the United Kingdom to
schemes of arrangement, which differ from the requirements of US tender offer
rules.

Financial information included in the relevant documentation will have been
prepared in accordance with accounting standards applicable in the UK and Brazil
that may not be comparable to the financial statements of US companies. If CSN
Acquisitions exercises its right to implement the Acquisition by means of an
Offer, the Offer will be made in compliance with the


                                       34


applicable US laws and regulations, including filing Offer documents with the
United States Securities and Exchange Commission (SEC). If any such offer or
solicitation is made and such offer to purchase and related materials are filed
with the SEC, Corus Shareholders should read those materials carefully because
they would contain important information, including the terms and conditions of
any offer or solicitation. Corus Shareholders would be able to obtain any such
offer to purchase and related materials free at the SEC's website at www.sec.gov
or from CSN.

This announcement includes forward looking statements under United States
securities laws, including statements about the expected timing of the
Acquisition, the expected effects on Corus of the Acquisition, anticipated
earnings enhancements, estimated cost savings and other synergies, potential
strategic options, plans for and benefits of integration, estimated future
growth, market position and steelmaking capacity and all other statements in
this announcement other than statements of historical fact. Forward looking
statements include, without limitation, statements that typically contain words
such as 'will', 'may', 'should', 'continue', 'aims', 'believes', 'expects',
'estimates', 'intends', 'anticipates', projects', 'plans' or similar
expressions. By their nature, forward looking statements involve known or
unknown risks and uncertainties because they relate to events and depend on
circumstances that all occur in the future. Actual results may differ materially
from those expressed in the forward looking statements depending on a number of
factors, including, but not limited to, the satisfaction of the conditions to
the Acquisition, future market conditions, the behavior of other market
participants, an adverse change in the economic climate, a fluctuation in the
level of clients' commercial activity, appropriate consultation with employee
representative bodies, a loss of key personnel and the extent to which the Corus
and CSN businesses are successfully integrated. Many of these risks and
uncertainties relate to factors that are beyond the companies' abilities to
control or estimate precisely, such as future market conditions and the
behaviors of other market participants. The forward looking statements contained
in this announcement are made as of the date hereof and Corus, CSN and CSN
Acquisitions assume no obligation and do not intend publicly to update or revise
these forward looking statements, whether as a result of future events, new
information or otherwise except as required pursuant to applicable law.

Dealing disclosure requirements

Under the provisions of Rule 8.3 of the Takeover Code, if any person is, or
becomes, "interested' (directly or indirectly) in one per cent. or more of any
class of "relevant securities" of Corus, all "dealings" in any "relevant
securities" of Corus (including by means of an option in respect of, or a
derivative referenced to, any such "relevant securities") must be publicly
disclosed by no later than 3.30 pm (London time) on the London business day
following the date of the relevant


                                       35


transaction. This requirement will continue until the date on which the Scheme
becomes effective, lapses or is otherwise withdrawn or on which the "offer
period" otherwise ends. If two or more persons act together pursuant to an
agreement or understanding, whether formal or informal, to acquire an "interest"
in "relevant securities" of Corus, they will be deemed to be a single person for
the purpose of Rule 8.3.

Under the provisions of Rule 8.1 of the Takeover Code, all "dealings" in
"relevant securities" of Corus by CSN, CSN Acquisitions, Tata Steel Limited,
Tata or Corus, or by any of their respective "associates", must be disclosed by
no later than 12.00 noon (London time) on the London business day following the
date of the relevant transaction.

A disclosure table, giving details of the companies in whose "relevant
securities" "dealings" should be disclosed, and the number of such securities in
issue, can be found on the Takeover Panel's website at
www.thetakeoverpanel.org.uk.

"Interests in securities" arise, in summary, when a person has long economic
exposure, whether conditional or absolute, to changes in the price of
securities. In particular, a person will be treated as having an "interest" by
virtue of the ownership or control of securities, or by virtue of any option in
respect of, or derivative referenced to, securities.

Terms in quotation marks are defined in the Takeover Code, which can also be
found on the Panel's website. If you are in any doubt as to whether or not you
are required to disclose a "dealing" under Rule 8 you should consult the Panel.

CSN Acquisitions has reserved the right to purchase Corus Shares outside the
United States, otherwise than pursuant to the transactions described herein, in
compliance with applicable English law and the Takeover Code, the rules and
regulations of the UKLA and the laws of the United States.


                                       36


                                   APPENDIX I

            PRE-CONDITION AND CONDITIONS OF THE PROPOSALS AND CERTAIN
                                  FURTHER TERMS


Part I - Pre-Condition of the Acquisition

The Acquisition if implemented by way of the Scheme is subject to the
pre-condition set out in this Part I and to the conditions set out in Part II
below.

Without prejudice to its reserved rights to implement the Acquisition by way of
takeover offer, the obligation on CSN to make its offer by way of the Scheme
shall be conditional upon the occurrence of any of the following on or before 20
July 2007, or such later date, if any, as CSN and Corus may agree (with the
consent of the Panel):

a)    the Tata EGM Resolution being put to a vote of Corus Shareholders at the
      Tata EGM and such resolution not being duly passed at that meeting; or

b)    the Tata Scheme being put to a vote of Corus Shareholders at the Tata
      Court Meeting and it not being duly approved at that meeting; or

c)    the Court refusing to sanction the Tata Scheme or to confirm the reduction
      of capital to be effected as part thereof at the Tata Scheme Hearing or
      the Tata Reduction Hearing; or

d)    Corus publicly announcing that it has no intention to implement the Tata
      Scheme; or

e)    the Tata Scheme failing to become effective or becoming incapable of
      becoming effective on or before 20 July 2007, or such later date, if any,
      as CSN and Corus may agree (with the consent of the Panel).

CSN reserves the right to waive this Pre-Condition, in whole or in part, with
the prior consent of Corus and the Panel. CSN also reserves the right, with
Panel consent, to implement the Acquisition by way of a takeover offer. In the
event that CSN exercises such latter right, any such offer will be implemented
on the terms set out in Part III of this Appendix I.


                                       37



Part II - Terms and conditions of the Scheme

The Scheme will comply with the applicable rules and regulations of the London
Stock Exchange, the Amsterdam Stock Exchange, the UK Listing Authority, the
Takeover Code and the Takeover Panel, will be governed by English law and will
be subject to the jurisdiction of the courts of England and to the terms and
conditions set out below and to be set out in the Scheme Document.

All dates and times mentioned refer to London time.

