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   &lt;b&gt;
   &lt;/b&gt;
   &lt;/div&gt;
   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
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       &lt;b&gt;&lt;font style="font-family: Arial, Helvetica"&gt;1&amp;#160;The
       Company and its operations&lt;/font&gt;&lt;/b&gt;
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   &lt;div style="margin-top: 12pt; font-size: 1pt"&gt;&amp;#160;
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       Vale S.A., formerly Companhia Vale do Rio Doce,
       (&amp;#8220;Vale&amp;#8221;, the &amp;#8220;Company&amp;#8221; or &amp;#8220;we&amp;#8221;) is
       a limited liability company incorporated in Brazil. Operations
       are carried out through Vale and our subsidiary companies, joint
       ventures and affiliates, and mainly consist of mining,
       non-ferrous metal production, logistics and steel activities.
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   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
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       At December&amp;#160;31, 2009, our principal consolidated operating
       subsidiaries are the following:
   &lt;/div&gt;
   &lt;div style="margin-top: 6pt; font-size: 1pt"&gt;&amp;#160;
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       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=gutter --&gt;
       &lt;td width="13%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=04 type=maindata --&gt;
       &lt;td width="1%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=gutter --&gt;
       &lt;td width="22%"&gt;&amp;#160;&lt;/td&gt;&lt;!-- colindex=05 type=maindata --&gt;
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   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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   &amp;#160;
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   &lt;td&gt;
   &amp;#160;
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       &lt;b&gt;% voting&lt;br /&gt;
       &lt;/b&gt;
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   &amp;#160;
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       &lt;b&gt;head office&lt;br /&gt;
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   &amp;#160;
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   &amp;#160;
   &lt;/td&gt;
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   &amp;#160;
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       &lt;b&gt;&lt;font style="font-size: 9pt"&gt;% ownership&lt;/font&gt;&lt;/b&gt;
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   &amp;#160;
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       &lt;b&gt;&lt;font style="font-size: 9pt"&gt;capital&lt;/font&gt;&lt;/b&gt;
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   &amp;#160;
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       &lt;b&gt;&lt;font style="font-size: 9pt"&gt;location&lt;/font&gt;&lt;/b&gt;
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   &amp;#160;
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       &lt;b&gt;&lt;font style="font-size: 9pt"&gt;Principal activity&lt;/font&gt;&lt;/b&gt;
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   &lt;td&gt;&amp;#160;
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   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Alumina do Norte do Brasil S.A.&amp;#160;- Alunorte
   &lt;/div&gt;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       57.03
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       59.02
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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       Brazil
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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       Alumina
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   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Alum&amp;#237;nio Brasileiro S.A.&amp;#160;- Albras
   &lt;/div&gt;
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   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       51.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       51.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Brazil
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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       Aluminum
   &lt;/td&gt;
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   &lt;td nowrap="nowrap" align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       CADAM S.A
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       61.48
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Brazil
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Kaolin
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       CVRD Overseas Ltd
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Cayman Islands
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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       Trading
   &lt;/td&gt;
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   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Vale Colombia Ltd
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Colombia
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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       Coal
   &lt;/td&gt;
   &lt;/tr&gt;
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   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Ferrovia Centro-Atl&amp;#226;ntica S. A
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       99.99
   &lt;/td&gt;
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   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       99.99
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Brazil
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   &lt;td&gt;
   &amp;#160;
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       Logistic
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   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Ferrovia Norte Sul S.A
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Brazil
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Logistic
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Minera&amp;#231;&amp;#227;o Corumb&amp;#225; Reunidas S.A.&amp;#160;
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Brazil
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Iron ore
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom" style="background: #cceeff"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       Par&amp;#225; Pigmentos S.A.&amp;#160;
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       86.17
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       85.57
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Brazil
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Kaolin
   &lt;/td&gt;
   &lt;/tr&gt;
   &lt;tr valign="bottom"&gt;
   &lt;td align="left" valign="bottom"&gt;
   &lt;div style="text-indent: -9pt; margin-left: 9pt"&gt;
       PT International Nickel Indonesia Tbk
   &lt;/div&gt;
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       59.09
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       59.09
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
   &lt;td nowrap="nowrap" align="center" valign="bottom"&gt;
       Indonesia
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
   &lt;/td&gt;
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       Nickel
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       Vale Mangan&amp;#233;se Norway
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   &lt;td&gt;
   &amp;#160;
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       100.00
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   &lt;td&gt;
   &amp;#160;
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   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
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   &amp;#160;
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   &amp;#160;
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   &amp;#160;
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       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
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   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
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   &lt;td&gt;
   &amp;#160;
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   &amp;#160;
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       Vale Mangan&amp;#232;se France
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   &amp;#160;
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       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
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       100.00
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   &amp;#160;
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   &amp;#160;
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       Vale Australia Pty Ltd.&amp;#160;
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   &amp;#160;
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       100.00
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   &amp;#160;
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       100.00
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   &amp;#160;
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       Australia
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   &amp;#160;
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       Vale Inco Limited
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   &amp;#160;
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       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
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       100.00
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   &lt;td&gt;
   &amp;#160;
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       Canada
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   &amp;#160;
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       Nickel
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       Vale International S.A
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   &amp;#160;
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       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
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   &lt;td nowrap="nowrap" align="right" valign="bottom"&gt;
       100.00
   &lt;/td&gt;
   &lt;td&gt;
   &amp;#160;
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       Switzerland
   &lt;/td&gt;
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   &amp;#160;
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       Trading
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