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<!-- Begin Block Tagged Note 16 - us-gaap:LongTermDebtTextBlock-->
<div style="margin-left: 0%">
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">
<tr>
<td width="3%"></td>
<td width="97%"></td>
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<td>
<b><font style="font-family: Arial, Helvetica">16 </font></b>
</td>
<td>
<b><font style="font-family: Arial, Helvetica">Long-term
debt</font></b>
</td>
</tr>
</table>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="60%"> </td><!-- colindex=01 type=maindata -->
<td width="1%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="7%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="1%"> </td><!-- colindex=03 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=03 type=lead -->
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<td width="1%" align="right"> </td><!-- colindex=05 type=lead -->
<td width="7%" align="right"> </td><!-- colindex=05 type=body -->
<td width="1%" align="left"> </td><!-- colindex=05 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="6" align="right" valign="bottom">
<b>Current liabilities </b>
</td>
<td>
 
</td>
<td>
 
</td>
<td colspan="6" align="right" valign="bottom">
<b>Long-term liabilities </b>
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
<b>2009</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
<b>2008</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
<b>2009</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
<b>2008</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 8pt">
<b>Foreign debt</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 16pt">
Loans and financing denominated in the following currencies:
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 24pt">
US dollars
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,543
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
210
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
4,332
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
5,905
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 24pt">
Others
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
29
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
23
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
411
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
167
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 16pt">
Fixed Rate Notes - US dollar denominated
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
8,481
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
6,510
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 16pt">
Debt securities - export sales(*) - US dollar
denominated
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
150
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
55
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
149
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 16pt">
Perpetual notes
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
78
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
83
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 16pt">
Accrued charges
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
198
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
217
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>1,920</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>505</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>13,302</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>12,814</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 8pt">
<b>Brazilian debt</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 16pt">
Brazilian Reais indexed to Long-term Interest Rate -
TJLP/CDI and General Price Index-Market (IGPM)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
62
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
33
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
3,433
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,990
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 16pt">
Basket of currencies
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
3
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
4
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 16pt">
Non-convertible debentures
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
861
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2,592
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2,562
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 16pt">
US dollars denominated
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
568
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
165
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 16pt">
Accrued charges
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
89
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
94
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>1,013</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>128</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>6,596</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>4,721</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="15" align="right" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td colspan="15" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 8pt">
<b>Total</b>
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>2,933</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>633</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>19,898</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>17,535</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom" style="line-height: 6pt">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 3%; font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
(*) Secured by receivables from future export sales.
Redeemed in January, 2010.
</div>
<!-- XBRL Pagebreak Begin -->
<div style="margin-top: 0pt; font-size: 1pt">
</div>
<div align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
</div>
</div>
<!-- END PAGE WIDTH -->
<!-- PAGEBREAK -->
<div style="margin-left: 0%">
<!-- BEGIN PAGE WIDTH -->
<div align="right" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
</div>
<div style="margin-top: 0pt; font-size: 1pt">
</div>
<!-- XBRL Pagebreak End -->
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
The long-term portion at December 31, 2009 falls due as
follows:
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="90%"> </td><!-- colindex=01 type=maindata -->
<td width="1%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="7%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
2011
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2,623
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
2012
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,209
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
2013
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
3,250
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
2014
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
925
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
2015 and thereafter
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
11,518
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
No due date (Perpetual notes and non-convertible debentures)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
373
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>19,898</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="font-size: 1pt">
<td>
 
</td>
<td>
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td style="border-top: 3px double #000000">
 
