To invest in Vale local shares, traded on the São Paulo Stock Exchange – BM&FBOVESPA, it is necessary to contact a stockbroker. A list of stockbrokers who operate in Brazil is available on the BM&FBOVESPA website. Information about how to trade Vale ADRs, traded on the New York Stock Exchange – NYSE, can be obtained with your stockbroker, the New York Stock Exchange (NYSE) (www.nyse.com), NYSE Euronext Paris or JP Morgan, the Company's depositary bank for its ADRs (www.adr.com)

Golden shares are preferred special class shares. They are required to be held by the Federative Republic of Brazil. The holder of the golden shares is entitled to the same rights (including with respect to voting, dividend preference and liquidation preference) as holders of preferred class A shares. In addition, the holder of the golden shares is entitled to veto any of our proposed action relating to the following matters:

1. a change in our name
2. a change in the location of our head office
3. a change in our corporate purpose as regards the working of mineral deposits
4. any liquidation of our company
5. any disposal or winding up of activities of any one or more of the following stages of the integrated systems of our iron ore mining:

a) mineral deposits, ore deposits, mines,
b) railways,
c) ports and maritime terminals

American Depositary Receipts (ADRs) are certificates, issued by US banks, representing shares of those companies that are based outside the United States. ADRs were created to facilitate trading in the shares of non-US companies in US equity markets. The certificates are priced and traded in dollars on US stock exchanges. Many Brazilian companies have their shares traded on the New York Stock Exchange (NYSE) through this financial instrument. As well as obtaining visibility in the international market, companies that issue ADRs may find it easier to raise money in international markets when required. In March 2002, with the last phase of Vale privatization, the ADRs representing the common shares issued by the Company also began trading on the NYSE, in the form of Level III (ticker code VALE).

What is the ADR ratio of Vale? The ADR ratio is the ratio between the shares and the ADRs of a given company. In the case of Vale, each ADR represents one common share of the Company.

The Company's custodian agent is the institution in Brazil which registers the shares in the name of those who buy them, and guarantees their ownership of these shares. Vale's custodian agent is Banco Bradesco S.A.
The depositary bank is the institution that issues ADRs, maintains a record of the holders of ADRs, registers the trades carried out and distributes the dividends or interest on shareholders equity payments in dollars to the holders of the ADRs. Vale's depositary bank for its ADRs is Citibank N.A.

Our ADR depositary bank and transfer agent is Citibank N.A. Any inquiries regarding an individual ADR holding can be directed to Citibank N.A.

You can hold ADRs directly through Citibank N.A. as depositary, in which case you are a 'registered' holder. Registered ownership occurs when the owner of the stock is registered (or recorded) on the books (or records) of the corporation. Registered ownership is also known as "direct" ownership and the registered holder is known to the corporation as one of its shareholders. Registered shareholders receive all corporate communications, dividends, annual reports and proxy material directly from the company through the ADR depositary bank. Ownership comes in two forms: physical certificates, which evidence shares, or book-entry shares, which are evidenced by an account statement.
In contrast to registered holders, beneficial or 'street name' holders usually hold their shares through a bank or brokerage account and are not directly registered on the books of the company. Investors purchasing shares throu gh a broker must specifically direct the broker to register the shares with the corporation, if they wish to become a registered holder.

ADRs eliminate many of the obstacles of holding non-U.S. securities since they trade and settle according to U.S. market practices, are quoted and traded in dollars and pay dividends in dollars. They eliminate custodian safekeeping charges in the issuer's home country and facilitate prompt dividend payments and corporate action notifications.

You or your broker can transfer your foreign shares to Citibank’s custodian bank in the issuer's home country, along with ADR brokerage delivery instructions. Upon confirmation that the custodian has received the foreign shares, Citibank N.A. will issue the corresponding number of ADRs to you, representing the newly deposited shares, via your broker. To convert your ADRs back into foreign shares, you can instruct your broker to cancel the ADRs, by delivering the ADRs to Citibank NA, and providing the broker with complete delivery instructions in the issuer's home country. Citibank NA will instruct the local custodian to release the underlying shares accordingly.

Citibank Shareholder Services
Address - P.O. Box 43077
Providence RI 02940-3077
Phone - 1-877-248-4237 (1-877-CITIADR)
The phone number outside the U.S. is 781-575-4555
Email: citibank@shareholders-online.com.

The shareholders debentures represent negotiable instruments issued by the Company in favor of the debenture holders, who are entitled to receive a premium paid semi-annually, under the terms of their indenture, and they should not be confused with shares, as the latter represent units of a company's share capital.

In the context of Vale's privatization process, with a view to ensuring pre-privatization shareholders the right to participate in possible future benefits of Vale's and its subsidiaries' mining deposits, the 6th Debentures Issuance (“Shareholders Debentures”) was carried out.

Investors must go to a branch of Banco Bradesco S.A., bookkeeping agent for Vale's shareholders debentures, with their personal identification documents (ID, Individual Taxpayer ID - CPF - and Proof of Residence), as well as proof of bank domicile. Further guidance can be obtained by calling 0800-701-1616 (Investor Guidance Channel). Alternatively, investors can also contact Vale's Investor Relations area by e-mail to vale.ri@vale.com.

If the General Manager does not know the procedure, please ask him/her to contact Bradesco's Shares and Custody Department (DAC), by phone (11) 3684-9441 or email dac.escrituracao@bradesco.com.br.

The debenture holder's registration details are used, for example, to pay the premium from Vale's shareholders debentures. Inconsistent or outdated details make it impossible for the bookkeeping agent to make the payment.

According to the legal provision, the amounts that have been made available to the debenture holder for a period of more than 03 (three) years are forfeited in favor of the Company. Thus, from the date on which the registration was updated, the debenture holder will only be entitled to receive premiums for the last 03 years.

No. The hiring of financial advisors for this purpose is not mandatory. The registration update can be requested directly by the debenture holder to Banco Bradesco, the Company's bookkeeping agent, which will inform the procedure to be followed for the update. In general, in order to request the regularization of registration details, the debenture holder must go to a branch of Banco Bradesco S.A., bookkeeping agent for Vale's shareholders debentures, with their personal identification documents (RG, CPF and Proof of Residence). Further guidance can be obtained by calling 0800-701-1616 (Investor Guidance Channel). Alternatively, investors can also contact Vale's Investor Relations area by e-mail vale.ri@vale.com. Neither Bradesco nor Vale charge any fee to provide information on shareholders debentures or to update the registration.

Contact can be made with Vale's Investor Relations Department through the following e-mail address: vale.ri@vale.com or by the phone +55 21 3485-3900.

EBIT (Earnings Before Interest and Taxes) is the principal measure of operational earnings of Vale. This represents the operational earnings, or in other words, it is calculated as earnings after costs and operational expenses. By means of the EBIT, the Company can assess the purely operational performance, that is, without the impacts of its financial structure, non-operational items and other items of a tax nature.

EBITDA (Earnings Before Interest, Taxes, Depreciation and Amortization) is the principal measure of the generation of cash of Vale. This is calculated by the sum of the EBIT with depreciation, amortization and depletion, non-recurrent items (such as the retiring of assets) and the dividends received from non-consolidated subsidiaries. The retiring of assets is part of the calculation since it represents a non-cash expense. The dividends received from non-consolidated subsidiaries are also included in the calculation of the EBITDA for they represent cash owned by the Company.