The Acquisition will be conditional upon the Scheme becoming effective and
unconditional by not later than 31 December 2007 (or such lesser period as may
be required by the Panel or such later date as CSN Acquisitions and Corus may,
with the consent of the Panel, agree and the Court may allow). The Scheme will
be conditional upon:

1.1   approval of the Scheme by a majority in number, of the Corus Shareholders
      present and voting (and entitled to vote), either in person or by proxy,
      at the Court Meeting or at any adjournment of that meeting, representing
      not less than three quarters in value of the Scheme Shares held by such
      Scheme Shareholders;

1.2   the special resolution required, amongst other things to implement the
      Scheme, the cancellation of the Corus Deferred Shares and the Reduction of
      Capital being duly passed by the requisite majority at the Extraordinary
      General Meeting or at any adjournment of that meeting;

1.3   the sanction of the Scheme and the confirmation of the cancellation of the
      Corus Deferred Shares and the Reduction of Capital by the Court (in either
      case, with or without modification on terms acceptable to Corus and CSN
      Acquisitions); and

1.4   an office copy of the Scheme Court Order and the Reduction Court Order
      (and the minute of the Reduction of Capital) being delivered for
      registration to the Registrar of Companies and being registered by the
      Registrar of Companies and the issue by the Registrar of Companies of a
      certificate under section 138 of the Companies Act in relation to the
      Reduction of Capital associated with the Scheme.

In addition, Corus and CSN Acquisitions have agreed that the Acquisition will be
conditional upon the matters set out in paragraphs 2 to 9 below and,
accordingly, the necessary actions to


                                       38


make the Scheme effective will not be taken unless such conditions (as amended
if appropriate) have been satisfied or waived.

2     the European Commission indicating in terms satisfactory to CSN
      Acquisitions that it does not intend to initiate proceedings under Article
      6(1)(c) of Council Regulation (EC) 139/2004 (the "Merger Regulation"), or
      make a referral to a competent authority in the United Kingdom or any
      other Member State of the European Union under Article 9(1) of the Merger
      Regulation in respect of the proposed acquisition of Corus by CSN
      Acquisitions or any matter arising therefrom;

3     all filings having been made and all or any appropriate waiting periods,
      including any extensions thereof, applicable under the US
      Hart-Scott-Rodino Antitrust Improvements Act of 1976 (as amended) and the
      regulations made under that act having expired, lapsed or been terminated
      as appropriate in each case in respect of the Acquisition;

4     no central bank, government or governmental, quasi governmental,
      supranational, statutory, administrative, or regulatory or similar body,
      authority, trade agency, court, professional association, institution,
      environmental body, employee representative body or any other body or
      person in any jurisdiction (including merger control authorities in any
      jurisdiction) (each a "Relevant Authority") having decided or given notice
      of a decision to take, institute, implement or threaten any action,
      proceedings, suit, investigation, enquiry or reference, or having required
      any action to be taken, or otherwise having done anything, or having
      enacted, made or proposed any statute, regulation, decision or order or
      taken any other steps and there continuing to not be outstanding any
      statute, regulation, order or decision which would or might reasonably be
      expected, in each case to an extent which is material to the wider Corus
      Group taken as a whole to:

4.1   make the Acquisition, its implementation or the acquisition or proposed
      acquisition of any of the Corus Shares by CSN Acquisitions void,
      unenforceable or illegal, or otherwise restrict, restrain, prohibit or
      delay to a material extent or otherwise materially interfere with the
      implementation of, or impose material additional conditions or obligations
      with respect to, or otherwise materially


                                       39


      challenge or require material amendment of, the Scheme or the acquisition
      of any of the Corus Shares by CSN Acquisitions;

4.2   result in a delay in the ability of CSN Acquisitions, or render it unable,
      to acquire some or all of the Corus Shares or require a divestiture by CSN
      Acquisitions or CSN or any member of the Wider CSN Group of any Corus
      Shares;

4.3   require, prevent or delay the divestiture, or alter the terms envisaged
      for any proposed divestiture, by CSN Acquisitions or CSN or any member of
      the Wider CSN Group or by any member of the Wider Corus Group, in any such
      case of all or any part of their respective businesses, assets or
      properties, or impose any limitation on their ability to conduct their
      respective businesses (or any of them) or to own their respective assets
      or properties or any part of them;

4.4   impose any limitation on, or result in a delay in, the ability of CSN
      Acquisitions, CSN or any member of the Wider CSN Group to acquire or to
      hold or to exercise effectively, directly or indirectly, all rights of
      ownership of shares, loans or other securities (or the equivalent) in, or
      to exercise management control over, Corus or the ability of any member of
      the Wider Corus Group, CSN Acquisitions or CSN to hold or exercise
      effectively any rights of ownership of shares, loans or other securities
      in, or to exercise management control over any member of the Wider Corus
      Group;

4.5   except pursuant to Schedule 2 of the Takeovers Directive (Interim
      Implementation) Regulations 2006, or should such Part be in force at the
      relevant time, Part 28 of the Companies Act, require any member of the
      Wider CSN Group or of the Wider Corus Group to acquire or offer to acquire
      any shares or other securities (or the equivalent) in, or any asset owned
      by, any member of the Wider Corus Group or the Wider CSN Group owned by
      any third party;

4.6   impose any limitation on the ability of any member of the Wider Corus
      Group to co ordinate its business, or any part of it, with the businesses
      of any other members;

4.7   result in any member of the Wider Corus Group ceasing to be able to carry
      on business under any name which it presently does so;


                                       40


4.8   otherwise adversely affect the business, assets, liabilities or profits of
      any member of the Wider Corus Group, and all applicable waiting and other
      time periods during which any such Relevant Authority could take,
      institute, implement or threaten any such action, proceeding, suit,
      investigation, enquiry or reference or otherwise so intervene having
      expired, lapsed or been terminated;

5     save as otherwise agreed in the Implementation Agreement, all necessary
      notifications and filings having been made in all necessary jurisdictions
      in connection with the Acquisition, in accordance with applicable laws and
      contractual arrangements, and all statutory and regulatory obligations in
      connection with the Acquisition in any jurisdiction having been complied
      with and all material authorisations, orders, recognitions, grants,
      consents, clearances, confirmations, certificates, licences, permissions
      and approvals ("Authorisations") deemed reasonably necessary or
      appropriate by CSN Acquisitions in any jurisdiction for, or in respect of,
      the Acquisition or the proposed acquisition of the Corus Shares by CSN
      Acquisitions or any member of the CSN Group having been obtained in terms
      reasonably satisfactory to CSN Acquisitions from all appropriate Relevant
      Authorities, or from any persons or bodies with whom any member of the
      Wider Corus Group has entered into contractual arrangements, all or any
      applicable waiting and other time periods (including any extension
      thereof) under any applicable legislation or regulation of any
      jurisdiction, having expired, lapsed or been terminated (as appropriate)
      and all such Authorisations (together with all material Authorisations
      deemed reasonably necessary or appropriate by CSN Acquisitions to carry on
      the business of any member of the Wider Corus Group) remaining in full
      force and effect and there being no notice of any intention to revoke,
      suspend, restrict, amend or not to renew any such Authorisations;

