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1/21/2008

VALE makes clear on negotiations

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Access to this section of the website may be restricted under securities laws in certain jurisdictions. This notice requires you to confirm certain matters (including that you are not resident in such a jurisdiction), before you may obtain access to the information on this section of the website. These materials are not directed at or accessible by persons resident in the United States, Australia, Canada or Japan or any other jurisdiction where to do so would constitute a violation of the relevant laws of that jurisdiction.

The possible offer for Xstrata Plc ("Xstrata") by Companhia Vale do Rio Doce ("Vale") (the "possible acquisition")

THIS AREA OF THE WEBSITE (THE "MICRO-SITE") CONTAINS ELECTRONIC VERSIONS OF CERTAIN ANNOUNCEMENTS AND INFORMATION RELATING TO THE POSSIBLE ACQUISITION OF XSTRATA. THE INFORMATION CONTAINED IN THIS MICRO SITE IS MADE AVAILABLE IN GOOD FAITH AND FOR INFORMATION PURPOSES ONLY AND IS SUBJECT TO THE TERMS AND CONDITIONS SET OUT BELOW.

Access to the Micro-Site and information relating to the possible acquisition

Please read this notice carefully. This notice applies to all persons who view this Micro-Site and, depending on where you are located, may affect your rights or responsibilities. This part of the site contains information on the possible acquisition. Please note that the disclaimer set out below may be altered or updated from time to time. You should read it in full each time you visit the Micro-Site.

For regulatory reasons, we have to ensure that you are aware of the appropriate regulations for the country which you are in. To allow you to view information about the possible acquisition, you have to read the following and then press "I agree". If you are unable to agree, you should press "I disagree" and you will not be able to view information about the possible acquisition.

Overseas Persons

Viewing the information contained on the Micro-Site may be restricted or unlawful in certain jurisdictions. In other jurisdictions, only certain categories of person are allowed to view this information.

All persons resident outside the United Kingdom or Brazil who wish to view the Micro Site must first satisfy themselves that they are not subject to any local requirements that prohibit or restrict them from doing so and should inform themselves of, and observe, any applicable legal or regulatory requirements applicable in their jurisdiction. If you are resident in a country that renders the accessing of the Micro Site or parts thereof illegal, whether or not subject to making certain notifications or taking other action, you should not view the Micro Site. It is not intended that the materials on the Micro Site be accessible by persons resident in any jurisdiction where to do so would constitute a violation of the relevant laws of such jurisdiction.

It is your responsibility to satisfy yourself as to the full observance of any relevant laws and regulatory requirements. If you are in any doubt, you should not continue to seek to access the Micro Site.

You should not forward, transmit or show the information or documents contained in the Micro Site to any person. In particular, you should not forward or transmit the information or documents contained therein to any jurisdiction where it would be unlawful to do so.

Forward looking information

This Micro-Site may contain statements that express management's expectations about future events or results rather than historical facts. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements, and Vale cannot give assurance that such statements will prove correct. These risks and uncertainties include factors relating to the Brazilian and Canadian economy and securities markets, which exhibit volatility and can be adversely affected by developments in other countries; relating to the iron ore and nickel business and its dependence on the global steel industry, which is cyclical in nature; and relating to the highly competitive industries in which Vale operates. For additional information on factors that could cause Vale's actual results to differ from expectations reflected in forward-looking statements, please see Vale's reports filed with the Brazilian Comissão de Valores Mobiliários and the U.S. Securities and Exchange Commission. The results of any offer or transaction with Xstrata may differ materially from those expected. These forward looking statements speak only as of the date of this press release and Vale does not undertake any obligation to publicly update any statements in this release, whether as a result of new information, future events, or otherwise.

Basis of access to information relating to the possible acquisition

Access to the electronic version of any documents relating to the possible acquisition is being made available on this Micro-Site by Vale in good faith and for information purposes only. Any person seeking access to this Micro-Site represents and warrants that they are doing so for information purposes only.

Nothing on, or which can be downloaded from, the Micro Site constitutes an offer or an invitation to purchase or sell any securities or the solicitation of any votes attaching to securities which are the subject of the possible acquisition in any jurisdiction in which such offer or solicitation is unlawful.

Xstrata shareholders should seek advice from an independent financial adviser as to the suitability of any action of the individual concerned. Any shareholder action required in connection with the proposed acquisition will only be set out in documents (if any) sent to or made available to Xstrata shareholders by Vale and any decision made by such shareholders should be made solely and only on the basis of information provided in those documents.

Lehman Brothers, which is authorised and regulated in the United Kingdom by the Financial Services Authority, is acting as financial adviser to Vale in connection with the possible acquisition and no one else and will not be responsible to anyone other than Vale for providing the protections afforded to clients of Lehman Brothers, nor for giving advice in relation to the possible acquisition or any other matters referred to herein.

Responsibility

Except as described below or in the responsibility statements in any document on the Micro-Site, the directors of Vale (the "Responsible Persons") accept responsibility for the information contained on the Micro Site insofar as such information relates to Vale, the directors of Vale and members of their immediate families and related trusts and companies and that, to the best of their knowledge and belief (having taken all reasonable care to ensure that this is the case), such information is in accordance with the facts and does not omit anything likely to affect the import of such information.

In relation to other types of information contained in the Micro Site, the only responsibility accepted by the Responsible Persons is for the correctness and fairness of its reproduction or presentation.
The Responsible Persons are responsible in the terms set out above solely for information contained in the Micro Site and not for any other information on the website which you may visit on leaving the Micro Site.

Neither the Responsible Persons nor Vale and its affiliated companies have reviewed and none of them is responsible for, or accepts any liability in respect of, any information on any other website that may be linked to this website by a third party.
The documents included in the Micro Site speak only at the specified date of the relevant document and Vale has, and accepts, no responsibility or duty to update such documents.
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