</td>
<td>
 
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
At December 31, 2009 annual interest rates on long-term
debt were as follows:
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 9pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="90%"> </td><!-- colindex=01 type=maindata -->
<td width="1%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="7%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
Up to 3%
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
6,696
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
5.1% to 7%
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
8,148
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
7.1% to 9%
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
5,735
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
9.1% to 11%
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
978
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
Over 11%(*)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,192
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -9pt; margin-left: 9pt">
Variable (Perpetual notes)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
82
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>22,831</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="text-align: left">
<tr>
<td width="3%"></td>
<td width="2%"></td>
<td width="95%"></td>
</tr>
<tr valign="top" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
<td> </td>
<td> (*) 
</td>
<td align="left">
Includes non-convertible debentures and other Brazilian Real
denominated debt that bear interest at the Brazilian Interbank
Certificate of Deposit (CDI) and Brazilian Government
Long-term Interest Rates (TJLP) plus a spread. For these
operations we have entered into derivative transactions to
mitigate our exposure to the floating rate debt denominated in
Brazilian Real, totaling US$6,675 of which US$3,949 has original
interest rate between 7.1% and 9% per year the remaining amount
has original interest rate above 9% per year. The average cost
after taking into account the derivative transactions is 4.47%
per year.
</td>
</tr>
</table>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
Vale has non-convertible debentures in Brazilian Reais
denominated as follow:
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 7pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="32%"> </td><!-- colindex=01 type=maindata -->
<td width="1%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="8%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="1%"> </td><!-- colindex=03 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="8%" align="right"> </td><!-- colindex=03 type=body -->
<td width="1%" align="left"> </td><!-- colindex=03 type=hang1 -->
<td width="1%"> </td><!-- colindex=04 type=gutter -->
<td width="12%"> </td><!-- colindex=04 type=maindata -->
<td width="1%"> </td><!-- colindex=05 type=gutter -->
<td width="12%"> </td><!-- colindex=05 type=maindata -->
<td width="1%"> </td><!-- colindex=06 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=06 type=lead -->
<td width="7%" align="right"> </td><!-- colindex=06 type=body -->
<td width="1%" align="left"> </td><!-- colindex=06 type=hang1 -->
<td width="1%"> </td><!-- colindex=07 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=07 type=lead -->
<td width="7%" align="right"> </td><!-- colindex=07 type=body -->
<td width="1%" align="left"> </td><!-- colindex=07 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 7pt" valign="bottom" align="center">
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="6" align="center" valign="bottom">
<b>Quantity as of December 31, 2009 </b>
</td>
<td>
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="6" align="center" valign="bottom">
<b>Balance </b>
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 7pt" valign="bottom" align="center">
<td nowrap="nowrap" align="left" valign="bottom">
<b>Non Convertible Debentures</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-top: 1px solid #000000">
<b>Issued</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-top: 1px solid #000000">
<b>Outstanding</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="bottom">
<b>Maturity</b>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="center" valign="bottom">
<b>Interest</b>
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-top: 1px solid #000000">
<b>2009</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td colspan="2" nowrap="nowrap" align="center" valign="bottom" style="border-top: 1px solid #000000">
<b>2008</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
<div style="text-indent: -7pt; margin-left: 7pt">
1st Series
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
150,000
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
150,000
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td align="left" valign="bottom" style="border-top: 1px solid #000000">
November 20, 2010
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
101.75% CDI
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
869
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
651
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -7pt; margin-left: 7pt">
2nd Series
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
400,000
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
400,000
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td align="left" valign="bottom">
November 20, 2013
</td>
<td>
 
</td>
<td align="left" valign="bottom">
100% CDI + 0.25%
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2,318
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
1,736
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -7pt; margin-left: 7pt">
Tranche ‘B’
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
5
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
5
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td align="left" valign="bottom">
No due date
</td>
<td>
 
</td>
<td align="left" valign="bottom">
6.5% p.a + IGP-DI
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
295
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
209
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>3,482</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>2,596</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -7pt; margin-left: 7pt">
Short-term portion
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
861
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
-
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -7pt; margin-left: 7pt">
Long-term portion
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2,592
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
2,562
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap" align="left" valign="bottom">
<div style="text-indent: -7pt; margin-left: 7pt">
Accrued charges
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
29
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
34
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>3,482</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
<b>2,596</b>
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr style="font-size: 1pt">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
The indexation indices/rates applied to our debt were as follows
(unaudited):
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<table border="0" width="100%" align="center" cellpadding="0" cellspacing="0" style="font-size: 8pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff; text-align: left">
<!-- Table Width Row BEGIN -->
<tr style="font-size: 1pt" valign="bottom">
<td width="64%"> </td><!-- colindex=01 type=maindata -->
<td width="1%"> </td><!-- colindex=02 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=02 type=lead -->
<td width="15%" align="right"> </td><!-- colindex=02 type=body -->
<td width="1%" align="left"> </td><!-- colindex=02 type=hang1 -->
<td width="1%"> </td><!-- colindex=03 type=gutter -->
<td width="1%" align="right"> </td><!-- colindex=03 type=lead -->
<td width="15%" align="right"> </td><!-- colindex=03 type=body -->
<td width="1%" align="left"> </td><!-- colindex=03 type=hang1 -->
</tr>
<!-- Table Width Row END -->
<!-- TableOutputHead -->
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="6" align="right" valign="bottom">
<b>Year ended December 31, </b>
</td>
<td>
 
</td>
</tr>
<tr style="font-size: 8pt" valign="bottom" align="center">
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td>
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
<b>2009</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td style="border-top: 1px solid #000000">
 
</td>
<td colspan="2" nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
<b>2008</b>
</td>
<td style="border-top: 1px solid #000000">
 