6     since 31 December 2005 and save as disclosed in the Annual Report or as
      fairly disclosed to any member of the CSN Group or its advisers by or on
      behalf of Corus prior to the date of this announcement or as publicly
      announced (by the delivery of an announcement to a Regulatory Information
      Service) by Corus prior to the date of this announcement, there being no
      provision of any arrangement, agreement, lease, licence, permit or other
      instrument to which any member of the Wider Corus Group is a party or by
      or to which any such member or any of its assets is or may be bound,
      entitled or be subject, which as a consequence of the Acquisition, or the
      proposed acquisition by CSN Acquisitions or any member of


                                       41


      the Wider CSN Group of any shares or other securities (or the equivalent)
      in Corus or because of a change in the control or management of any member
      of the Wider Corus Group or otherwise, would or might result, in any case
      to an extent which is material in the context of the Wider Corus Group
      taken as a whole, in:

6.1   any monies borrowed by, or any other indebtedness, actual or contingent,
      of, any member of the Wider Corus Group being or becoming repayable, or
      being capable of being declared repayable immediately or prior to their or
      its stated maturity, or the ability of any such member to borrow monies or
      incur any indebtedness being withdrawn or inhibited or becoming capable of
      being withdrawn;

6.2   the creation or enforcement of any mortgage, charge or other security
      interest, over the whole or any substantial part of the business, property
      or assets of any member of the Wider Corus Group or any such mortgage,
      charge or other security interest (whenever arising or having arisen)
      becoming enforceable;

6.3   any such arrangement, agreement, lease, licence, permit or other
      instrument being terminated or adversely modified or affected or any
      obligation or liability arising or any action of an adverse nature being
      taken thereunder;

6.4   any assets or interests of any member of the Wider Corus Group being or
      falling to be disposed of or charged or any right arising under which any
      such asset or interest could be required to be disposed of or charged,
      other than in the ordinary course of business;

6.5   any member of the Wider Corus Group ceasing to be able to carry on
      business under any name under which it presently does so;

6.6   the value or financial or trading position or profits of Corus or any
      member of the Wider Corus Group being prejudiced or adversely affected; or

6.7   the creation of any liability (actual or contingent) by any member of the
      Wider Corus Group, and no event having occurred which, under any provision
      of any arrangement, agreement, licence or other instrument to which any
      member of the Wider Corus Group is a party, or to which any such member or
      any of its assets may be bound, entitled or subject, could reasonably be
      expected to result in any


                                       42


      of the events or circumstances as are referred to in paragraphs 6.1 to 6.7
      of this condition 6.

7     save as disclosed in the Annual Report, or as publicly announced through a
      Regulatory Information Service prior to the date of this announcement or
      as fairly disclosed to any member of the CSN Group, no member of the Wider
      Corus Group having since 3l December 2005 in each case to an extent which
      is material in the context of the Corus Group taken as a whole:

7.1   issued or agreed to issue or authorised the issue of additional shares or
      securities of any class, or securities convertible into, or exchangeable
      for, or rights, warrants or options to subscribe for or acquire, any such
      shares, securities or convertible securities (save as between Corus and
      wholly owned subsidiaries of Corus and save for options and awards
      granted, or awarded in the regular operation of the Corus Share Schemes);

7.2   sold or transferred or agreed to sell or transfer any Treasury Shares;

7.3   recommended, declared, paid or made or proposed to recommend, declare, pay
      or make any bonus issue, dividend or other distribution whether payable in
      cash or otherwise other than dividends (or other distributions whether
      payable in cash or otherwise) lawfully paid or made by any wholly owned
      subsidiary of Corus to Corus or to any of its wholly owned subsidiaries;

7.4   other than pursuant to the Proposals, implemented, effected, or authorised
      any merger, demerger, reconstruction, amalgamation, scheme, commitment or
      acquisition or disposal of assets or shares or loan capital (or the
      equivalent thereof) in any undertaking or undertakings other than in the
      ordinary course of trading;

7.5   (save for transactions between Corus and its wholly owned subsidiaries and
      transactions carried out in the ordinary course of business) acquired or
      disposed of, or transferred, mortgaged or created any security interest
      over any asset or any right, title or interest in any asset;

7.6   entered into or varied to a material extent or authorised, or proposed or
      announced its intention to enter into or vary any contract, arrangement,


                                       43


      agreement, transaction or commitment (whether in respect of capital
      expenditure or otherwise) which is of a long term, unusual or onerous
      nature or magnitude or which involves or could involve an obligation of
      such a nature or magnitude which is or could be, in any such case,
      materially restrictive on the business of any member of the Wider Corus
      Group;

7.7   entered into, or varied to a material extent, or terminated (other than by
      reason of serious breach of any service agreement or arrangement), or
      authorised the entry into, any service agreement or arrangement with any
      director or executive committee member, save for salary increases, bonuses
      or variations of terms in the ordinary course of business;

7.8   save in connection with the Proposals and the Dutch Bond Proposals,
      purchased, redeemed or repaid or authorised the purchase, redemption or
      repayment of any of its own shares or other securities (or the equivalent)
      or reduced or made any other change to or proposed the reduction or other
      change to any part of its share capital, save for any shares allotted
      between Corus and any wholly owned subsidiaries of Corus;

7.9   waived, compromised or settled any claim otherwise than in the ordinary
      course of business;

7.10  terminated or varied the terms of any agreement or arrangement between any
      member of the Corus Group and any other person in a manner which would or
      might reasonably be expected to have a material adverse effect on the
      financial position or prospects of the Corus Group taken as a whole;

7.11  (save as disclosed on publicly available registers) made any alteration to
      its memorandum or articles of association;

7.12  save as disclosed to any member of the CSN Group or its advisers by or on
      behalf of Corus prior to the date of this announcement or as publicly
      announced (by the delivery of an announcement to a Regulatory Information
      Service) by Corus prior to the date of this announcement, made or agreed
      or consented to any material change to the terms of the trust deeds and
      rules constituting any pension schemes established for its directors
      and/or employees and/or their dependants or to the benefits which accrue,
      or to the pensions which are payable, thereunder, or to the


