Vale ­ Shareholders Debentures
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Shareholders Debentures

Vale S.A. (Vale) issued and distributed to its shareholders 388,559,056 non-convertible shareholders debentures (debentures) in April 1997. Each debenture corresponded to each Vale share, common or preferred, outstanding at the time of the Company’s privatization.

Since October 28, 2002, the debentures have been traded in the secondary market at the SND - Sistema Nacional de Debêntures (the National Debenture System), under the supervision and operated by CETIP S.A. - Balcão Organizado de Ativos e Derivativos (the Cleaning House for the Custody and Financial Settlement of Securities).

The debentures are registered at CETIP under four series, with the codes CVRDA6, CVRDB6, CVRDC6 and CVRDD6. Vale encourages the investors interested in any information about the debentures daily transactions to visit the website, www.debentures.com.br.

Any additional information about the debentures trading, as well as copies of the Prospectus of Public Trading of Participating Debentures, are available for interested investors, and may be obtained by contacting either the Company, www.vale.com, Any additional information about the debentures trading, as well as copies of the Prospectus of Public Trading of Participating Debentures, are available for interested investors, and may be obtained by contacting either the Company, www.slw.com.br, or CVM - Comissão de Valores Mobiliários (the Brazilian Securities and Exchange Commission).

Payment to Holders of Shareholder Debentures

payment date

related period

distributed amount per shareholder debenture

01/04/2004

2S03

R$ 0,012062780

-

1S04

-

01/04/2005

2S04

R$ 0,019005992

03/10/2005

1S05

R$ 0,012456479

03/04/2006

2S05

R$ 0,011557036

02/10/2006

1S06

R$ 0,021564359

02/04/2007

2S06

R$ 0,031087407

01/10/2007

1S07

R$ 0,025455344

31/03/2008

1S05

R$ 0,002977650

31/03/2008

2S05

R$ 0,009204598

01/04/2008

2S07

R$ 0,022239671

01/10/2008

1S08

R$ 0,028621408

01/04/2009

2S08

R$ 0,020278492

01/10/2009

1S09

R$ 0,018609739

04/01/2010

2H09

R$ 0.022283018

10/01/2010

1H10

R$ 0.021438930

04/01/2011

2H10

R$ 0.019122262

04/08/2011

2H10

R$ 0.015466940

10/03/2011

1H11

R$ 0.028242528

For the 1H04, the premium relative to the shareholder´s debenture amounted to R$ 0.0023042 per debentures (less than R$ 0.01), therefore, as approved on September 16, 2002 by the General Meeting of the Holders of Non-Convertible Shareholder Debentures issued by Vale in 1997, the Company postponed that payment. Such distribution was added to the payment which took place on April 2005.

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