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    &lt;td&gt;&lt;b&gt;The Company and its operations&lt;/b&gt;&lt;/td&gt;
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    &lt;td&gt;Vale S.A., (&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.&lt;/td&gt;
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    &lt;td&gt;At March&amp;#160;31, 2010, our principal consolidated operating subsidiaries are the following:&lt;/td&gt;
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    &lt;td width="7%"&gt;&amp;#160;&lt;/td&gt;
    &lt;td width="5%"&gt;&amp;#160;&lt;/td&gt;
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    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="center" colspan="3"&gt;&lt;b&gt;% voting&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
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    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="center"&gt;&amp;#160;&lt;/td&gt;
    &lt;/tr&gt;
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    &lt;td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Subsidiary&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;% ownership&lt;/b&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
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    &lt;td&gt;&amp;#160;&lt;/td&gt;
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    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"&gt;&lt;b&gt;Principal activity&lt;/b&gt;&lt;/td&gt;
    &lt;/tr&gt;
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    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Alumina do Norte do Brasil S.A. &amp;#8212; Alunorte
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;57.03&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;59.02&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Brazil&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Alumina&lt;/td&gt;
    &lt;/tr&gt;
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    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Alum&amp;#237;nio Brasileiro S.A. &amp;#8212; Albras
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;51.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;51.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Brazil&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Aluminum&lt;/td&gt;
    &lt;/tr&gt;
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    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&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&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;99.99&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;99.99&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Brazil&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Logistic&lt;/td&gt;
    &lt;/tr&gt;
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    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Ferrovia Norte Sul S.A
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Brazil&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Logistic&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom" style="background: #cceeff"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Minera&amp;#231;&amp;#227;o Corumb&amp;#225; Reunidas S.A.
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Brazil&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Iron ore&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;PT International Nickel Indonesia Tbk
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;59.09&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;59.09&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Indonesia&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Nickel&lt;/td&gt;
    &lt;/tr&gt;
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    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Vale Australia Pty Ltd.
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Australia&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Coal&lt;/td&gt;
    &lt;/tr&gt;
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    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Vale Colombia Ltd
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Colombia&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Coal&lt;/td&gt;
    &lt;/tr&gt;
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    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Vale Mangan&amp;#233;se Norway
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Norway&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Ferroalloys&lt;/td&gt;
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    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Vale Mangan&amp;#234;s S.A.
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;Brazil&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top" nowrap="nowrap"&gt;Manganese and Ferroalloys&lt;/td&gt;
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    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Vale Mangan&amp;#232;se France
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top"&gt;France&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="center" valign="top" nowrap="nowrap"&gt;Manganese and Ferroalloys&lt;/td&gt;
    &lt;/tr&gt;
    &lt;tr valign="bottom"&gt;
    &lt;td&gt;
    &lt;div style="margin-left:15px; text-indent:-15px"&gt;Vale Inco Limited
    &lt;/div&gt;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td align="right"&gt;100.00&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
    &lt;td&gt;&amp;#160;&lt;/td&gt;
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