                                       44


      basis on which qualification for or accrual or entitlement to such
      benefits or pensions are calculated or determined or to the basis upon
      which the liabilities (including pensions) of such pension schemes are
      funded or made, or agreed or consented to any change to the trustees;

7.13  been unable, or admitted in writing that it is unable, to pay its debts or
      having stopped or suspended (or threatened to stop or suspend) payment of
      its debts generally or ceased or threatened to cease carrying on all or a
      substantial part of any business;

7.14  (other than in respect of a member which is dormant and was solvent at the
      relevant time) taken or authorised any corporate action or had any action
      or proceedings or other steps instituted or threatened against it for its
      winding up (voluntary or otherwise), dissolution or reorganisation or for
      it to enter into any arrangement or composition for the benefit of its
      creditors, or for the appointment of a receiver, administrator,
      administrative receiver, trustee or similar officer of all or any material
      part of its assets or revenues or any analogous proceedings in any
      jurisdiction or appointed any analogous person in any jurisdiction; or

7.15  entered into any agreement, arrangement or commitment to effect any of the
      transactions, matters or events referred to in this condition 7;

8     since 31 December 2005, save as disclosed in the Annual Report or except
      as publicly announced by Corus (by the delivery of an announcement to a
      Regulatory Information Service), in each case prior to the date of this
      announcement, there having been:

8.1   no adverse change in the business, assets, financial or trading position
      or profits of any member of the Wider Corus Group which is material in the
      context of the Wider Corus Group taken as a whole;

8.2   no litigation, arbitration proceedings, prosecution or other legal
      proceedings having been announced, threatened or instituted by or against
      or remaining outstanding against or in respect of any member of the Wider
      Corus Group and no enquiry or investigation by or complaint or reference
      to any Relevant Authority against or in respect of any member of the Wider
      Corus Group having been threatened, announced or instituted or remaining
      outstanding, against or in


                                       45


      respect of any member of the Wider Corus Group and which in any such case
      could have a material adverse effect on the Wider Corus Group taken as a
      whole; and

8.3   no contingent or other liability having arisen, been incurred by any
      member of the Wider Corus Group which might reasonably be expected to
      materially adversely affect any member of the Wider Corus Group and which
      in any such case is material in the context of the Wider Corus Group taken
      as a whole;

9     save as publicly announced by the delivery of an announcement to a
      Regulatory Information Service prior to the date of this announcement or
      as otherwise disclosed in the Annual Report or to any member of the Wider
      CSN Group or its advisers by or on behalf of Corus prior to the date of
      this announcement, CSN Acquisitions not having discovered:

9.1   that the financial, business or other information concerning the Wider
      Corus Group publicly announced or disclosed at any time by or on behalf of
      any member of the Wider Corus Group is materially misleading, contains a
      material misrepresentation of fact or omits to state a fact necessary to
      make the information contained therein not materially misleading and which
      is, in any case, material in the context of the Wider Corus Group;

9.2   that any member of the Wider Corus Group is, otherwise than in the
      ordinary course of business, subject to any liability, contingent or
      otherwise, which is material in the context of the Wider Corus Group taken
      as a whole;

9.3   that any past or present member of the Wider Corus Group has failed to
      comply in any material respect with any applicable legislation or
      regulations of any jurisdiction with regard to the storage, disposal,
      discharge, spillage, release, leak or emission of any waste or hazardous
      or harmful substance or any substance likely to impair the environment or
      harm human health or otherwise relating to environmental matters or that
      there has been any such storage, presence, disposal, discharge, spillage,
      release, leak or emission (whether or not the same constituted non
      compliance by any person with any such legislation or regulation, and
      wherever the same may have taken place), any of which non compliance would
      be likely to give rise to any liability (whether actual or contingent) or
      cost on the


                                       46


      part of any member of the Wider Corus Group and which is material, in any
      such case, in the context of the Wider Corus Group taken as a whole;

9.4   there is, or is reasonably likely to be, any material obligation or
      liability (whether actual or contingent) to make good, repair, reinstate
      or clean up any property now or previously owned, occupied, operated or
      made use of or controlled by any past or present member of the Wider Corus
      Group or its statutory predecessors under any environmental legislation,
      regulation, notice, circular or order of any Relevant Authority in any
      jurisdiction, in each case to an extent which is material in the context
      of the Wider Corus Group taken as a whole;

9.5   circumstances exist whereby a person or class of persons would be likely
      to have any claim or claims in respect of any product or process of
      manufacture, or materials used therein, now or previously manufactured,
      sold or carried out by any past or present member of the Wider Corus Group
      which claim or claims would be likely to affect adversely any member of
      the Wider Corus Group; or

Subject to the requirements of the Panel, CSN Acquisitions reserves the right to
waive, in whole or in part, all or any of the above conditions set out in
paragraphs 2 to 9 (inclusive).


Part III - Certain further terms and conditions of the Proposals

The terms and conditions of the Dutch Bond Proposals will be set out in the
respective Dutch Bond Proposals Documents.

If CSN is required by the Panel to make an offer for the Corus Shares under the
provisions of Rule 9 of the Takeover Code, CSN may make such alterations to any
of the above conditions, including condition 1 above, and to the terms of the
Proposals, as are necessary to comply with the provisions of that Rule.

The Proposals will lapse unless all the above conditions have (other than the
conditions set out in paragraphs 1.3 and 1.4 of Part II above) been fulfilled
or, where permitted, waived or, where appropriate, have been determined by CSN
Acquisitions to be or remain satisfied, by 11.59 p.m. on the date immediately
preceding the date of the Scheme Hearing. CSN Acquisitions shall be under no
obligation to waive (if capable of waiver), to determine to be or remain
satisfied or to treat as fulfilled any of conditions 2 to 9 (inclusive) by a
date earlier than the latest date specified for the fulfilment of that condition
notwithstanding that the other conditions of the Proposals may


                                       47


at such earlier date have been waived or fulfilled and that there are, at such
earlier date, no circumstances indicating that any of such conditions may not be
capable of fulfilment.

The Loan Note Elected Shares will be acquired by CSN Acquisitions fully paid
with full title guarantee and free from all liens, equitable interests, charges,
encumbrances, rights of pre-emption and other third party rights of any nature
whatsoever and together with all rights attaching to them, including the right
to receive and retain all dividends and distributions (if any) declared, made or
payable after the date of this announcement.