</td>
</tr>
<!-- TableOutputBody -->
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 8pt">
TJLP - Long-Term Interest Rate (effective rate)
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
6.2
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom" style="border-top: 1px solid #000000">
6.3
</td>
<td nowrap="nowrap" align="left" valign="bottom" style="border-top: 1px solid #000000">
 
</td>
</tr>
<tr valign="bottom">
<td align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 8pt">
IGP-M - General Price Index - Market
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(1.7
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
9.8
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td align="left" valign="bottom">
<div style="text-indent: -8pt; margin-left: 8pt">
Appreciation (devaluation) of Real against US dollar
</div>
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
34.2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
(24.2
</td>
<td nowrap="nowrap" align="left" valign="bottom">
)
</td>
</tr>
<tr valign="bottom" style="line-height: 6pt">
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
<td>
 
</td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td>
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
<td nowrap="nowrap" align="right" valign="bottom">
 
</td>
<td nowrap="nowrap" align="left" valign="bottom">
 
</td>
</tr>
</table>
<div align="left" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
In November, 2009, Vale issued US$1 billion of
<font style="white-space: nowrap">30-year</font>
notes through its wholly-owned subsidiary Vale Overseas, fully
and unconditionally guaranteed by Vale. These notes will mature
in November 2039 and will bear a coupon of 6,875% per year,
payable semi-annually, at a price of 98,564% of the principal
amount.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
In September, 2009, Vale issued US$1 billion of
<font style="white-space: nowrap">10-year</font>
notes through its wholly-owned subsidiary Vale Overseas, fully
and unconditionally guaranteed by Vale. These notes will mature
in September 2019 and will bear a coupon of 5.625% per year,
payable semi-annually, at a price of 99.232% of the principal
amount.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
In January 2008 we entered into a trade finance agreement with a
Brazilian bank in the amount of US$1,147 with final maturity in
2018.
</div>
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<div style="margin-top: 0pt; font-size: 1pt">
</div>
<div align="center" style="margin-left: 0%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
</div>
</div>
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</div>
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<div style="margin-top: 3pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
<b><font style="font-family: Arial, Helvetica">Credit
Lines</font></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
In November, 2009, Vale has signed a US$300 export facility
agreement, through its subsidiary PT International Nickel
Indonesia Tbk (PTI), with Japanese financial institutions using
credit insurance provided by Nippon Export and Investment
Insurance – NEXI, to finance the construction of the
Karebbe hydroelectric power plant on the Larona river, island of
Sulawesi, Indonesia. Through December 31, 2009, PT
International had drawn down US$150 this facility.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
During 2008, we entered into agreements with Banco Nacional de
Desenvolvimento Econômico e Social – BNDES, (the
Brazilian National Development Bank) in the amount of
US$4 billion and with Japanese financing agencies in the
amount of US$5 billion, of which US$3 billion with
Japan Bank for International Cooperation – JBIC and
US$2 billion with Nippon Export and Investment
Insurance – NEXI related to future lines of credit to
finance mining, logistics and power generation projects as part
of our investment program for
<font style="white-space: nowrap">2008-2012.</font>
Through December 31, 2009, Vale had drawn down US$892 of
the committed credit facility with BNDES.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
Additionally, we have revolving credit lines available under
which amounts can be drawn down and repaid at the option of the
borrower. At December 31, 2009, the total amount available
under revolving credit lines was US$1,900, of which US$1,150 was
granted to Vale International and the balance to Vale Inco. As
of December 31, 2009, neither Vale International nor Vale
Inco had drawn any amounts under these facilities, but US$115 of
letters of credit were issued and remained outstanding pursuant
to Vale Inco’s facility.
</div>
<div style="margin-top: 12pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
<b><font style="font-family: Arial, Helvetica">Guarantee</font></b>
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
On December 31, 2009, US$753 (December 31,
2008 – US$556) of the total aggregate outstanding debt
were secured, being US$152 (December 31, 2008 –
US$204) guaranteed by receivables from future export sales of
CVRD Overseas Ltd., US$34 (December 31, 2008 –
US$57) guaranteed by the Brazilian Federal Government and US$567
(December 31, 2008 – US$295) guaranteed by other
receivables. The remaining outstanding debt in the amount of
US$22,078 (December 31, 2008 – US$17,612) was
unsecured.
</div>
<div style="margin-top: 6pt; font-size: 1pt"> 
</div>
<div align="left" style="margin-left: 3%; margin-right: 0%; text-indent: 0%; font-size: 10pt; font-family: Arial, Helvetica; color: #000000; background: #ffffff">
Our principal covenants require us to maintain certain ratios,
such as debt to EBITDA and interest coverage. We have not
identified any events of default as of December 31, 2009.
</div>
</div>
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This element may be used as a single block of text to encapsulate the entire disclosure for long-term borrowings including data and tables.
Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
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