CSN and CSN Acquisitions reserve the right to elect to implement the Acquisition
by way of a takeover offer. Any such Offer will be implemented on the same terms
(subject to appropriate amendments, including (without limitation), the
following:

1           at CSN Acquisitions' election, an exclusion of Corus Shareholders
            resident in Canada;

2           an acceptance condition of:

2.1         90 per cent. (or such lower percentage as CSN may, subject to the
            Code, decide or the Panel may require) if CSN makes an Offer because
            it is unable to effect the Scheme as a result of there being any
            legal or regulatory issues concerning the Pre-Condition forming part
            of the proposed Acquisition structure (save that withdrawal or lapse
            resulting from Corus Shareholders voting down the Scheme shall not
            be such an issue); or

2.2         90 per cent. (or such lower percentage as CSN may, subject to the
            Code, decide or the Panel may require) if CSN elects to switch to an
            Offer and pursuant to that Offer:

2.2.1       the offer price per Corus Share pursuant to the Offer exceeds the
            offer price per Corus Share offered by CSN pursuant to the Scheme by
            10 pence or more; and

2.2.2       the offer price per Corus Share under the Offer is, at the time of
            the announcement by CSN of the firm intention to make the Offer (for
            the purposes of Rule 2.5 of the Code), higher than the offer price
            per Corus Share of any other then current offer for the entire
            issued and to be issued share capital of Corus that


                                       48


            has been announced (for the purposes of Rule 2.5 of the Code) or
            made at the time of the said announcement of a firm intention to
            make the Offer; or

2.3         75% (or such higher percentage as CSN may agree with Corus (subject
            always to the requirements of the Code and the Panel)); if CSN
            elects to switch to an Offer and the events described in paragraphs
            2.1 and 2.2 above do not apply; and

3           on terms that the Offer shall remain open for acceptance for a
            period of at least 14 days after the date on which the indication
            from the European Commission satisfying condition 2.1 above is
            received.

If made, the Offer will be made in accordance with all applicable laws and
regulations.

The Proposals will lapse and the Scheme will not proceed if, after the date of
this announcement and before the date of the Court Meeting, the Acquisition is
referred to the Competition Commission or the European Commission initiates
proceedings under Article 6(1)(c) of the Merger Regulation in respect of the
Acquisition.

For the purposes of this Appendix:

"subsidiary", "subsidiary undertaking", "undertaking" and "associated
undertaking" have the respective meanings given thereto by the Companies Act,
but for this purpose ignoring paragraph 20(1)(b) of Schedule 4A of the Companies
Act;

"Wider CSN Group" means CSN or any of its subsidiaries or subsidiary
undertakings or any associated undertaking or any company of which 20 per cent.
or more of the voting capital is held by any member or members of the CSN Group
or any partnership, joint venture, firm or company in which any member of the
CSN Group may be interested; and

"Wider Corus Group" means Corus or any of its subsidiaries or subsidiary
undertakings or any associated undertaking or any company of which 20 per cent.
or more of the voting capital is held by any member or members of the Corus
Group or any partnership, joint venture, firm or company in which any member of
the Corus Group may be interested.


                                       49


                                   APPENDIX II

                                BASES AND SOURCES

o     The value of Corus as implied by the Price is based upon the fully diluted
      number of Corus Shares being 946,404,976, including 898,743,330 Corus
      Shares in issue on 1 December 2006 (including those represented by ADSs,
      but excluding those held in treasury), adjusted for the dilutive effect of
      in the money options and LEAP shares.

o     The premiums implied by the Price have been calculated based on closing
      Corus Share prices supplied by Datastream.

o     Unless otherwise stated the financial information relating to CSN and
      Corus has been extracted without material adjustment from the respective
      published audited reports and accounts for the relevant periods.

o     The Brazil Real - US Dollar exchange rate of 2.184 is based on the average
      exchange rate over the nine month period ended 30 September 2006.


                                       50


                                  APPENDIX III

                                   DEFINITIONS

The following definitions apply throughout this announcement, unless the context
requires otherwise.

"Acquisition"                             the acquisition of the entire issued
                                          and to be issued share capital of
                                          Corus (including such share capital
                                          held in the form of ADSs) and for the
                                          avoidance of doubt includes an
                                          acquisition of the Corus Shares
                                          implemented by way of the Scheme, or
                                          by way of an Offer

"Act" or "Companies Act"                  the Companies Act 1985, as amended

"ADS" or "Corus ADS"                      an American depositary share,
                                          evidenced by an American depositary
                                          receipt representing two Corus Shares,
                                          issued by the ADS Depositary in
                                          accordance with the Deposit Agreement

"ADS Depository"                          The Bank of New York, as depositary
                                          under the Deposit Agreement

"ADS Holder"                              a holder of Corus ADSs

"Alternative Proposal"                    any proposal put forward by any third
                                          party (including, for the avoidance of
                                          doubt, any modification of the Tata
                                          Proposals or any alternative proposal
                                          put forward by Tata, any member of the
                                          Tata Group or any person acting in
                                          concert with any of them) which is not
                                          acting in concert with CSN in respect
                                          of or for: (i) a takeover offer
                                          (whether or not subject to pre
                                          conditions) or possible offer for the
                                          issued ordinary share capital of Corus
                                          or the sale, or possible sale (in one
                                          transaction or a series of


                                       51


                                          transactions) of the whole of the
                                          assets or undertaking of the Corus
                                          Group, or any part of the same which
                                          is material in the context of the
                                          Corus Group; (ii) a merger,
                                          acquisition or other business
                                          combination, scheme of arrangement,
                                          exchange offer, or liquidation
                                          involving Corus or all or
                                          substantially all of the business of
                                          the Corus Group; or (iii) any proposal
                                          which would, if implemented result in
                                          a change of control (as such term is
                                          defined for the purposes of the Code)
                                          of Corus

"Amsterdam Stock Exchange"                Euronext Amsterdam N.V. or Eurolist by
                                          Euronext

"Annual Report"                           the annual report and accounts of
                                          Corus for the year ended 31 December
                                          2005

"Australia"                               the commonwealth of Australia, its
                                          territories and possessions and all
                                          areas subject to the jurisdiction and
                                          all political sub divisions thereof

"Authorisations"                          all material authorisations, orders,
                                          recognitions, grants, consents,
                                          clearances, confirmations,
                                          certificates, licences, permissions
                                          and approvals

"business day"                            any day other than a Saturday, Sunday
                                          and public holiday on which banks are
                                          generally open for business in London
                                          other than solely for trading and
                                          settlement of Euro

"Canada"                                  Canada, its provinces and territories
                                          and all areas subject to its
                                          jurisdiction and all political sub
                                          divisions thereof

"Cancellation Shareholders"               holders of Cancellation Shares


                                       52


"Cancellation Shares"                     Scheme Shares other than Loan Note
                                          Elected Shares

 "Company" or "Corus"                     Corus Group plc, a company
                                          incorporated in England and Wales
                                          under the Companies Act with
                                          registration number 3811373

"Competing Proposal"                      any proposal put forward by any third
                                          party which is not acting in concert
                                          with CSN (excluding proposals made by
                                          Tata), in respect of, or for: (i) a
                                          takeover offer (whether or not subject
                                          to pre conditions) or possible offer
                                          for, the issued ordinary share capital
                                          of Corus or the sale, or possible
                                          sale, (in one transaction or a series
                                          of transactions) of the whole of the
                                          assets or undertaking of the Corus
                                          Group, or any part of the same which
                                          is material in the context of the
                                          Corus Group; (ii) a merger,
                                          acquisition or other business
                                          combination, scheme of arrangement,
                                          exchange offer, or liquidation
                                          involving Corus or all or
                                          substantially all of the business of
                                          the Corus Group; (iii) any proposal
                                          which would, if implemented result in
                                          a change of control of Corus; (iv) any
                                          other transactions having a similar
                                          effect, the consummation of which
                                          could be reasonably expected to
                                          prevent, or impede, interfere with or
                                          delay the Acquisition, in each case
                                          howsoever it is proposed that such
                                          offer or proposal be implemented; (v)
                                          or the acquisition of the voting
                                          rights in respect of 10 per cent. of
                                          the Corus Shares then in issue; or
                                          (vi) any material transaction (whether
                                          of a revenue or capital nature)
                                          outside the ordinary course of
                                          business

"Convertible Bonds"                       (i) the Euro Bonds; and (ii) the Dutch
                                          Bonds

                                       53


"Convertible Bondholders"                 holders of Convertible Bonds

"Corus Articles"                          the articles of association of Corus

"Corus Board"                             the board of directors of Corus

"Corus Deferred Shareholder"              a holder of Corus Deferred Shares

"Corus Deferred Shares"                   the deferred shares of 40 pence each
                                          in the capital of Corus

"Corus Directors"                         the directors of Corus from time to
                                          time

"Corus Group"                             Corus, its subsidiaries and subsidiary
                                          undertakings from time to time and
                                          "member of the Corus Group" shall be
                                          construed accordingly

"Corus Shareholders" or "Shareholders"    holders of Corus Shares

"Corus Share Schemes"                     the Corus U.K. Executive Share Option
                                          Scheme, the Corus Overseas Executive
                                          Share Option Scheme, the Corus
                                          Executive Share Option Scheme, the
                                          Corus Sharesave Scheme, the Corus
                                          International Sharesave Scheme, the
                                          Corus Group Employee Share Ownership
                                          Plan, and the Corus Group plc
                                          Leveraged Equity Acquisition Plan

"Corus Shares"                            ordinary shares of 50 pence each in
                                          the capital of Corus

"Court"                                   the High Court of Justice in England
                                          and Wales

"Court Meeting"                           the meeting of the Scheme Shareholders
                                          that, subject to the Pre-Condition
                                          being satisfied or waived, is proposed
                                          to be convened by order of


                                       54


                                          the Court pursuant to section 425 of
                                          the Act, notice of which will be set
                                          out in the Scheme Document for the
                                          purposes of considering and if thought
                                          fit, approving the Scheme, including
                                          any adjournment thereof

"Court Orders"                            the Reduction Court Order and the
                                          Scheme Court Order

"Credit Suisse"                           Credit Suisse Securities (Europe)
                                          Limited

"Credit Suisse Group"                     Credit Suisse and any subsidiary,
                                          subsidiary undertaking, or branch of
                                          Credit Suisse, its ultimate holding
                                          company and any subsidiary, subsidiary
                                          undertaking or branch of such holding
                                          company

"CREST"                                   the relevant system (as defined in the
                                          CREST Regulations) in respect of which
                                          CRESTCo Limited is the Operator (as
                                          defined in the CREST Regulations) in
                                          accordance with which listed
                                          securities may be held and transferred
                                          in uncertificated form

"CREST Regulations"                       the Uncertificated Securities
                                          Regulations 2001 (SI 2001 No. 3755) as
                                          amended from time to time

"CSN"                                     Companhia Siderurgica Nacional, a
                                          company registered in Brazil

"CSN Acquisitions"                        CSN Acquisitions Limited, a company
                                          incorporated in England and Wales
                                          under the Companies Act with
                                          registered number 6009596

                                       55


"CSN Group"                               CSN, its subsidiaries and its
                                          subsidiary undertakings from time to
                                          time and "member of the CSN Group"
                                          shall be construed accordingly

"CSN Holdings"                            CSN Holdings (UK) Limited, a company
                                          incorporated in England and Wales
                                          under the Companies Act with
                                          registered number 5992349

"Deposit Agreement"                       the Amended and Restated Deposit
                                          Agreement among British Steel PLC,
                                          Corus Group plc, the ADS Depositary
                                          and ADS Holders, dated as of November
                                          23, 1988, as amended and restated as
                                          of April 28, 1995, as further amended
                                          and restated July 26, 1995 and October
                                          6, 1999

"Dutch Bond Proposals"                    any proposals made to in due course to
                                          Dutch Bondholders

"Dutch Bond Proposals Document"           any document which sets out the terms
                                          and conditions of the Dutch Bond
                                          Proposals

"Dutch Bonds"                             the NLG 345,000,000 4.625 per cent.
                                          convertible subordinated bonds due
                                          2007 issued by Corus Nederland B.V.

"Dutch Listing Authority"                 Autoriteit Financiele Markten

 "Effective Date"                         the date on which (i) the Scheme
                                          becomes effective by registration of
                                          the Court Orders by the Registrar of
                                          Companies and issue by the Registrar
                                          of Companies of a certificate under
                                          section 138 of the Companies Act in
                                          relation to the reduction of share
                                          capital associated with the Scheme; or
                                          (ii) if CSN Acquisitions elects to
                                          implement the Acquisition by way of
                                          the Offer, such Offer becoming or
                                          being declared unconditional in all
                                          respects

                                       56


"EGM Resolution"                          the special resolution to approve,
                                          amongst other things, the cancellation
                                          of the entire issued share capital of
                                          Corus (save to the extent that, prior
                                          to the date of the EGM, Corus
                                          shareholders (other than Restricted
                                          Overseas Persons, US Holders and ADS
                                          Holders) have validly elected for the
                                          Loan Note Alternative in relation to
                                          such shares or CSN has elected to
                                          designate all of the shares which are
                                          the subject of the Scheme Transfer
                                          Shares), the alteration of Corus'
                                          articles of association and such other
                                          matters as may be necessary to
                                          implement the Scheme and the de
                                          listing of Corus Shares

"Euro Bonds"                              the (euro)307,000,000 3.0 per cent.
                                          guaranteed convertible unsubordinated
                                          bonds due 2007 issued by Corus and
                                          guaranteed by Corus UK Limited

"Euroclear Nederland"                     the Dutch depositary and settlement
                                          institute (Nederlands Centraal
                                          Instituut voor Giraal Effectenverker
                                          B.V.), defined as the central
                                          institute (central instituut) under
                                          the Dutch Securities Giro Act.

"Exchange Act"                            the United States Securities Exchange
                                          Act of 1934, as amended, and the rules
                                          and regulations promulgated thereunder

"Extraordinary General Meeting" or "EGM"  the extraordinary general meeting of
                                          Corus that, subject to the
                                          Pre-Condition being satisfied or
                                          waived, is proposed to be convened in
                                          connection with the Scheme and the
                                          Reduction of Capital, notice of which
                                          will be set out in the Scheme
                                          Document, including any adjournment
                                          thereof

                                       57


"First Payment Date"                      30 June 2007

"HSBC"                                    HSBC Bank plc

"Implementation Agreement"                the agreement between CSN, CSN
                                          Acquisitions and Corus dated 11
                                          December 2006 relating to, amongst
                                          other things, the implementation of
                                          the Scheme, further details of which
                                          are set out in paragraph 16 of this
                                          announcement

"Inducement Fee"                          1 per cent. of the value of the
                                          Acquisition calculated by reference to
                                          the price per Corus Share and the
                                          fully diluted share capital of Corus,
                                          together with an amount equal to any
                                          VAT which is recoverable by Corus (if
                                          applicable)

"Information Document"                    the document setting out details of
                                          the Acquisition and containing certain
                                          information relating to the CSN Group
                                          that will be sent to Corus
                                          Shareholders as soon as possible after
                                          the publication of this announcement

"Japan"                                   Japan, its cities and prefectures,
                                          territories and possessions

"JPMorgan Cazenove"                       JPMorgan Cazenove Limited

"Lazard"                                  Lazard & Co., Limited

"Listing Rules"                           the Listing Rules of the UK Listing
                                          Authority

"Loan Note Alternative"                   the alternative available under the
                                          Scheme whereby Corus Shareholders
                                          (other than Restricted Overseas
                                          Persons, US Holders and ADS Holders)
                                          may elect, subject to certain


                                       58


                                          limitations and conditions, to receive
                                          Loan Notes instead of all or part of
                                          the cash consideration to which they
                                          would otherwise be entitled pursuant
                                          to the Scheme

"Loan Note Deadline"                      3.00 p.m. on the business day
                                          immediately prior to the Scheme
                                          Hearing

"Loan Note Elected Shares"                Scheme Shares (if any) in respect of
                                          which valid elections have been made
                                          under the Loan Note Alternative in
                                          accordance with its terms

 "Loan Notes"                             the loan notes to be issued by CSN
                                          Acquisitions pursuant to the Loan Note
                                          Alternative and to be guaranteed by
                                          Barclays Bank PLC

"London Stock Exchange"                   London Stock Exchange plc

"mtpa"                                    million tonnes per annum

"Offer"                                   should CSN Acquisitions elect to
                                          effect the Acquisition by way of a
                                          takeover offer, the offer to be made
                                          by or on behalf of CSN Acquisitions
                                          for all of the Corus Shares on the
                                          terms and subject to the conditions to
                                          be set out in the related offer
                                          document and form of acceptance
                                          including, where the context requires,
                                          any subsequent revision, variation,
                                          extension or renewal thereof

 "Panel" or "Takeover Panel"              the UK Panel on Takeovers and Mergers

"Pre-Condition"                           the pre-condition set out in Part I of
                                          Appendix I to this announcement

"Price"                                   the amount of 515 pence for each Corus
                                          Share

                                       59


"Proposals"                               the proposed acquisition of the Corus
                                          Shares by CSN Acquisitions to be
                                          effected, subject to the satisfaction
                                          or waiver of the Pre-Condition by
                                          means of the Scheme, (or, should CSN
                                          Acquisitions so elect, by means of an
                                          Offer) and the Dutch Bond Proposals

"Reduction Court Order"                   the order of the Court confirming the
                                          reduction of share capital of Corus
                                          under section 137 of the Companies Act
                                          provided for by the Scheme

"Reduction Hearing"                       the hearing by the Court of the
                                          petition to confirm the reduction of
                                          share capital of Corus under section
                                          137 of the Companies Act provided for
                                          by this Scheme, at which the Reduction
                                          Court Order is expected to be granted

"Reduction of Capital"                    the reduction of the share capital of
                                          Corus by the cancellation of the
                                          Cancellation Shares, to be effected as
                                          part of the Scheme

"Registrar of Companies"                  the Registrar of Companies in England
                                          and Wales

"Regulatory Information Service"          any of the services set out in
                                          Appendix 3 to the Listing Rules from
                                          time to time

"Relevant Authority"                      a central bank, government or
                                          governmental, quasi-governmental,
                                          supranational, statutory,
                                          administrative, or regulatory or
                                          similar body, authority, trade agency,
                                          court, professional association,
                                          institution, environmental body,
                                          employee representative body or any
                                          other body or person in any
                                          jurisdiction

                                       60


"Relevant Event"                          an event or change of circumstance
                                          occurring that is not the result of a
                                          breach by Corus of its obligations
                                          under the Implementation Agreement

"Restricted Overseas Persons"             a person (including an individual,
                                          partnership, unincorporated syndicate,
                                          limited liability company,
                                          unincorporated organisation, trust,
                                          trustee, executor, administrator or
                                          other legal representative) in, or
                                          resident in, or any person whom CSN
                                          Acquisitions believes to be in, or
                                          resident in, Australia, Canada, Japan
                                          or the Netherlands and any custodian,
                                          nominee or trustee holding Corus
                                          Shares for persons in or resident in
                                          Netherlands and who elects to receive
                                          the Loan Note Alternative in respect
                                          of their Corus Shares and persons in
                                          any other jurisdiction (other than
                                          persons in the UK) whom CSN
                                          Acquisitions is advised to treat as
                                          restricted overseas persons in order
                                          to observe the laws of such
                                          jurisdiction or to avoid the
                                          requirement to comply with any
                                          governmental or other consent or any
                                          registration, filing or other
                                          formality which CSN Acquisitions
                                          regards as unduly onerous

"Scheme" or "Scheme of Arrangement"       of the scheme of arrangement proposed
                                          to be made subject to the satisfaction
                                          or waiver of the Pre-Condition under
                                          section 425 of the Act between Corus
                                          and Corus Shareholders, incorporating
                                          the Reduction of Capital, to be set
                                          out in full in the Scheme Document,
                                          with or subject to any modification,
                                          addition or condition approved or
                                          imposed by the Court

"Scheme Conditions"                       the conditions of the Scheme as set
                                          out in Part II of Appendix I to this
                                          announcement and to be set out in full
                                          in the Scheme Document

                                       61


"Scheme Court Order"                      the order of the Court sanctioning the
                                          Scheme pursuant to section 425 of the
                                          Companies Act

"Scheme Document"                         the circular in respect of the Scheme
                                          to be despatched to Corus Shareholders
                                          and others, setting out amongst other
                                          things, the full terms and conditions
                                          to implementation of the Scheme as
                                          well as the Scheme itself and the
                                          notice of meeting of each of the Court
                                          Meeting and the EGM

"Scheme Hearing"                          the hearing by the Court of the
                                          petition to sanction Scheme, at which
                                          the Scheme Court Order is expected to
                                          be granted

"Scheme Record Date"                      6:00 pm (London time) on the day
                                          immediately before the date of the
                                          Reduction Hearing

"Scheme Shareholders"                     holders of Scheme Shares

"Scheme Shares"                           all Corus Shares which are:

                                          (a) in issue at the date of the Scheme
                                              Document;

                                          (b) (if any) issued after the date of
                                              the Scheme Document and before the
                                              Voting Record Time; or

                                          (c) (if any) issued on or after the
                                              Voting Record Time and prior to
                                              6.00 p.m. on the Scheme Record
                                              Date, on terms that the holder
                                              thereof shall be bound by the
                                              Scheme, or in respect of which the
                                              original or any subsequent holder
                                              thereof

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                                              agrees in writing to be bound by
                                              the Scheme

                                          but excluding any Corus Shares held by
                                          CSN Acquisitions, CSN Holdings or any
                                          other member of the CSN Group

"Securities Act"                          the United States Securities Act of
                                          1933, as amended and the rules and
                                          regulations promulgated thereunder

"Takeover Code" or "Code"                 the City Code on Takeovers and Mergers

"Tata"                                    Tata Steel UK Limited, a company
                                          incorporated in England and Wales with
                                          registered number 05887351

"Tata Court Meeting"                      the meaning given to the term "Court
                                          Meeting" in the Tata Scheme Document;

"Tata EGM"                                the meaning given to the term "EGM" in
                                          the Tata Scheme Document

"Tata EGM Resolution"                     the special resolution to approve
                                          certain matters relating to the Tata
                                          Scheme as set out in the Tata Scheme
                                          Document

"Tata Proposals"                          the proposal made by Tata to acquire
                                          the entire issued and to be issued
                                          share capital of Corus, further
                                          details of which were set out in the
                                          circular sent to Corus Shareholders
                                          dated 10 November 2006 as revised in
                                          its announcement on 10 December 2006

 "Tata Reduction Hearing"                 the meaning given to "Reduction
                                          Hearing" in the Tata Scheme Document

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"Tata Scheme"                             the scheme of arrangement under
                                          section 425 of the Act between Corus
                                          and holders of Scheme Shares (as
                                          defined in the Tata Scheme Document)
                                          to effect the proposed acquisition by
                                          Tata of Corus as set out in Part Four
                                          of the Tata Scheme Document (and/or
                                          any subsequent circular to Corus
                                          Shareholders), with or subject to any
                                          modification, addition or condition
                                          which is either agreed by Corus and
                                          Tata and approved by the Court or is
                                          imposed by the Court

"Tata Scheme Document"                    the circular in respect of the Tata
                                          Scheme dated 10 November 2006 and
                                          despatched to Corus Shareholders

"Tata Scheme Hearing"                     has the meaning given to the term
                                          Scheme Hearing in the Tata Scheme
                                          Document

"Tata Steel Limited"                      Tata Steel Limited a company
                                          registered in India with registered
                                          number 11-260

"Transfer Shares"                         if CSN Acquisitions exercises its
                                          right under the Implementation
                                          Agreement, those Corus Shares which
                                          are designated as "Transfer Shares"
                                          for the purposes of the Scheme and
                                          which will not be cancelled but will
                                          be transferred to CSN Acquisitions
                                          pursuant to the Scheme

"Treasury Shares"                         shares held as treasury shares as
                                          defined in Section 162A(3) of the
                                          Companies Act

"UBS"                                     UBS Limited

"UK Listing Authority" or "UKLA"          the Financial Services Authority in
                                          its capacity as the competent
                                          authority for listing in the United
                                          Kingdom under Part VI of the Financial
                                          Services and Markets Act 2000

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"uncertificated" or
"in uncertificated form"                  a share or other security which is
                                          recorded on the register of
                                          shareholders of Corus as being held in
                                          uncertificated form (that is, in
                                          CREST) and title to which, by virtue
                                          of the CREST Regulations, may be
                                          transferred by means of CREST

"United Kingdom" or "UK"                  the United Kingdom of Great Britain
                                          and Northern Ireland

"United States" or "US"                   United States of America, its
                                          territories and possessions, any state
                                          of the United States and the District
                                          of Columbia

"US Holder"                               holders of Corus Shares in the United
                                          States or with a registered address in
                                          the United States, and any custodian,
                                          nominee or trustee holding Corus
                                          Shares for persons in the United
                                          States or with a registered address in
                                          the United States

"VAT"                                     value added tax in the UK including
                                          any similar tax which may be imposed
                                          in place thereof in the UK from time
                                          to time

"Voting Record Time"                      the time and date specified in the
                                          Scheme Document by reference to which
                                          entitlement to vote on the Scheme will
                                          be determined, expected to be 6.00
                                          p.m. (London time) on the day which is
                                          two days before the date of the Court
                                          Meeting or, if the Court Meeting is
                                          adjourned, 6.00 p.m. on the day which
                                          is two days before the date of such
                                          adjourned Court Meeting

"(pound)","GPB, "sterling" and "pence"    the lawful currency of the UK

"$", "US$", "USD"and "US dollars"         United States dollars, the lawful
                                          currency of the United States


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